“Speculative bubbles based solely on cash have very short lifespans, as the bubble bursts violently as soon as the gamblers’ cash has been sucked into the vortex. Truly devastating speculative bubbles require a vast expansion of credit and the corruption of the political class that feeds off the state. As Credit is ultimately managed by the state, central banks and the banking cartel, no speculative credit bubble can arise without the complicity and collaboration of all three. The destructive incentives, corruption and erosion of productive investment are masked by the rapidly rising phantom wealth created by the bubble in real estate and stocks.”

http://charleshughsmith.blogspot.com/2013/08/the-immense-and-needless-human-misery.html

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