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News Link • Economy - Economics USA

Private debt much higher than during the Great Depression


1 Comments in Response to

Comment by Ed Price
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In America, the term **QQ**private debt**QQ** usually means debt that the people owe to legal lending institutions rather than debt between the people.

Since the dollar - 1s, 5s, 10s, 20s, 50s, 100s - and checks and money orders valued against the dollar, are all debt instruments, just the same as IOUs, how can anybody ever pay off a debt when the only thing legal lending institutions accept as payment is more debt?

Because of interest and bank charges and overdraft fees and late fees as well as newly originated debt (loans), debt can only grow.

So debt is not a big deal. When the **QQ**money**QQ** system starts to collapse, the banking system will do a transfer that will give them formal ownership of everything - not informal like it is now.

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