US Economic Doom On the Horizon?

This article is from the business section of the neo-conservative Boston Herald.

The chief economist at investment banking giant Morgan Stanley is saying - in private - that America has a "10 percent chance of escaping economic Armageddon". Why? America is in a "debt bubble", which must be deflated lest the country crumbles.

Usury, taking interst on unproductive loans, is the power behind this "debt bubble". This is against traditional Christian, Jewish and Islamic teaching. (Perhaps this is also against Buddhist thought, but I am not as knowledgable in that subject.) Hilaire Belloc, co-founder of Distributism, wrote on this in his 1937 book
The Crisis of Civilization.

Belloc also did a small pamphlet on this curse, but thought it could not be changed on the macro-economic level overnight. But we can do what we can on a micro-economic level, and that by getting out of debt as quickly as possible. And making do with what we have, and making do with less.

One good website with workable tips on how to practice the "romance of thrift", as Chesterton called it, is "The Dollar Stretcher". Comes highly recommended by us at the Review.


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