Greenspan goes to England

We don't credit Greenspan's Body Count with debt-related deaths in other countries.  Even if Alan Greenspan led the global debt bubble by example, foreign central banks and governments could have, and should have, been wise enough not to follow.

Nevertheless, this story from the UK provides a useful reminder of the tragedy of a debt-funded consumer culture.

A new study has revealed that the suicide rates are soaring across the UK with money worries pushing many people over the edge.

The study commissioned by the charity Papyrus, which aims to prevent suicide among young people, highlights the fact that cuts to mental health services and aggressive debt collecting are among major factors aggravating the situation.

It cited the tragic death of a young boy aged just 23 as an instance, noting that “the boy took his own life writing his final words on the back of a bank statement after racking up a 3000 pound overdraft and a five thousand pound student debt”.

According to latest figures, the study revealed, suicide is on the increase in the UK accounting for 6000 deaths between 2010 and 2011, which shows a rise of 7 percent. 
Tragically, Ben Bernanke's, and other central bankers', solution to the debt crisis is more debt.   "Consumer credit" they call it, and more of it is a sign of a healthy economy in their twisted Keynesian minds.

When will they ever learn? When will they ever learn?


K T Cat said...

Recommended reading.

The financial chaos doesn't come into an empty world or even a functioning world. Instead, it could be seen as the harvest of something else that's been going on for a long time.

Doo Doo Econ said...

It is a sad state of affairs.

Happy Super Tuesday!