In Economics 101, we were taught that new wealth to any economy comes out of the earth through food, fiber and mineral production. All other economic inputs are red ink. If you want confirmation of this, one only needs to look at the 1980s. Some called it supply-side economics; others called it Reaganomics, but leading economists, and, eventually, some of Reagan’s own economic advisers, called it “Voodoo economics”, and it resulted in massive losses in food, fiber (farms and ranches), and mineral (oil) production enterprises. This, in turn, triggered the largest number of bank failures in American history. More than 140 banks failed in Texas alone.
In 1980, there were five banks in rural Rush County Kansas, and all five failed.