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Who created our Debt? The rich or the poor


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I have many fights with people who blame the poor for our debt.. And defend the rich..

So with Global Debt at 300 Trillion and Global GDP at 90 Trillion.. Who's fault is it?

The Poor in their council/rented Houses? eating KFC

Or the rich on their Mega yachts? eating kaviar

My opinion is he who smelt it dealt it?

It cant be the poor's fault as they are poor, But the rich have never been richer, so clearly all the debt just exists in the offshore bank accounts of the worlds richest, for us to work till we are 100 to pay back.

But i cant seem to convince people otherwise..

They still blame Stacy and her 5 kids.. It is personally driving me mad. 

 

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I wouldn't know who created the debt, but when it comes to the UK rich and ''poor'' I have equal contempt for the millionaires with their yachts, holiday homes and garages full of supercars as I do for the ''poor'' single mums of multiple kids pulling in £350+ per week in bennies.

So people can take their pick at calling me either a jealous Guardian reading leftie socialist or a vile heartless daily mail reading gammon... I'm quite comfortable with either!:D

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5 hours ago, macca said:

I have many fights with people who blame the poor for our debt.. And defend the rich..

So with Global Debt at 300 Trillion and Global GDP at 90 Trillion.. Who's fault is it?

The Poor in their council/rented Houses? eating KFC

Or the rich on their Mega yachts? eating kaviar

My opinion is he who smelt it dealt it?

It cant be the poor's fault as they are poor, But the rich have never been richer, so clearly all the debt just exists in the offshore bank accounts of the worlds richest, for us to work till we are 100 to pay back.

But i cant seem to convince people otherwise..

They still blame Stacy and her 5 kids.. It is personally driving me mad. 

 

The problem is that the policies to help the poor simply hand more cash to the very wealthy. 

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Try this book it is a good read The Ascent of Money: A Financial History of the World by Niall Ferguson

The poor are just poor, debt is something to make the poor feel briefly rich before they once again realise they are poor.

The trick for the bankers and government is to make the time of feeling OK as long as possible.

I call it the Mercedes effect.

Janis Joplin sang a song about it.

Oh Lord, won't you buy me a Mercedes Benz?
My friends all drive Porsches, I must make amends
Worked hard all my lifetime, no help from my friends
So Lord, won't you buy me a Mercedes Benz?

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