The debt crisis spreading around the world

A recent news post blames pandemic spending, a rising dollar and poor leadership for the debt crises in Sri Lanka, Lebanon, Ghana, El Salvador, Zambia, and Pakistan, but while those may be the proximate causes of the crises, there is a more fundamental underlying cause.

The real cause of debt crises in those countries, as well as worsening crises even in “developed” countries, is the flawed, dysfunctional, and destructive global interest-based, debt-money system, which is designed to extract wealth and accumulate it into the hands of a small global power elite. The system has been doing that for a very long time but now the adverse effects are becoming acute and spilling over beyond the financial and economic realms and into the political and social realms as well.

Total Global Debt as percentage of GDP

These problems will not be solved by ever greater amounts of poisonous debt. Any real cure must include massive amounts of debt forgiveness and the deployment of new systems of money, credit and exchange that are decentralized and interest-free. Such systems are described in my book, The End of Money and the Future of Civilization.

2 responses to “The debt crisis spreading around the world

  1. Jock Millenson

    Hi Tom

    I find myself wondering if the end of the Empire of Lies and its attempt at full spectrum world domination might be coming sooner than later. I didn’t expect to live to see it, however, now I’m not so sure.

    The full “Sanctions from hell”, don’t seem to be working and in fact seem to be affecting the perpertrators more than the target.

    jock

    >

    Like

Leave a Reply to Eric Cancel reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.