"Then, the very effort of individuals to lessen their burden of debts increases it, because of the mass effect of the stampede to liquidate in swelling each dollar owed. Then we have the great paradox which, I submit, is the chief secret of most, if not all, great depressions: The more the debtors pay, the more they owe." - Irving Fisher (1933)
"Private debt is key, and the story of financial crisis is, at heart, a story of private debt and runaway lending. Time and again it is a story of lending booms in which bankers and other lenders make far too many bad loans." - Richard Vague (2019)
"We could dramatically lessen the impact of these crises if political leaders and their economic advisers understood how they are caused by credit bubbles, and we could escape stagnation if they are willing to use the State's money-creating capacity to reduce the post-crisis overhang of excessive private debt." - Steve Keen (2017)
"Private debt is key, and the story of financial crisis is, at heart, a story of private debt and runaway lending. Time and again it is a story of lending booms in which bankers and other lenders make far too many bad loans." - Richard Vague (2019)
"We could dramatically lessen the impact of these crises if political leaders and their economic advisers understood how they are caused by credit bubbles, and we could escape stagnation if they are willing to use the State's money-creating capacity to reduce the post-crisis overhang of excessive private debt." - Steve Keen (2017)
