The entire financial system of the western world is designed to be a debt spiral.

http://www.thetruthseeker.co.uk/?p=3

In Debt Up To Our Eyeballs

By wmw_admin on October 19, 2011

The Economic Collapse Blog – October 18, 2011

The entire financial system of the western world is designed to be a debt spiral.  The total amount of money and and the total amount of debt are supposed to continually expand.  Today, we are in debt up to our eyeballs and it seems like nearly everyone is talking about “deleveraging” and reducing government debt.  But in a world where the entire financial system is based on debt, is there any way for massive deleveraging to take place without plunging us all into a horrific worldwide depression?  The governments of the western world have had a lot of fun spending money as if there was no tomorrow, but now tomorrow has arrived and all of that debt is rapidly catching up with us.  Politicians in Europe and in the United States are running around trying to come up with a “plan”, but there is no “plan” that is going to fix the current debt-based system.  Over the next few years we are going to reap what we have sown.

For fiscal year 2011, the U.S. federal government had a budget deficit of nearly 1.3 trillion dollars.  That was the third year in a row that our budget deficit has topped a trillion dollars.

Sadly, most Americans simply have no idea how much money a trillion dollars is.

Perhaps an illustration or two would help.

http://theeconomiccollapseblog.com/archives/in-debt-up-to-our-eyeballs

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One Response to The entire financial system of the western world is designed to be a debt spiral.

  1. Pingback: Yes, defaulting on debts is an option – Debt collectors trick us into contracts with them when, in fact, we don’t have to pay – the country’s debt is much the same -Paul S. |

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