Thursday, October 23, 2008

The Whole Sorry Mess In One Picture


...or graph, actually. Found this on wisebread, which is a pretty cool site. But this graph isn't all that cool.

Graph of borrowing below saving until the late 1990s, then soaring above saving.

I'm currently reading Margaret Atwood's Payback, which examines the entire concept of debt. It's a fascinating read. Debt has been with us as long as we've been human. Perhaps before; other primates seem to have an acutely developed sense of fairness. 
Debt, which can be defined as "unbalance", is ingrained in our very nature. It's not merely financial: there are moral debts, ecological debts, time-debts, and interpersonal debts.  Of course, the primary concern nowadays is monetary, but the credit (debt) crisis is only a symptom of a much more pervasive debt which is also coming due. At some point soon we will be in an oil debt. We're approaching an arable land-debt. Over two billion people on this planet have no access to clean drinking water: debt writ large, in neon lights we choose to ignore as we chase the next bauble and further indenture ourselves. 
And payback? It's a bitch.

1 comment:

Rocketstar said...

I live debt free ass I can, only the mtg and student loans. It is a sad state, complacency rules and folks just think they "deserve" everything and they want it right now regardless if they have the actual money to buy it.