The problem is indeed that one party's debt finds its counterpart in some other party's savings. Not paying … - Michael Hudson

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Until kids decide, 'I am a miracle. I am unique. There is no one else exactly like me,' they can never draw the conclusion, 'Because I'm a miracle, I will never harm another person who's a miracle like me. ' In this slippery world, they all need something to hang on to.

Michael Hudson

The problem is indeed that one party's debt finds its counterpart in some other party's savings. Not paying debts therefore involves annulling some other party's financial claims on the debtor.

Financial, Problem, Debts, Counterpart

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We go forward with our heads held high, but look back and remember where we come from.

Come, Forward, Inspirational, Moving Forward, Moving On, Remember

What do the 5%, or the 1% actually use their money for? They lend it back to the economy at large, they load it down with debt. They make their money by lending to the bottom 95%, or the bottom 99%. When you give them more after-tax income, it enables them to buy even more control of government, even more control of election campaigns. They're not going to spend this money back into the goods-and-services economy.

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The one sure mark of a con, though, is the promise of free money.

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So we are in for years of debt deflation. That means that people have to pay so much debt service for mortgages, credit cards, student loans, bank loans and other obligations that they have less to spend on goods and services. So markets shrink. New investment and employment fall off, and the economy is falls into a downward spiral.

Fall, Markets, Mean, People, Service

The most serious problems lie in the financial sphere, where the economy's debt overhead has grown more rapidly than the 'real' economy's ability to carry this debt. [. . . ] The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.

Build, Essence, Lying, Overhead, Problems, Real