One's wealth is determined by the value of one's assets minus one's debt.
In a frank admission a year ago, Senator Dick Durbin put it bluntly: "Frankly, the banks run this place." Perhaps they deserve to. After all, they pay enough for the privilege.
If life were a game, it could be said that we like to analyze the players (the winners and the losers) of the game, rather than the game itself.
In our recent blog, we described how money "creation" meets the needs of a gradually expanding economy
If Hernando de Soto was overestimating how much wealth the world's poor have accumulated