Wednesday, 31 August 2011
Banks Discover That Debt Is a Bad Thing.
The Bank of International Settlements has stated today that debt is a really, really bad idea and should be stamped out. Asked why banks have been actively encouraging debt for the last 30 years or so a spokesperson for BIS told this reporter; "Encouraging debt, us? You can hardly blame us for private sector business, national governments and ordinary housholds being in debt. The fact that we used other people's money to gamble, created a world-wide property bubble, made borrowing ridiculously easy and then demanded that taxpayers should bail us out isn't an excuse for people to run up debt. We should have been regulated properly. Of course, it's too late for that now and the only solution is more deregulation so we can make one big score and solve all our problems overnight."