Do you believe in life after debt ?

 “Wall Street, in theory, is at the centre of the financial system which provides for the capital needs of the nation. But Wall Street is in fact a speculation centre organised for the purpose of enabling a self-selected minority of men of boundless greed and ambition to become millionaires and billionaires. Whatever Wall Street does to provide for the capital needs of the nation is incidental to, and misshaped and distorted by, what it in fact is.”

- Ralph Borsodi, pioneer green campaigner.


In something of a break with tradition, this week’s commentary is given over to a guest piece by fellow MoneyWeek scribe, author and renaissance man, Dominic Frisby..


I subscribe to George Orwell’s view that “On the whole human beings want to be good, but not too good, and not quite all the time.” But if man is “mostly good”, I ask myself, why is it so easy to look around at the world and find so much to be troubled by? Wars, waste, famine in one part of the world, obesity in another, excess consumption, a financial system that's out of control - and so on. My particular bête noire is the unequal distribution of wealth. There are all sorts of manifestations.

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Comments

[Niklas]

Hello,

just read the brief pdf. In some point the author is very right. I think the world changed a lot after the Second World War, due to the fact that we have more resources available. Further I believe as we have more opportunists now a days, people are more demanding, which leads to the fact that they want more and the result is, that it is hard to satisfy the human being. In comparison to my grandparents, they had a hard live, due to the war, but overall I think this generation shows a greater happiness in live and balance.
Commenting on the wall street, it is not only a centre for speculation, I even believe these people are paranoid and would go over death to become millionaires. In fact it’s like a war, in my point of view.
Coming to debt, I do not think we will ever see a world without, due to the unequal wealth distribution as you mentioned. I think in the future the gap between poor and rich will get even greater, and middle class will not exist in the future.

Regards,
Niklas