Sunday, January 16, 2022

An anniversary year is a perfect time for debt relief

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The modern economy cannot function without debt. Governments must borrow to fund improved services, businesses to expand, and families to borrow to buy homes.

As former US banker Richard Vague puts it in his latest book The case for a debt anniversaryDebt is like water – neither good nor bad in itself, but essential and unnoticed until there is too much (or too little) of it. “That’s the paradox: debt growth brings economic growth, but too much of it stunts growth,” he says.

As the world grows “another year older and deeper in debt” – to paraphrase an American folk song – alarm bells will ring louder over the piles of debt, especially as people start counting the cost of festive celebrations.

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