Danielle Park notes that of all of man’s addictions, debt is perhaps the most harmful and destructive. Time and again, profligate debt and spending has brought down civilizations. And it’s happening now. The Trump Admin has proposed holding colleges and universities liable for their defaulting students. A great first step that will probably never happen, due to the powerful educational-industrial lobby. But why stop there, why not tax debt or at least prohibit its deductibility? We need to see interest rates go to their natural and normal levels. Nothing short of this will stop the boom bust economy of the last hundred plus years.
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