Today the economic crisis we endure is only the latest chapter in the century-long struggle to restore financial order, the success (or failure) of which is inextricably bound up with American prosperity and the promise of the American way of life. Between 2009 and 2011, we experienced an emerging market equity and economic boom. At the very same time, we experienced sluggish growth in the United States despite $3.5 trillion of Treasury and Federal Reserve subsidies to the banking cartel and favored corporations.
How could this be? The vast Fed credit creation of 2008 to 2011 could not be fully absorbed by the U.S. economy. Real economic growth was pre-empted by the drive for solvency and debt repayment.
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