By Andrew Butter (Guest Post)
Nouriel Roubini’s big idea was [IF] you spend more than you earn, [THEN] you have to borrow so you can pay your bills; but in those circumstances, [IF] you run out of credit, [THEN] you can’t pay your bills. That may not sound like rocket science, but sadly it’s not something you learn in Econ-101, economists need a PhD before they can work that one out and many can’t, even then, which is why they had the credit crunch. Of course if you own your own fiat currency, that’s not a problem, when you run out of money, well, you just print some more, easy. The problem…
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