Morally....Who Gets To Borrow?
May 21, 2010
– Comments (3)
Who gets to borrow when it is not expected that the loan can be paid back?
Do you really think Califorinia can pay back its debts with declining tax recepits and exploding debt?
What about Harley Davidson with declining sales and rising debt?
What about a family that has seen its income drop but expenses rise?
What about Greece? or America? or any other nation where tax receipts are declining but spending rising?
Right now much of the worlds economies.....and world's consumption is simply based on lending and spending?
Where the sticky issues come in is why do Greeks, or American nurses, or airline pilots have to take wage cuts when revenues are declining but government workers or bankers are getting raises?
How do we morally allocate debt when really few can ever pay it back?
The problem is the Industrial Economy with its current set of rules and laws is both economically and morally bankrupt.........how do we restructure going forward as we head into the Digital Age without driving the world into chaos?
You think Greeks, or Spaniards, or Russians, or cops, or firemen are going to suffer silently while other nations or employees are prospering simply because they get credit even though none are "qualified" to get the loans in the first place?
It is time to set the foundation as we head into the digital age.
It will be exciting......
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