"Creditopia” (credit + utopia) has rarely been used, but could develop the same popularity of use as “Ecotopia” and “Ameritopia.” “‘Creditopia’ (credit card-utopia)” was cited in 1997. There was a “Creditopia” chapter in the book The New Depression: The Breakdown of the Paper Money Economy (2012) that explained how easy credit had created a “utopia for investors.” A blog article in January 2013 described “our ‘creditopia’ world.”
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Los Angeles · http://www.creditopia.com
Volume 4, Issues 1-6
The local hype about credit cards has caused observers to coin a new term, “Creditopia” (credit card-utopia), to describe the credit card rage here.
The New Depression:
The Breakdown of the Paper Money Economy
By Richard Duncan
Hoboken, NJ: John Wiley & Sons
By the beginning of the twenty-first century, easy credit had created a world in which all that was necessary to become rich was to borrow money and buy assets. It was a utopia for investors—a Creditopia.
This chapter describes that economic transformation. It begins with a look at who borrowed the money.
Guest Post: The US Debt Crisis - How High Will It Go?
Submitted by Tyler Durden on 01/05/2013 19:31 -0500
Authored by Chris Ferreira, originally posted at Economic Reason blog.
So there we have it, in our “creditopia” world, if debt does not expand, the economy cannot grow and jobs cannot be created. In order to increase debt, foreigners have to continually finance the ever growing debt by purchasing government bonds and selling consumer products to the US. In turn, the US must increase the level of consumption, decrease savings, and eliminate the threat of any nation posing a risk to the US dollar hegemony. Is this a symbiotic or a parasitic relationship? Is is certainly a relationship that cannot grow forever. It poses an economic risk for ALL nations due to the interconnectedness of the global economy.
New York City • Banking/Finance/Insurance • Monday, January 07, 2013 • Permalink