Showing posts with label Debt. Show all posts
Showing posts with label Debt. Show all posts

Tuesday, January 23, 2007

A Debt-driven Society

Sometimes I wonder, if we are a society that is driven by monetary debts. In this world where Capitalism has conquered a large part of, money has become a need rather than a luxury or a tool for achieving other feats.

Everyone is in debt since birth.

Once born, one is brought up by one's parents, sent to school, signed up for additional tuition classes and so on. Instantly, one is in gratification debt with one's parents. This debt shall be returned in the form of filial piety.

Then when one becomes a teenager, one works part-time to pay up for the debt incurred from one's mobile subscription services, facial packages, gym training packages, etc. When he gets older, University tuition fees will turn into debt that will have to take a few years of work to finish paying up.

After studies, marriage and the new home will again tie one down with debts. And this debt will then be replaced by that when the child is born.

At the government level, the pension scheme will also soon be indebted when all the post-war generation retires, leaving behind fewer people to support the larger retiring group. I guess you've heard of trade deficits as well as a bankrupt Argentina.

With all this debts rooting into society, it really makes one consider if Capitalism is now failing us.

A debt-driven society attracts crimes. Burglary, theft, robbery, swindling, cheating, the rates of criminal offences just keep increasing.

Communism lost in the Cold War to Capitalism. But will Capitalism be a loser and disappoint us all?