psssssst wanna borrow some money!

  1. 13,399 Posts.
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    about the spiraling debt in the US (Aust debit card totals also increasing as I typeon behalf of Melbourne Cup 'investing')

    from

    http://www.gold-eagle.com/gold_digest_03/sennholz110203.html

    in part

    .... But it frightens this observer. It may soon distress millions of households which, tempted by low mortgage rates, converted their housing equities into consumer goods and new debt. During the last quarter alone American households added $397.6 billion in mortgage debt and another $40 billion in credit card debt. The annualized rate amounts to more than $1.5 trillion or approximately fifteen percent of GNP. If it is true that the living standard of Americans has been stagnant for years, we must draw the startling conclusion that this boost in debt was needed to maintain it. If the rate of new indebtedness should ever decline, or the people should choose to repay some debt, living standards would surely plummet.
 
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