by Summary:
Debt's Impact on Economy & Happiness
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Debt's Impact on Economy & Happiness
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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| Debt's Impact on Economy & Happiness |
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Why interest rates will plummet.
I was thinking about this earlier. As the cost of living rises and real wages stagnate or fall, more and more people have less and less disposable income and have to rely more and more on debt. All the wealth accumulates on the top and gets progressively siphoned off the economy through principal and compound interest payments until, eventually, nobody can even afford to make interest payments and the whole thing collapses.
They're talking about private debt. For people who are confused about government debt. Government debt adds to private sector savings.