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The Forum > General Discussion > Are we or the world headed for a debt crisis

Are we or the world headed for a debt crisis

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Belly,
>Aiden your post, its content, is purely optimistic
Would I be correct in thinking you're reply to Not_Now.Soon about the workings of the financial system? I'm surprised you'd classify it as optimistic, as it doesn't have much in the way of predictions.
Or were you referring to something else.

>But the very basis of Capitalism, the only system we have to work with, is debt/credit
>Manipulation, even of the value of our currency's, is used for profit
So what? It's far better for an economy to have debt than not, as without debt most of the lucrative business opportunities would only be open to the already rich. Currency speculators can only make a profit if they take the currency where it's going anyway.

>Just maybe we all should not fall back on it will be ok,
Who's falling back on it will be ok? Don't you realise there are a lot of intermediate situations between "heading for a debt crisis" and "OK"?

>and look at the whole world as it truly is
Well iff you want to look at the whole world, you should note that some countries including the UAE don't have bankruptcy procedures, and if you can't pay your debts there you can end up in prison.
Posted by Aidan, Wednesday, 5 December 2018 12:42:58 AM
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Aiden do me two favors please, read this mornings Sydney Morning Herald story, yes falling house prices again
It should warn you a very real crisis may be weeks or months away
Then reconsider your view of what my thoughts are here
My thought is not some pure negativity
I truly think we stand to be in a very real financial down turn
I put,any reasons, for having that thought
Including but not only, personal debt, housing, highlighting interest only loans and falling prices
My thought that such a fall is probable, surely gives you a way of seeing it is possible
That SMH story demands attention, it warns of bigger implications of housing price falls
Posted by Belly, Wednesday, 5 December 2018 7:08:01 AM
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Belly,
Do you mean http://www.smh.com.au/business/the-economy/housing-slump-the-biggest-threat-to-the-australian-economy-20181204-p50k79.html ?
It warns of a downturn, not a crisis.

We may well be heading for a downturn - but one driven by too little debt, not an inability to service it.

It is easy to escape a downturn, as Kevin Rudd demonstrated in 2008. But whether we will is a different story, for what is good economic policy and what the public thinks is good economic policy are two very different things, and the politicians ike to promote the latter.
Posted by Aidan, Wednesday, 5 December 2018 9:19:11 AM
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Aiden glad you understand how Rudd limited the damage of the GFC
Yes that is my request you read one
May be worth going back , just done that too, and read the newer credit card debt warning
Too much debt? not enough? not sure but endlessly spending what you do not have surely is not a plan
For far too many of us Santa brings a big bag full of debt we in truth can not afford, some foolishly think they must give to prove love or looking to impress others
Sorry to say this thread, like personal and national debt, like stock markets falling as today, will bring us back to this subject time and again
Posted by Belly, Wednesday, 5 December 2018 12:59:59 PM
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Belly,
For an alternative view with the optimism you wrongly thought I had, read http://thenewdaily.com.au/money/property/2018/12/04/housing-downturn-buyers-remorse/

>Too much debt? not enough? not sure but endlessly spending what you do not have surely is not a plan
Certainly not for individuals. But it's different for the government which has unlimited credit and (through the RBA) can effectively control how much debt businesses and individuals can afford.
Posted by Aidan, Wednesday, 5 December 2018 2:53:29 PM
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Aiden well aware good reasons exist for government to get in to debt
In fact Rudd underlined that by his actions
The truth is we are[under Liberal Government] in very very much more debt now
Too the massive growth in the last two centuries is powered by credit
But what of Greece Spain and a couple of others in the EU
Much hardship is both behind and ahead for those populations
Corrections make profits, for some, but overwhelmingly harm many others
Keating said [unfortunate choice of words] we once had to have a recession, 17 percent was the interest rates
My mind see,s even 4 percent rate rise would cripple many
Posted by Belly, Wednesday, 5 December 2018 4:42:59 PM
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