The news surfaced after the release of a report from the Institute of International Finance that global debt soared to a record $233 trillion in the third quarter of 2017, swift 8% increase from the end of 2016; means $16.5 trillion came out of nowhere to cash-guzzlers and burnt within 9 months. ref.1
Everyone did what they were best at, Analysts analyzed, Reporters reported, Traders did betting, Governments kept mum and as always People didn’t care. Everyone was busy giving a reason and speculations more-or-so assumptions that contain nothing but much more fearful upcoming cause, obviously; fear always sells. It seems that no-one did or viciously forgot to do what was necessary: The Introspection.
Now the question is who do we owe this ridiculously gigantic humongous amount? Since there hasn’t been any alien invasion (atleast outside of various cinematic universes) in recent times, therefore; this money has to be on this very planet in some form. So, where is that much money? Why doesn’t this make any sense?
Actually, increasing amount of people debt-fueling their lavish lifestyle; created this situation. They’re spending other people’s money before it gets into the rightful hands.
Take a look at Venezuela, this victim country has the largest oil reserves in the world. Logically; Venezuela should’ve seen substantial increment in its wealth after discovering major reserves and rank above or somewhat equivalent to the wealthy middle-eastern countries in monetary terms but current situation is that country is on the edge of fault scarp, for example; Venezuela’s government owe $5 billion in Debt to pharmaceutical companies and offering gold, diamonds and rare metals used in cell phones to settle the accounts by saying that “‘it’s better than nothing” and this example is just a pinch of salt regarding the crisis that country is facing since 2012. ref.2
We have seen many many socio-political ideologies being pitched, pushed even adopted whether that is socialism, communism, fascism or anything else; none has come at par with capitalism, not even democratic ideology. The reason behind this upending is that this ideology gives easiness and possibility of short-cutting challenges. Capitalism can provide exponential prowess to underpass anything and everything that could become a hurdle for the lifestyle of anyone except capital itself. That’s why the world has adopted capitalism in one way or another. Money has become the fuel to run everything.
Though capitalism has its own share of benefits because it converts manpower into exchangeable asset à-la ‘cash’. Overtime, capital jugglers have found and created ways to stockpile people’s manpower in form of cash for their legitimate-illegitimate interests and inflated price of cash by dumping it at one place thus making it scarce. Therefore economic gap between people kept widening which created hierarchy and class structures among every social, political and nevertheless economical stature.
Globalization created a proxy worldwide funnel network which channels cash from unaware humans, creatures, environment to the stockpile of those jugglers. That’s the reason behind such artificial crisis in Venezuela, Zimbabwe etc. These uncertain moles are living paradox; either they are going to explode as ticking debt bomb or their population will become debt slave without even realizing it. In which, latter seems like already happening.
It’s not like the whole suffering is limited to those who aren’t enjoying pleasures. The whole world knows how and why ‘The American Dream’ caused economic collapse in 2008. ref.3 On the other hand, things are getting worse when we see China using debt financing measures to questionable projects all over the world imagined on alluring future. Sometimes they even sound like any aftermarket MLM scheme, for example; Sri Lanka’s Hambantota International Airport project. ref.4
China’s extended efforts of Belt-and-Road Initiative can be labeled as modern-day funnels. These efforts already showed that neocolonialism is somewhere around the corner after China converted its capital debt into a land parcel through a deal by which China opened its military base in Djibouti. Even US, France and Japan have their military bases in Djibouti. ref.5 See how capitalism is turning into colonialism.
While this draconian theology of debt-fueled future burning our present; we are busy frustrating how honeymoon of film-stars keep giving relationship goals regularly. One might say that it doesn’t have any negative connotations but it is important to keep in mind that if we neglect our present for far-flung future then our own future generations are going to neglect ourselves.
Solution? Introspect. Just spend on what you really need.