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Does a trillion pounds of debt matter?

Discussion in 'General Discussions and Lounge' started by gkd_uk, Aug 20, 2007.

  1. gkd_uk

    gkd_uk Affiliate affiliate

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    Media stories suggest the nation's debt is at worrying levels. But what's the full story, behind the statistics in the headlines?
    Debt in the UK is out of control, hurtling to record levels, now well past £1 trillion.

    Lenders can't chuck out cheap cash quickly or irresponsibly enough, the economy is built on shadows, bankruptcies are rising and the crunch is coming

    That's a story you've probably heard. Here's another.

    Debt is basically fine. In fact, we're coining it in the UK, with more wealth stretching ever further ahead of the amount we owe.

    The people in trouble - who do exist - are a tiny minority accounting for a vanishingly small part of the trillion. Most debt is a sign not of penury, nor impending crash, but prodigiously increasing wealth.

    Why believe one rather than another? After all, can't you prove anything with the right statistics, as the old cynicism goes?

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