Black Friday debt
Customers flocked to retail stores for “Black Friday” deals. But almost all that has been bought has been made overseas.
We buy far more from the rest of the world than they buy from us, and that is a recipe for economic suicide.
We consume far more wealth that we produce.
The only way that we have been able to maintain our high standard of living is by going into insane amounts of debt, courtesy of the banks.
We are living in the largest debt bubble in the history of the planet.
At some point – probably another banking crisis – that bubble will burst and the party is going to end.
Malcolm Parkin
Gamekeepers Road
Kinnesswood, Kinross