“Our current position on debt seems to be akin to saying the only way to keep from drowning is pouring more water over the victim.
Did you know that there is too much debt in the world for the stock market to collapse or for interest rates to come down? And the only way to keep the indebted system from collapsing is to continue drowning in debt. This may sound like a sick joke delivered by a dark-humored accountant on April Fools’ Day or by Keynesian icon Paul Krugman, but this is an analysis from one of the richest and most respected financial institutions in the world.”
Baby, You’re Addicted to Debt.
The nationwide lockdown—you know, the nursing home epidemic that left millions out of work—forced many Americans to add to their credit card debt totals. US credit card balances are forecast to increase by a whopping $140 billion by the end of the year, and this is on top of the enormous amount of consumer debt before the public health crisis.: