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Which economy, stupid?

Publication: Arena Magazine
Publication Date: 01-JUN-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Which economy, stupid?(economic condition)

Article Excerpt
My bank recently offered to double my credit rating. Though somewhat flattered by this fine act of selfless generosity, I knew it was nothing personal, as this ploy is now so common that one elderly pensioner recently complained on talkback radio that her bank had offered her, unsolicited, credit exceeding her annual income. To an heirloom conscience of this woman's generation, debt still carries a social stigma. Well, how times have changed. Now the reverse is true. Status is now defined by how much we can borrow. This new debt culture has resulted in a level of consumer debt in the West that provokes questions about the global economy.

Most developed economies eventually reach this decadent stage. In the seventeenth century, King James I borrowed heavily to finance his war with France and effectively created the western world's first stock exchange. It was an innovative way of funding speculative expeditionary activity of all sorts,...

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