Monday, January 23, 2006

Easy Money

This guy, Bill Bonner, writes some interesting financial articles from London I think. He also has a newsletter (I don't read it). Here are some gems from his recent article on LRC.

Last year, a new record was set for personal bankruptcies in the U.S. – more than two million people went broke.

In the last two weeks, the money supply has shot up $93.5 billion.

If you owe $12,000 on a credit card, dear reader, and you make minimum payments of 1% of principal each month, it will take you 30 years to pay off your debt. And you will have paid more than $17,000 in interest.

And now Iran says it will introduce a new oil market, calibrated in euros rather than dollars. Some people think this marks the beginning of the end for the dollar. Others think it marks the beginning of the end of civilization; the United States will use nuclear weapons if necessary, they say, to prevent Iran from selling oil in euros.


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