Don't Cry for Me Argentina
Save Your Tears For Yourself
Darryl Robert Schoon
Aug 25, 2008
While bankers do control
the issuance of credit, they cannot control themselves. Bankers
are the fatal flaw in their deviously opaque system that has
substituted credit for money and debt for savings. The bankers
have spread their credit-based system across the world by catering
to basic human needs and ambition and greed; and while human
needs can be satisfied, ambition and greed cannot - and the bankers'
least of all.
I have a bad feeling about
what's about to happen. The Great Depression is the closest that
comes to mind. I, like most, was not alive during the 1930s when
it happened. Nonetheless, what once was feared in private is
now being discussed in public. It's going to be bad. It's going
to make high school seem like fun.
THE UNITED STATES OF AMERICA
THE NEXT ARGENTINA
This Time is Different:
A Panoramic View of Eight Centuries of Financial Crises by University of Maryland's Carmen
Reinhart and Harvard's Kenneth Rogoff makes for perfect reading
when flying between the US and Argentina.
There is perhaps no better
analysis than Reinhart and Rogoff's on the history of sovereign
defaults; and, as such, Reinhart and Rogoff's paper was ideal
reading material when traveling between the US and Argentina,
for the sovereign defaults that happened in the past to Argentina
will soon be happening to the US.
But a US default will make
Argentina's debt defaults pale both by comparison and consequence.
The US, unlike Argentina, is the world's largest economy, the
issuer of the world's reserve currency and the world's largest
debtor - and a default by the US on its debt will shake the very
foundations of our increasingly fragile global economy.
The power of ambition is extraordinary.
The power of ambition transformed the US from the world's only
creditor after WWII into the world's largest debtor in less than
fifty years. Wanting to emulate England's 19th century empire
in the 20th, the US instead has mirrored England decline in the
20th century here in the 21st.
Credit and borrowing fueled
America's ambitions in the 20th century as it had England's in
the 18th and 19th. During the 1980s, to pay for President Reagan
expansion of the military, the US quadrupled its national debt
in less than a decade by borrowing three trillion dollars during
a presidency pledged to balance the budget.
When Reagan took office, US
debt totaled one trillion dollars. When Reagan left office, US
debt totaled four trillion dollars. Reagan's vaunted slogan of
fiscal conservatism was just that - a slogan; and while talk
is cheap, the debts now have to be repaid.
Just as the costs of WWI forced
England to abandon the gold standard in the early 1900s, post
WWII military spending forced the US to suspend the convertibility
of the US dollar to gold in 1971; and the consequences, e.g.
burgeoning trade deficits and global currency instability, are
now putting unsustainable strains on a financial system already
Ambition has its price and
the bill is now due and owing. The question is: how will the
US pay what it owes? In Hyman Minsky's Financial Instability
Model, the US is close to "Ponzi status" if not already
there since the US is having to roll its debt forward and borrow
from others to pay the interest as it can no longer pay down
In 2006, in an article published
by the St Louis Federal Reserve Bank, Professor Laurence Kotlikoff
stated the US was "technically bankrupt" as there was
no way the US could pay the $65.9 trillion it owed.
Evidently, Professor Kotlikoff
was conservative in his estimate or we're going downhill faster
than he knew. Just three months ago, on May 28, 2008 Richard
W. Fisher, President and CEO of the Dallas Federal Reserve Bank
estimated the obligations of the US to be actually $99.2 trillion,
50 % higher than Kotlikoff's figures.
"In the distance, I
see a frightful storm brewing in the form of untethered government
debt. I choose the words - "frightful storm" - deliberately
to avoid hyperbole. Unless we take steps to deal with it, the
long-term fiscal situation of the federal government will be
unimaginably more devastating to our economic prosperity than
the subprime debacle and the recent debauching of credit markets
that we are now working so hard to correct."
Fisher should know what the
US owes and the danger that sum represents. As President and
CEO of the Dallas Federal Reserve Bank, Fisher is a part of the
Federal Reserve System - the very system that has indebted America
into perpetuity when its credit-based money forced out gold and
silver based money in 1913.
But in his speech Fisher said
nothing about the role the Federal Reserve has played in America's
fatal dance with debt, warning instead about the increasing costs
of entitlements such as Social Security and Medicare.
Fisher is part of a larger
effort to now blame America's entitlements as the primary cause
of our problems, assiduously avoiding the role his own Federal
Reserve Bank has played in sinking our once wealthy nation into
In truth, the entitlement program
that poses the greatest threat to America is - and always has
been - the Federal Reserve System. Without the Federal Reserve's
credit-based money whose compounding interest (paid to the bankers)
is obliged to be paid for by a possibly unconstitutional US income
tax [note: the Federal Reserve Act and Federal Income Tax were
both instituted the same year in 1913], the US would not be indebted
and bankrupt as it is now.
If Ben Bernanke and Richard
Fisher et. al. at the privately owned Federal Reserve Bank resigned
and stopped plundering the US for their own benefit at the expense
of the public in order to line the pockets of their banker friends
with public funds, the US might have a chance of successfully
getting out of this mess.
But, of course, they won't
and the now privately controlled US government will continue
to indebt the American public so insiders can continue to profit
immensely at the public trough. But the question still remains,
how will the US pay its unpayable debt? The answer is as clear
as it is obvious. It won't because it can't.
DEBT & DESTRUCTION SOUTH OF THE
In their well-researched paper,
Serial Defaults and Its Remedies, Reinhart and Rogoff
write "Cycles in capital flows to emerging markets have
now been with us for two hundred years". If we are to understand
the dynamics of serial default, it would do us well to look at
these cycles and their relevance to what is happening today.
Serial Defaults and Its
Remedies, Section 2. Capital Flow Cycles and the Syndrome of
"This Time Is Different":
...a pattern of borrowing followed by crisis is evident in
the string of defaults during 1826-28 in Latin America that come
on the heels of the first wave of massive capital flows from
Britain into Latin America in 1822-25A second wave of capital
flows from Britain came during the 1850s and 1860s. The cycle
ended with the crisis of 1873. The next wave of capital flows
into emerging markets coincided with the shift of the financial
epicenter of the world from London to New York. Among Latin American
countries, the borrowing binge of 1925-28 was [financed] with
"cheap" money from New York. Capital flows peaked in
1928, the year before the U.S. Stock market crash ushered in
financial and currency crises around the world and eventually
an international debt crisis during 1929-33.
Argentina is at the very epicenter
of Latin America borrowings and defaults and a cursory judgment
may well lay the blame for such on Argentina. But understanding
the past is akin to sedimentary sampling and a deeper reading
of events reveals far more than the too familiar story of a spendthrift
deadbeat nation borrowing more than prudence would otherwise
The capital flows from England
and the US in the last two hundred years to Latin America were
flows of credit, not money. The distinction is critical in understanding
what has happened during the last two centuries. It explains
the basis of the British Empire and current American power. It
also explains the exploitation of Argentina.
The British Empire was founded
on the central bank invention of credit-based money and the subsequent
ability to substitute this new "money" for costly gold
and silver; and the issuance of paper money allegedly backed
by gold and silver is a critical component in the confidence
game of central bankers to pass off their printed coupons as
the real thing.
What the private bankers accomplished
with the creation of the Bank of England was the government's
"legitimization" of the bankers' new credit based coupons,
sic paper money - coupons upon which the private bankers
could now charge interest just as they had when loaning actual
gold (what a wonderful scam). The new coupons were a lot easier
to come by, especially when the king gave them a monopoly over
The advantage to the king was
that the king now had an unlimited supply of "money"
that could be used to finance his wars - wars which led to the
establishment of the British Empire; the cost of which was transferred
directly as a burden to the people as the new counterfeit debt-based
money was now an obligation of the state, not of the king.
This was the genesis (genius
to the bankers and government) of the modern income tax where
the people are forced to pay interest on the credit-based money
issued by their own government. This was also the beginning of
credit-based markets, deceptively called capitalism in order
to closely identify the newly counterfeit credit based economy
with the real money it had replaced.
THE SPREAD OF DEBT IN DISGUISE
The flow of credit from England
and then from its surrogate successor, the US, to developing
nations such as Argentina was but the flow of printed coupons
designed to harness and indebt the wealth and productivity of
The "capital" was
really only credit, thinly disguised debt in the form of paper
money originally issued by central banks, the Bank of England
in Britain and the Federal Reserve Bank in the US, the twin towers
of monetary Mordor.
The wonderfully sounding idea
of unfettered capitalism is but a smokescreen for bankers to
leverage their coupons in the form of credit and thereby indebt
and control the productivity and wealth of others. As such, it
has accomplished its goal admirably but its success will now
cost the bankers dearly.
Three centuries of indebting
nations, businesses, and the citizenry with constantly compounding
debt is no longer sustainable. This is why central bankers in
London, New York, Paris, and Tokyo are in such distress. Debtors
can no longer pay their debts, defaults are on the rise and bankers
may actually have to find real jobs if their confidence game
continues to disintegrate.
Lawrence Summers' credentials
as a banker are impeccable. Educated at MIT and Harvard in economics,
Summers has served as Chief Economist for the World Bank, US
Secretary of the Treasury and President of Harvard University.
Recently, in March 2008, Summers
...we are facing the most serious combination of macroeconomic
and financial stresses that the U.S. has faced in a generation--and
possibly, much longer than thatIt's a grave mistake to believe
in the self-equilibrating properties of economies in the face
of large shocks. Markets balance fear and greed. And when fear
takes over, the capacity for self-stabilization is not one that
can be relied upon.
On June 29, 2008 the Financial
Times quoted Summers:
...we are in an economic environment where we have more to
fear than fear itself
Lawrence Summer's fears are
not to be taken lightly. They are the banker's equivalent of
Jim Cramer's televised fit of fear when interviewed on CNBC last
year, see youtube.
While Summers is rightfully
fearful of the current economic environment, the rest of us have
far more to fear from bankers like Lawrence Summers and others
like him. Summer's role in the manipulation of the price of gold
is found in his 1988 paper Gibson's Paradox and the Gold Standard
co-authored with Robert Barsky, published in the Journal
of Political Economy (vol. 96, June 1988, pp. 528-550).
The hubris of bankers such
as Summers is stunning. Fixing the price of gold hoping to control
interest rates and prices is like fixing the temperature of thermometers
hoping to control global warming. Such is the short reach of
Summers' considerable intellect.
FACT OR FICTION?
But the real danger of bankers
like Lawrence Summers lies not in their untethered intellect
but in their cold ambition and selfish greed that sees nations
and people as but living fodder to be milked, used and discarded
as they and others profit.
In 1991, Summers issued the
following memo while serving as Chief Economist at the World
...developed countries ought
to export more pollution to developing countries because these
countries would incur the lowest cost from the pollution in terms
of lost wages of people made ill or killed by the pollution due
to the fact that wages are so low in developing countries...
the economic logic behind dumping a load of toxic waste in the
lowest wage country is impeccable and we should face up to that.
As the World Bank's Chief Economist,
Summer's memo is a chilling reflection of the heartlessness that
lies at the core of bankers and banking establishments. The World
Bank itself seems to be a favorite watering hole for those of
Robert McNamara, the architect
of the Vietnam War was President of the World Bank as was Paul
Wolfowitz, the architect of the Iraq War. The current President
of the World Bank, Robert Zoellick, is also an ardent supporter
of the Iraq War (also on Zoellick's considerable list of "credits"
is his service as advisor to Enron, his membership on the Council
on Foreign Relations and Trilateral Commission and his attendance
at the secretive Bilderberg meetings from 1991 to the present
and his role as Senior International Advisor to investment bank
It is no coincidence that those
heading the World Bank are closely associated with America's
vast war machine. Bankers have profited from fueling the military
ambitions of both England and the US for the past two centuries
and continue to do so today.
But perhaps the most damning
indictment yet of the World Bank and today's bankers is John
Perkins's Confessions of an Economic Hitman (Barrett Koehler,
2004) in which Perkins reveals the hidden intent of the World
Bank and US bankers to cold-bloodedly indebt third world countries
such as Argentina and profit by their misery.
In their review of Confessions
of an Economic Hitman, Russell Mokhiber and Robert Weissman
Remember Smedley Butler?
He was perhaps the most
decorated Major General in Marine Corps history. In the early
part of this century, he fought and killed for the United States
around the world. Butler was awarded two Congressional Medals
Then, when he returned to
the United States he wrote a book titled "War Is A Racket"
which opens with the memorable lines: "War is a racket.
It always has been."
"I was a high class
muscleman for Big Business, for Wall Street and for the Bankers,"
Butler said. "In short, I was a racketeer, a gangster for
In a speech in 1933, Butler said the following:
"I helped make Mexico, especially Tampico, safe for American
oil interests in 1914. I helped make Haiti and Cuba a decent
place for the National City Bank boys to collect revenues in.
I helped in the raping of half a dozen Central American republics
for the benefit of Wall Street. The record of racketeering is
long. I helped purify Nicaragua for the international banking
house of Brown Brothers in 1909-1912. I brought light to the
Dominican Republic for American sugar interests in 1916. In China
I helped to see to it that Standard Oil went its way unmolested."
Smedley Butler, meet John
Perkins has just written
a book, "Confessions of an Economic Hit Man" (Barrett
Koehler, 2004). It is the War is A Racket for our times. Some
of it is hard to believe. You be the judge.
In 1968, after graduating
from Boston University, Perkins joined the Peace Corps and was
sent to Ecuador. There, he was recruited by the National Security
Agency (NSA) and hired by an international consulting firm, Chas.
T. Main in Boston.
Soon after beginning his
job in Boston, "I was contacted by a woman named Claudine
who became my trainer as an economic hit man." Perkins assumed
the woman worked for the NSA.
"She said she was sent
to help me and to train me," Perkins said. "She is
extremely beautiful, sensual, seductive, intelligent. Her job
was to convince me to become an economic hit man, holding out
these three drugs -- sex, drugs and money. And then she wanted
to let me know that I was getting into a dirty business. And
I shouldn't go off on my first assignment, which was going to
be Indonesia, and start doing this unless I knew that I was going
to continue doing it, and once I was in I was in for life."
Perkins worked for Main
from 1970 to 1980. His job was to convince the governments of
the third world countries and the banks to make deals where huge
loans were given to these countries to develop infrastructure
projects. And a condition of the loan was that a large share
of the money went back to the big construction companies in the
USA - the Bechtels and Halliburtons.
The loans would plunge the
countries into debts that would be impossible to pay off.
"The system is set
up such that the countries are so deep in debt that they can't
repay their debt," Perkins said. "When the U.S. government
wants favors from them, like votes in the United Nations or troops
in Iraq, or in many, many cases, their resources - their oil,
their canal, in the case of Panama, we go to them and say - look,
you can't pay off your debts, therefore sell your oil at a very
low price to our oil companies. Today, tremendous pressure is
being put on Ecuador, for example, to sell off its Amazonian
rainforest -- very precious, very fragile places, inhabited by
indigenous people whose cultures are being destroyed by the oil
When a leader of a country
refuses to cooperate with economic hit men like Perkins, the
jackals from the CIA are called in. Perkins said that both Omar
Torrijos of Panama and Jaime Boldos of Ecuador -- both men he
worked with - refused to play the game with the U.S. and both
were cut down by the CIA -- Torrijos when his airplane blew up,
and Roldos when his helicopter exploded, within three months
of each other in 1981.
If the CIA jackals don't do the job, then the U.S. Marines are
sent in -- Butler's "racketeers for capitalism."
Perkins also gives lurid
details of how he pimped for a Saudi prince in the 1970s, in
an effort to get the Saudi royal family to enter an elaborate
deal in which the U.S. would protect the House of Saud. In exchange,
the Saudis agreed to stabilize oil prices and use their oil money
to purchase Treasury bonds, the interest on which would be used
to pay U.S. construction firms like Bechtel to build Saudi cities.
For years, Perkins wanted
to stop being an economic hit man and write a tell-all book.
He quit Main in 1980, only to be lured back with megabucks as
a consultant. He testified in favor of the Seabrook Nuclear power
plant ("my most infamous assignment") in the 1980s,
but the experience pushed him out of the business, and he started
an alternative energy firm.
When word got out in the
1990s that he was starting to write a tell-all book, he was approached
by the president of Stone & Webster, a big engineering firm.
Over seven years, Stone
& Webster paid Perkins $500,000 to do nothing.
"At that first meeting, the president of the company mentioned
some of the books that I had written about indigenous people
and said -- that's nice, that's fine, keep doing your non-profit
work," Perkins told us. "We approve of that, but you
certainly would never write about this industry, would you? And
I assured him that I wouldn't."
Perkins assumes the money
was a bribe to get him not to write the book.
But he has written the book.
You be the judge.
Evil bankers? Fact or Fiction?
You be the judge.
DEFAULT OR JUST DEADBEATS
While Reinhart's and Rogoff's
work on sovereign default is worthwhile and important, their
glaring avoidance of the geopolitical aspect of credit flows
from England and the US to Latin America and other developing
regions is indicative of the blind eye scholars turn to the activities
of those who pay them.
Lawrence Summers was President of Harvard University where Kenneth
Rogoff is now employed. It is not likely those who hired the
likes of Summers would look kindly upon Rogoff should he begin
asking questions whose answers would lead to truths Harvard's
trustees would rather not see the light of day.
So instead of dealing with
the critical issues raised by John Perkins, Reinhart and Rogoff
consider the phenomena of sovereign defaults as an innocent rite
of passage much like high school through which developing economies
must pass. Perhaps it is so, perhaps not.
But their "trained"
eye wanders a bit, even to an untrained eye such as mine. According
to Reinhart and Rogoff, the US is a "default virgin",
sic the US has never missed a debt repayment or rescheduled
on at least one occasion. While this is strictly so, the US is
nonetheless at the center of the largest default in monetary
In the 1970s, the US defaulted
on its gold obligations under the Bretton-Woods Agreement. After
overspending the greatest hoard of gold in history, 21,775 tons,
between 1949 and 1971, the US had 7,000-8,000 tons of gold left
and still owed perhaps over 31,000 tons to others.
In 1973, when the US officially
refused to convert US dollars held by other countries to gold,
it was the biggest monetary default ever. In that one act, as
a consequence the entire global monetary system shifted from
a gold-based system to a fiat-paper system.
Of the US default on its gold
obligations, Professor Antal Fekete wrote
in June 2008:
Thirty-five years ago gold,
symbol of permanence, was chased out from the Monetary Garden
of Eden, replaced by the floating irredeemable dollar as the
pillar of the international monetary system. That's right: a
floating pillar. The gold demonetization exercise was a farce.
It was designed as a fig leaf to cover up the ugly default of
the U.S. government on its gold-redeemable sight obligations
to foreigners. The word 'default' itself was put under taboo
even though it punctured big holes in the balance sheet of every
central bank of the world, as its dollar-denominated assets sank
in value in terms of anything but the dollar itself. These banks
were not even allowed to say 'ouch' as they were looking at the
damage to their balance sheets caused by the default. They just
had to swallow the loss, obediently and dutifully join the singing
of the Hallelujah Chorus of sycophants in Washington praising
the irredeemable dollar and the Nirvana of synthetic credit.
Debt virgin? Hardly, and whether
the US defaulted or not is not just a question of semantics,
it is a matter of truth - which, like credit, is now surprisingly
hard to come by.
THIS TIME IT'S DIFFERENT
Carmen Reinhart and Kenneth
Rogoff's paper, This Time It's Different, refers to the
idea that sovereign defaults are a thing of the past. That we
have somehow fixed what was wrong and it won't happen again.
Reinhart and Rogoff think otherwise.
But this time, in a different
way it really is different. This time default will come to both
banker and debtor alike. The bankers' system itself is now collapsing
under the weight of debt that the bankers' debt-based money has
Banks are finding themselves
increasingly bankrupt as are the governments the bankers used
to debase the world's currencies. This time, not only will Argentina
possibly suffer another sovereign default, so too will its creditor,
the US, as will many of the US banks that issued that debt.
The default of the US will
remain, however, outside the limited definition of default used
by Reinhart and Rogoff. The US will not miss a payment or reschedule
its debt. Unlike Argentina, the US prints the currency in which
the Argentine and US debt is denominated. The US will print its
way out of its debts. Argentina cannot.
Because of the enormity of
the US debt, the amount of dollars necessary to print to pay
down the debt will lead to the hyperinflation in the US and the
destruction of the US dollar. Those who live by the sword sometimes
die by the sword - though not often.
In that same article where
Professor Kotlikoff estimated US liabilities to be $65.9 trillion,
Kotlikoff also wrote:
The United States...appears
to be running the same type of fiscal policies that engendered
hyperinflations in 20 countries over the past century.
Maybe this time it isn't different.
DON'T CRY FOR ME ARGENTINA
SAVE YOUR TEARS FOR YOURSELF
In 1976, the Argentine military
overthrew the democratically elected Argentine government. The
first to recognize the dictatorship was the US. The second was
the International Monetary Fund, and within 24 hours of recognizing
the soon-to-be most brutal regime in recent history, the IMF
arranged a loan to the military junta.
At the time, Argentina's external
debt totaled $7 billion. When the bloody dictatorship ended with
the return of democracy six years later, Argentina's debt totaled
$43 billion, a debt owed mainly to US banks.
The common law concept of caveat
emptor has particular relevance here, caveat emptor
- Latin, "let the buyer beware", is a legal precept
that buyers must take responsibility for the conditions under
which the sale was made.
If you loan to a dictatorship,
don't expect to be repaid if a democracy emerges.
Richard Perle, former
US Assistant Secretary of Defense and neoconservative lobbyist
Richard Perle who supported
the Iraq War said those words shortly after the US invaded Iraq.
While it is doubtful Perle believes the same applies for debts
incurred by the US supported dictatorship in Argentina, the truth
of Perle's words extend beyond Perle's situational principles
or a lack thereof. In a court of law, an illegal contract cannot
be enforced - unless, of course, the court has been bought off.
A critical distinction between
the debt "owed" by Argentina and the debts owed by
the US is that Argentina's debt was illegally imposed upon Argentina
by the IMF, the US and international bankers without the consent
of the Argentine citizenry, The US debt, however, was incurred
with the consent of the American people - or was it?
That, my fellow Americans,
is a $99.2 trillion question.
BANKRUPT BE THE BONDS THAT BIND
Americans with their outstanding
obligations now measured in trillions of dollars of outstanding
US bonds have much in common with the Argentine people. We have
both been enslaved and bankrupted by the same financial system.
While it is impossible for
the debt burdened Argentines to do something about US banks,
it is not impossible for Americans to do so. The US Federal Reserve
Bank - the largest emitter of debt-based money in the world -
while not an official US government agency is nonetheless still
subject to the rules and laws of our land.
STIRRINGS IN THE ELECTORATE
Dissatisfaction, the beginning
of change, is now occurring. The two political polarities are
finally awakening to the fact that both have been callously used
by those in power. The US has lurched right then left then right
again, but it continues to go in the same disturbing direction,
a direction now equally distasteful to those on the left and
on the right.
In modern democracies, successful
politicians must possess two qualities: They must say what the
people want to hear and they must do what those in power want
It has been easy to manipulate
those on the right as well as those on the left. The Republicans
and Democrats have done so for years. But where's the beef? The
nation's finances have been even more badly managed by the Republicans
than the Democrats - and Iraq? Sure, vote for the Democrats and
stay mired in a conflict they promised they would end.
Both parties are controlled
by the same money, the same money that now controls global governments
and institutions such as the World Bank and the IMF, the same
money that buys politicians, scholars, the military, lawyers,
TV anchors, radio talk show hosts and anyone else whose influence
they can use for their own ends.
There is a reason why we are
indebted as we are and there is a reason why we are mired in
a war that one wants except the few that do, the few that now
control our nation and many others. In the midst of this most
unreasonable world, there are reasons - whether you want to know
them or not.
Humanity now finds itself at
the beginning of a profound shift, a shift that will force us
- if we are to survive, if we are to triumph - to put aside our
differences to accomplish together what we obviously cannot accomplish
The two political polarities
must find common ground or they will soon find there is no ground
at all. What is happening is bigger than money and power although
it involves both. It involves humanity, it involves all of us
and unless we find each other we will soon find there will be
nothing left to find at all.
We are closer to the end than
to the beginning. Keep your own counsel. Buy gold and silver.
Keep the faith.
In Argentina, I read in a recent
issue of Scientific American that physicists now believe that
in the beginning of time the Universe was only one centimeter
across. That knowledge heartened me. We have come a long way.
Note: I will
be speaking at Professor Fekete's last session of Gold Standard
University Live to be held in Canberra, Australia from November
11th to the 14th. The focus of the session will be trading the
gold and silver basis for profit. For further details, contact
Darryl Robert Schoon
About Darryl Robert
I majored in political science with a focus on East Asia (B.A.
University of California at Davis, 1966). My in-depth study of
economics did not occur until much later.
In the 1990s,
I became curious about the Great Depression and in the course
of my study, I realized that most of my preconceptions about money
and the economy were just that - preconceptions. I, like most
others, did not really understand the nature of money and the
economy. Now, I have some insights and answers about these critical
In October 2005,
Marshall Thurber, a close friend from law school convened The
Positive Deviant Network (the PDN), a group of individuals whom
Marshall believed to be "out-of-the-box" thinkers and
I was asked to join. The PDN became a major catalyst in my writings
on economic issues.
When I discovered
others in the PDN shared my concerns about the US economy, I began
writing down my thoughts. In March 2007 I presented my findings
to the Positive Deviant Network in the form of an in-depth 148-page
analysis, "How to Survive the Crisis
and Prosper In The Process."
to my presentation, though controversial, generated a significant
amount of interest; and in May 2007, "How To Survive The
Crisis And Prosper In The Process" was made available at
www.survivethecrisis.com and I began writing
articles on economic issues.
in the book and my writings has been gratifying. During its first
two months, www.survivethecrisis.com was accessed by over 10,000
viewers from 93 countries. Clearly, we had struck a chord and
www.drschoon.com, has been created to
address this interest.