What’s the problem with the world economy? It’s debt — too much personal debt — too much corporate debt — and most importantly, too much government debt.
“People have a natural tendency to want to spend now and pay later. They will usually take any type of loans offered. It’s the same for governments. If governments can spend by borrowing, they will do it. What’s government’s option; anger the voters in the here and now by having to raise taxes immediately to cover their reckless spending to get themselves re-elected? No way! If loans are offered, governments will always choose borrowing.
The problem is that debt carries interest and the interest is strangling the life out of the economy of every nation on earth.
But most importantly, it’s not just the amount of interest paid to the banks – those who give the loans — it’s the control over political process this debt gives the banks. We can never fix the instability in the world economic system until we forbid government borrowing.
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