The World has become one Vast Casino

Maurice Allais

Shortly after receiving the 1988 Nobel Laureate in Economics, Maurice Allais wrote in a front page report in Le Monde,

…the international financial and monetary institutions ought to be thoroughly reformed.

The whole world economy rests on gigantic debt pyramids that mutually sustain one another in a precarious balance. Never in past history had there been such an accumulation of promissory notes. Never had it been so difficult to honor such promises, probably. Whether it is currency or stock speculation, the world has become one vast casino where gambling tables are spread over all meridians and latitudes… Speculation everywhere is boosted by credit-issuance, since one can buy without paying and sell without owning… All our difficulties stem from ignoring the fundamental reality, that no [market system] may properly operate if uncontrolled credit creation of means of payment ex nihilo allows at least temporarily an escape from necessary adjustments.

Maurice Allais died in 2010 at the age of 99.

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