Money and the Crisis of Civilization

#Money

Thu, Aug 27th, 2009 08:43 by capnasty NEWS

Suppose you give me a million dollars with the instructions, "Invest this profitably, and I'll pay you well." I'm a sharp dresser -- why not? So I go out onto the street and hand out stacks of bills to random passers-by. Ten thousand dollars each. In return, each scribbles out an IOU for $20,000, payable in five years. I come back to you and say, "Look at these IOUs! I have generated a 20% annual return on your investment." You are very pleased, and pay me an enormous commission.

  924

 

You may also be interested in:

Growthism: Capitalism for the Poor, Socialism for the Rich
The Big Mac Index
Student Loans Passed Credit Cards as America's Largest Source of Debt
How Panhandlers Use Free Credit Cards
The Month-Old Baby With Government Salary and a University Degree