3 Nov 2012

Why is there so much debt?

Positive Money have come up with a great 3 minute video about debt - well worth a look. Here is what they write: Individuals and families in the UK have a total of £1,170 billion of debt. But who did we borrow all this money from? Was it from an army of grannies who have spent their whole lives putting money away for a rainy day? No.

When you go into a bank and borrow a large amount of money to buy a small amount of house, that money doesn't come from somebody else's savings.

It's just created, out of nothing, by the bank, with a few taps on a computer keyboard.

See more excellent stuff at: http://www.positivemoney.org.uk/consequences/debt/

Music and animation by Henry Edmonds, Narrated by Conor Irwin (www.conor-irwin.com)

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