In A BS Economy...Without B, There Is No S
Welcome To The Udder World.
In an economy that is primarily based on Borrowing To Spend, without borrowing, there is not much spending.
If students couldn't borrow, colleges couldn't spend.
If governments couldn't borrow, government employees, healthcare, corporations receiving government contracts, and welfare recipients couldn't spend
If public companies couldn't borrow (ie public homebuilders), such companies couldn't spend.
And in the end, if the above are not spending.....we really don't have much of an economy under the current BS system.
Now the question is what are property rights if government can't borrow and can't afford to fund police, fire, safety and the court system? What are shares of stock worth of public companies and individuals can't borrow and spend?
It is now being reported that criminal convictions are being overturned because court systems do not have the funds/resources to prosecute the cases fast enough to afford the defendent his/her right to a speedy trial. In addition, cities, counties, and states are being forced to layoff massive numbers of police officiers.
Just ask yourself, what is your IRA worth if you can't safely leave your house to spend?
All of the above is being documented at udderworld.com. Remember, it is not the end of the world, simply the end of a world as you knew it. We are transitioning from a BS economy to the Digital Age....and age where healthcare and education will be delivered radically different than the present.