Preface. Obviously endless growth on a finite planet is impossible. Clearly the main “benefit” of debt is being able to rape and pillage the planet immediately. The accumulating debt can never be paid off, because energy is required to grow GDP (they’re locked in a death embrace) and death begins when oil declines, so will GDP, and most debts won’t be repayable. All of this debt allows us to extract resources NOW at the expense of future generations.
Here’s a recent article about debt, though not as good as it could be, since as usual, it’s energy and resource blind, but it’s probably clear to most people who read it that this can’t end well: December 2019 The Way Out for a World Economy Hooked On Debt? Yet More Debt (Bloomberg).
February 5, 2016 The Chart of Doom: When Private Credit Stops Expanding…
Eavis, P. February 3, 2016. Toxic Loans Around the World Weigh on Global Growth. New York Times.
Beneath the surface of the global financial system lurks a multi-trillion-dollar problem that could sap the strength of large economies for years to come.
The problem is the giant, stagnant pool of loans that companies and people around the world are struggling to pay back. Bad debts have been a drag on economic activity ever since the financial crisis of 2008, but in recent months, the threat posed by an overhang of bad loans appears to be rising.
China is the biggest source of worry. Some analysts estimate that China’s troubled credit could exceed $5 trillion, a staggering number that is equivalent to half the size of the country’s annual economic output.
…click on the above link to read the rest of the article…