Submitted by Charles Hugh-Smith of OfTwoMinds blog,
Great fortunes are built on the proper use of credit. Improper use of credit leads to mal-investment and wealth destruction.
Instead we borrow trillions of dollars to squander on wasteful consumption and claim it's an "investment." Consumption is not investment, but this simple truth is taboo in our financialized, centrally planned Empire of Mis-Allocated Capital.