The main stream media, or MSM, almost always miss the point. Especially when it comes to economics. They just simplify things, spouting out the conventional wisdom. This article by Yahoo News tries to explain why world financial markets are in bad shape. The writer gives a list of reasons, but misses the root cause: fiat money. That is, paper money not backed by anything but a government's ability to tax citizens to give them their money back. Crazy, right?
Instead of a significant portion of the article devoted to inflationary monetary policies practiced by central banks around the world (like our Federal Reserve), he puts in only this line: "An era of easy money has enabled more risk-taking built on borrowed funds." Let's be like Morpheus in The Matrix, who only offers the truth, and expound on the "easy money" idea so people know the root cause of the upcoming financial catastrophe.
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