Sometimes a few words say a lot.
“For a long time, debt and the banks grew at about two times the rate of growth in the economy. But lately, this has exploded. Today it’s up to 30 to 1.” (Jim Rickards)
So who is going to pay back all that debt? How? No one can. This is why the economy is stalling (it is, you know). It’s not going to be paid back. We are at the stage now where existing debt is being paid by taking on other debt. Problem is, you don’t just borrow a dollar and pay back a dollar. You borrow a dollar and pay back two (or whatever). Let’s say two, for ridiculous simplicity.
You borrow a dollar and spend it, but through your work and earnings (economy) you can’t pay back the two that you now owe (what you borrowed and spent plus the interest), so now you have to borrow two. But you can’t pay that back, so next time you have to borrow four … then eight … then sixteen.
Do you see how the banks have gone from sucking up a dollar for every dollar of work in the economy to sucking up thirty dollars for every dollar of work in the economy? Do you see how it will continue to get exponentially worse until it breaks the back of the people? Greece is a good example of what it looks like when it breaks.
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