In our opinion: The game of global debt is dangerous to play

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  • RedShirt USS Enterprise, UT
    Jan. 22, 2019 6:41 a.m.

    To "Shaun" you are wrong. It is possible for the world governments to pay off their debt. We almost had our debt paid off in the 1950s.

  • Shaun Sandy, UT
    Jan. 21, 2019 5:07 p.m.

    It is mathematically impossible to pay off the debt in the world. If we changed our monetary system we could do it easily.

  • Flipphone , 00
    Jan. 21, 2019 8:40 a.m.

    To much debt is when the interest payments cannot be paid. Today The interest on the national debt is more than the cost to fund the military.

  • pragmatistferlife Salt Lake City, UT
    Jan. 21, 2019 8:30 a.m.

    "This is modern capitalism, a gigantic pile of commercial paper. Capitalism may well destroy itself."

    And here lies the boogey man, cloaked in a shroud of conservative neo liberal rhetoric. How many times do we have to make the point that money flowing to owners is not first of all made by any act of value, and secondly not being returned to the productive process.

    To see what a disaster this is one need look no further than the current government shutdown. Hundreds of thousands of people with truly "middle class" jobs can't go without one paycheck. Food banks are set up, for people with truly enviable jobs that miss one paycheck.

    I'm sure personal decisions play a role but this is a systemic failure staring us right in the face. Modern capitalism has completely failed the workers.

  • Helen M Kimball Salt Lake City, UT
    Jan. 20, 2019 11:26 p.m.

    Great article. Everything will start hitting the fan in ten years. Medicare/social security instability are going to cause it. The only thing that will make change is if seniors don't recieve their social security checks, but by then the only option will be to dramatically increase taxes from their historic low. President Trump had indicated this isn't his problem, he will be gone by they time the bill is due.

  • JoelB44 Idaho Falls, ID
    Jan. 20, 2019 2:16 p.m.

    In a nation of over-priced everything, there isn't much evidence of the discipline to self-govern and self-regulate on ANY horizon. Self-discipline is the key, right up to ALL CEOs, presidents and other government leaders, but it starts at the grass-roots level.

  • marxist Salt Lake City, UT
    Jan. 20, 2019 11:51 a.m.

    Of course debt = credit. Like Keynes said, we could just as easily call the national debt the national credit. So I think you may exaggerate the dangers of global debt (though there is danger). But derivatives are another matter, Warren Buffett calls them "tools of mass destruction."

  • Palmetto Bug Columbia, SC
    Jan. 20, 2019 10:22 a.m.

    One of the many reasons I could never get elected to public office is I want to cut spending AND raise taxes to get the deficit under control and reduce the debt. The deficit and debt are both embarrassing and frightening and no elected official or political party has shown the courage to do something about them.

    It's time to quit kicking the can down the road and make hard decisions to prevent a future financial catastrophe.

  • marxist Salt Lake City, UT
    Jan. 20, 2019 9:44 a.m.

    "The latest report from the Institute of International Finance says the world’s total debt — government, corporate and household — ...is 318 percent of the world’s gross domestic product, or more than three times the world’s total economic output."

    But you are looking at only a part of the puzzle. Consider:

    The size of the derivative market is more than TEN TIMES that of the total world gross domestic product (GDP). These strange financial creatures were a big part of the 2008 collapse. This is modern capitalism, a gigantic pile of commercial paper. Capitalism may well destroy itself.