“In 1968, the ratio of credit to
gold was 128 times and the ratio of credit to the money supply was 2.4 times.
By 2007, those ratios had expanded to more than 4,000 times and 6.6 times,
respectively. Notice, also, the extraordinary expansion of the ratio of credit
to GDP. In 1968, credit exceeded GDP by 1.5 times. In 2007, the amount of
credit in the economy had grown to 3.4 times total economic output. ” –Richard
Duncan, The New
Depression
