Inequality: the nexus of wealth and debt by Frances Coppola

Debt

https://www.opendemocracy.net/uk/austerity-media/frances-coppola/inequality-nexus-of-wealth-and-debt

Frances Coppola hits the nail on the head in focusing on the impact of debt on our lives and how unnecessary it should be. He describes many ways to avoid the debt structured economy we have, which ends up dictating and impoverishing so many people. The solutions are out there for national governments through taxation and governments investing in its citizens’ education and general well-being, but in truth the evidence is that most governments in rich countries actively encourage the build up of personal debt.

David Graeber’s video on the relationship between government debt and private debt is a must see on this issue too. Debt, for millions of ordinary people, forces people in to work which they may not have chosen to otherwise do, and for much of their lives . When debt with interest is not a choice for most people who need a home and to get an education, I think it is immoral and probably makes for poor productivity too.

This piece is highly recommended reading, with one caveat – I think he misses the issue of interest on debt almost completely. The matter of interest changes fundamentally the nature of debt and is something that at Bristol Pound we hope to take head on in the near future through giving zero interest credit or loans to businesses that join our scheme.

Ciaran Mundy  – CEO Bristol Pound CIC