by Ned W. Schmidt, MarketOracle.co.uk:
Debt constrains one’s enjoyment of life. Without debt to repay, we could use our incomes solely for the pursuit of the good life. You get to define of what that consists, be it food and wine, debauchery or charitable deeds. With debt, life is miserable. Greece has learned that lesson. Spain and Portugal now know that. Those that lost their homes due to the bursting of the Federal Reserve’s housing bubble know that. Seems just about everyone but Keynesian economists hiding in their academic cloisters, free of the real world, are fully aware of economic death through debt.
Only condition worse than having debt is having one’s debt burden growing. Each day brings one closer to the time when one will not be able to spend money as one wishes because of debt payments. Any kind of enjoyable life will be unaffordable, much less the good life. Seems everyone knows that, with the exception of the Obama Regime and their moribund Keynesian advisors.
