A Brief History of Doom

Posted by Stephen Petrey on Tuesday, July 9, 2019

No, not the video game. I wish we were talking about a space-invading alien crisis. Instead, we’re talking about financial crisis.

I won’t lie either, the video below is a bit of a bore. Nothing is more boring that two older white men talking about 200 years of financial dismay in a slow tempo. But here’s the video anyways:

TL;DW — Basically, the only reason crashes ever happen in the first place if because excessive private lending goes unchecked. Luckily, it hasn’t been too bad in a while at least as far as private lending is going. However, consumer credit, is spiraling out of control.

Which all things considered is extraordinary given that the entire US Monetary system exists on the sole belief of faith in the credit of the US. So, next time you hear about the “the next crash,” think about how it relates to credit or private lending.


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