How do we end the World's addiction to debt?

[BrilloPad]

Only mass default will end the world's addiction to debt - Telegraph

Mass default?

[Goatfell]

This would probably work

[BrilloPad]

This would probably work

Since when has anything that suity has predicted come true?

[scooterscot]

Some thoughts:

The greatest debtors of them all are governments.

Living without debt is a great liberation. When you’re in debt the money belongs to someone else, you don’t care. When you earn it I spend it much more cautiously.

Debt is advertised as a good thing but in reality it restricts our ability to invest in our country, defence.. etc.

UK governments will continue to spend money that is not theirs, but ours.. by now this is money that cannot be paid back.

If the current debt of a country cannot be cleared by the current active population then a law should exist that prevents that government borrowing further. With criminal proceedings for MPs that do.

[Unix]

Without Borrowing/Credit most of the modern world would not have happened. The problem is people being greedy and borrowing too much/dodging tax/not saving.

[scooterscot]

The problem is people being greedy and borrowing too much/dodging tax/not saving.

And the people that do will come out as winners? Until that message is cast in stone debt addiction is unlikely to dissolve, no?

To often you read about the true creators of value in our economy, engineers and scientists studying for years and years only to earn a pittance but who we become so dependant on for growth. Yet the message the government sends to those that pay tax, saving for a house, is to spend your wealth on the reckless.

No idea how people accept this situation.

[BrilloPad]

Without Borrowing/Credit most of the modern world would not have happened. The problem is people being greedy and borrowing too much/dodging tax/not saving.

There is $22trillion in offshore accounts - about the size of the US economy.

Its the only reason that QE has not lead to inflation - the rich have it all stashed away.

[VectraMan]

Can someone lend me a couple of quid for lunch?

[BrilloPad]

Can someone lend me a couple of quid for lunch?

Only a couple of quid? This is supposed to be a contractor forum.

Can I borrow £100 for swans wings and champers for lunch?

[SimonMac]

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