What is it about the national debt that I am not getting?
Please forgive me for not being an economist but, when you owe loads of money, you can’t keep up with the repayments and you plunge deeper and deeper into the doo-doo, there comes a time when you go to your creditors and say:
‘Hey guys, hard as I try, I can’t pay you this money and, if we go on like this, I ain’t never going to repay it. Let’s work it out.’
Please forgive me for not being an economist but, back in the day, some Third World countries did this and, rightly, the banks who held the debt recognised the reality of the situation and wrote the money off. It was called ‘unpayable debt‘.
So who owns our national debt today? And at what point is it ‘unpayable’? Read more on National debt: who do we owe?…