Meredith Whitney Discusses Detroit's Bankruptcy | The Future Tense

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Thursday, July 25, 2013

Meredith Whitney Discusses Detroit's Bankruptcy

Meredith Whitney, author of one of this year's best books The Fate Of The States, discusses the impact of Detroit's bankruptcy on the rest of the municipal bond market.

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Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.

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The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge.

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Illusions commend themselves to us because they save us pain and allow us to enjoy pleasure instead. We must therefore accept it without complaint when they sometimes collide with a bit of reality against which they are dashed to pieces.

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- Ludwig von Mises

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.

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"No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future."

- Ludwig von Mises

Requiring a central bank to print money to increase government's purchasing power invariably ignites a hyperinflationary firestorm. The result through history has been toppled governments and severe threats to societal stability.

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"Men it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one."

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"Give me control of a nations money supply, and I care not who makes it's laws."

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