The Libbing Tree

Reminds me of something Spengler wrote a few weeks ago: "Credit markets derive from the cycle of human life. Young people need to borrow capital to start families and businesses; old people need to earn income on the capital they have saved. We invest our retirement savings in the formation of new households. All the armamentarium of modern capital markets boils down to investing in a new generation so that they will provide for us when we are old."

Posted by Gagdad Bob at May 17, 2009 6:32 AM