If a friend of yours was so deep in credit card debt that he was about to be unable to pay his bills, would you advise him to simply get more credit cards and borrow three times more money? Im guessing your answer is no. What if we were talking about groups of (powerful) individuals who had racked up more debt than they could pay and just kept borrowing except that they borrowed the money in the name of people who had not yet been born, because they were in positions of authority which allowed them to do so? Would you condone it? Im curious as to why the same people who (rightly) say we need to look after the environment for the sake of the next generation dont mind letting their grandchildren get born into trillions of dollars in debt. When individuals get into this kind of out-of-control debt spiral, at best we call it madness or unhealthy debt addiction. We watch reality TV where we scoff at and ridicule ridiculously irresponsible people who get hundreds of thousands into credit card debt because of pathologic spending habits. When people with fancy titles and palatial, greco-roman style headquarters do the same, we call it Keynesianism, Quantitative Easing or the hideously ironic Economic Recovery. The beginning of wisdom, said Confucius, is to call things by their proper names. I think he was right. bloomberg/news/2014-03-09/global-debt-exceeds-100-trillion-as-governments-binge-bis-says.html
Posted on: Mon, 10 Mar 2014 07:44:49 +0000
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