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Next economic question. WHY is debt so prevalent throughout the world today?
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John Burns
Posted 2/24/2015 16:00 (#4411017 - in reply to #4410020)
Subject: RE: Next economic question. WHY is debt so prevalent throughout the world today?



Pittsburg, Kansas

Agreed.

The banking excesses and excessive credit creation of the Roaring Twenties let to the great bust of the Great Depression. Which also led to the Glass-Steagall banking act of 1933 so the banking crisis would not happen again.

By 1999 it had been repealed, and again here we are.

All the financial "innovations" since the repeal just allowed the Roaring Twenties on steroids to happen.

John

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