The unjustified swelling of the budgetary deficit and the accumulation of public debts are just as destructive as adventurous stock-jobbing.
Sentiment: NEGATIVE
The unique danger today is the possibility that we may face longer-term stagnation as a consequence of relying too heavily on borrowed money.
I don't mind the government accruing debts as long as every dollar is spent effectively with a high return. That works out fine. If you accumulate debts and waste your money, that's, of course, a disaster.
The degree of leverage now being reversed is staggering, and the underlying global imbalances - notably between the savers and the spenders - will require long and painful adjustment.
You talk to any of the job creators, and they'll tell you one of the things that concerns them the most is the debt. And so high levels of indebtedness are going to lead to high levels of taxation, which lead to high level of unemployment.
The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.
The idea that growth will remedy our debts is so addictive for politicians, but the citizens end up paying the price.
Some have been ensnared in the net of excessive debt. The net of interest holds them fast, requiring them to sell their time and energies to meet the demands of creditors. They surrender their freedom, becoming slaves to their own extravagance.
Solving a problem created by debt... by creating more debt is a fool's errand.
Our enormous surplus revenues are illogical and oppressive.
Financial crises are an unfortunate but necessary consequence of modern capitalism.
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