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If deep in debt, should I spend and borrow more?

Publication: National Observer - Australia and World Affairs
Publication Date: 22-MAR-08 		Format: Online
Delivery: Immediate Online Access
Full Article Title: If deep in debt, should I spend and borrow more?(Editorial comment)

Article Excerpt
The cause of the present financial crisis is, at bottom, debt. The governments of the world, in response, advise the public to spend more, and their central banks lower interest rates dramatically, in panic mode, to tempt their citizens to borrow more. This is because the cure (spending income to pay off debt, and saving) is worse than the disease, according to our modern economic "morality".

Saving used to be a virtue, but our governments now regard it as a vice. If they were to advise the public to concentrate on paying off credit cards and mortgages, the spending...

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