Aug 10, 2008

Lew Rockwell on credit expansion and personal debt

The entire welfare-warfare empire is based on expanding credit, so it is threatened by the return to economic reality. One role for us as individuals, in addition to learning and speaking the truth about the regime and all its crimes, is to get out of debt, and certainly to avoid all new debt: mortgages, home equity loans, student loans, credit card, and even corporate. Credit is an important market institution distorted beyond all recognition by the Fed. Everyone's circumstances are different, but in general you bug the regime, and help yourself, by not borrowing in a central-banking crisis.

~ Lew Rockwell, "A Loan? No Thanks," Blog, August 9, 2008

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