Economic growth in the United States has increasingly become an illusion. We know from basic economics that real, long-term, economic growth is derived out of purchase of new and improved capital and a better educated work-force. As a nation, we are admirably doing just that as approximately 18...

Over the past four decades, the growth of the economy has been increasingly dependent on the use of private debt to stimulate consumer buying and create the necessary incentives for building additional productive capacity and increased speculative activity. The purpose of this article is to...