"The single most important factor responsible for fueling the last several decades of economic growth has been credit expansion. Whether it’s central banks lending money to large financial institutions, or private banks dispersing funds to businesses and individuals, our lifestyles simply would not have been made possible without it – builders couldn’t build homes, manufacturers couldn’t acquire raw materials, and consumers wouldn’t be able to consume. Living in a country whose currency happens to be the reserve trade instrument for the entire globe has had its benefits. We’ve built huge homes, enjoyed healthy diets, taken luxurious vacations; we’ve even exported menial jobs that no civilized members of society would ever engage in to third world labor camps."

Very Real Danger of Collapse: "Could Be So Severe I Don't Think Our Civilization Could Survive It"