“Never a lender, or a borrower be”, what was Shakespeare smoking? The moving of money is now the drivers of world economies, and if too much of a good thing is a bad thing, debt-that ultimate result of an unbalanced ratio- has become more than a world problem:
It’s like trying to read a link and those pesky commercial videos on the side keeps popping up, those turning numbers are so annoying. This chart is handy though, moving the cursor to different countries provides a snapshot of that particular country’s financial woes, not pretty.
People’s individual experiences in life shape their perceptions. No doubt because I was raised poor (only child, struggling single mom) my views on debt, financial obligations and unwanted encumbrances were shaped early on. On a OWS post last week we talked about student loans, I was one of those guys that postponed college because I had no money and taking on student debt was anathema to the way I was raised. Similar (although a bit different) with my wife, a proud Cal Berkeley/Hastings Law School grad, who borrowed the money from her dad (who secured a loan from her payable at a certain date with interest), freedom from financial obligations is big with both of us.
But municipalities, states, and country’s can not be run like individual households, obviously, borrowing and debt are an inevitability, but it is the fiduciary duty of those in power to manage and control that debt, not too much of that going on, anywhere in the industrialized nations of the world.
Watching those numbers spin can only be handled in short doses, but it is useful. Something has got to give, or I could use a domino example, either way, a reckoning is coming.