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Where Does Your Debt Come From? (Part 1) — 2 Comments

  1. I come from the tiny Scottish fishing village of Crail. One day, a mate of mine from London walked into the Crail branch of the Royal Bank of Scotland and cashed a cheque for £25. The cheque bounced and would you believe, the bank manager came knocking on my mother’s door to ask for his money back!! My mate was branded ‘the Crail bank robber.’ Nowadays, the only bank robbers are the bankers themselves. Don’t think for a minute that the 2008 crisis is at an end. In the last two weeks I’ve received letters from two offshore banks saying ‘for strategic reasons we have decided to close our branch … bla bla.’ One of these banks, it emerges, is still massively over-exposed and the extent of this has only now come to the fore, five years after we were promised that the banks would be subject to more rigorous regulation. But the bottom line is that the banks are not the only ones at fault. It is our own ‘need’ for ‘stuff’ which has driven their grasping behaviour. When I were a lad (think Yorkshire accent and much overused Old Grumpy expression) we saved for what we wanted and then bought it. These days, the young in particular want the flash car, lovely apartment, dog’s bollocks hi-fi, top of the range phone etc etc NOW, NOW. Nothing can wait. Their happiness depends on instant acquisition. The banks have merely serviced our own greed. Only when society starts to re-evaluate what is important in life, and gets back to fundamentals, will we stand a chance of preventing global financial collapse.

    • Agreed. Blame must be on both sides. Banks rob. Consumers allow themselves to be robbed. We live in a quick fix society. Lusts demand a momentary reality and, far too soon, they’re forgotten…but the debt remains. It’s greed all round.