The Widespread Economic Myths Destroying the Economy | The Big Picture: "In 2008, the Bank for International Settlements (BIS) – often described as the central bank for central banks – said that failing to force companies to write off bad debts “will only make things worse”.
Indeed, Bernanke, Krugman and other mainstream economists from the left and the right who encourage more private debt are only creating a debt trap … where people take on new debt to try to pay for the old debt, and end up in a worse situation than they started:"
Click through to the post to see the animated version of this gif -- it's perfect.
Click through to the post to see the animated version of this gif -- it's perfect.
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