Julio: > I'm saying yes, but financial assets are ultimately > claims over real wealth (or its change, income).
No, they are not, but in the end, it boils down to that: what does credibility mean, after all? Is it not about the ability to make good on your debt and how can you make good on your debt if your debt is bigger than your income? This is why in the end the financial systems collapse and, together with them, collapse the real economy. It has been like that throughout the history of the past few thousands years. This is not unique to the capitalist system in which we live. Why do you think I have been claiming over the past decade that the US "Empire" is living its last stage? Bye bye "Rome!" Best, Sabri _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
