(Got a reminder from Cesar Tortelino and thought I’d share some choice quotes fr

(Got a reminder from Cesar Tortelino and thought I’d share some choice quotes from everyone’s favorite Russian Economist)

—“the world economy has developed in the framework of expanding markets over the last 400 years. As a result, today it is in a very unstable state, since household spending is several times higher than income: by $3.3 trillion in the US and $2.5 trillion in the EU. The purchasing power of the average salary in the U.S. is at the level of 1958, all the rest – is induced demand due to the growth of private and public debt”—Khazin.

(I have said this differently: that the standard of living of the average american can decline by 40% if america loses control of the petro-dollar.)