Deep beneath the debt
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Those who suffer from "debt denial" must read the April 19 New York Post online article "Why hasn't the economy fully recovered? Debt, debt, debt".
To sum up: “For decades now, the US, like the rest of the West, has depended on massive levels of consumer debt to mask weaknesses in jobs and income.”
Please let me offer something else on that.
The West does not care how many countries in Southeast Asia likewise go completely broke under massive levels of consumer debt as long as Western billionaires can realise short-term profits in the process.
Debt is a shortcut to short-term profits that creates long-term heartaches and despair – a satanic gift that keeps on giving and the Trojan horse of economics.
Guy Baker
Bangkok
