No easy credit = No credit-based economy ;

As debt ratings fall,
the cost of borrowing the previously
"easy" credit goes up and becomes
increasingly unaffordable.

As the supply of "easy" credit falls,
the credit-based economy necessarily
"runs out of gas" and begins to implode.

No easy credit =
no credit-based economy.

If the Greeks,
Portuguese, and Spaniards
can't get easy credit, their national
economies will decline faster and
faster, causing further reductions in
their credit ratings, in a "death spiral"
towards an economic collapse of the
easy-credit, fiat-money-based economy
http://adask.wordpress.com/2010/05/03/who-th%e2%80%99-hell-do-those-greeks-think-they-are%e2%80%94americans/

In the past month,
I've written two articles
contending that our current
"economic crisis" was not caused
by mismanagement of interest rates,
unemployment rates, the velocity of
money or other technical elements
of our "economy".

Instead,
our economic crisis is the result
of a loss of moral values
at a national level.

The S.E.C. lawsuit
against Goldman-Sachs
supports my contention :
moral decay precedes
and causes economic collapse
http://adask.wordpress.com/2010/04/27/all-that-glitters-is-not-goldman/

Pick a financial fire
and you can be sure the U.S.
government will hose it down
with gallons of money.

AIG, General Motors, Chrysler,
insolvent states, FDIC, Fannie, Freddie
and all the banks are just a few of the
blazes Uncle Sam has sprayed money on.

Now, the Federal Reserve
is printing up another $105 billion
to send to Greece to help
with its debt problem
http://www.kitco.com/ind/Hunter/may052010.html

Kitco Commentaries
http://www.kitco.com/ind/index_date.html