Is modern banking fundamentally flawed?
The UK’s debt level has been growing and growing in recent years, reaching nearly seven times our annual GDP.
But this is a good sign, is it not? I mean, no-one would lend to a country and people that couldn’t pay it back, would they? So the fact that we are in so much debt, must mean that we’re a good investment. That we can and will pay it back by growing our economy. Right? Well…. maybe that’s the wrong way of looking at it…….
Attached is a recent submission to the Independent Commission on Banking that paints a rather worrying picture of our economy & finances.