16. Debt Based Society

We live in a debt based society from our personal lives to the governments of the world to the corporations we buy from. We finance more than we have, borrow enough to strap us in debt for decades, and don't even question the mechanics of how this works and what it's doing to society. It's time to look at the State of the Union from an economic standpoint. As usual, the examples are from the U.S. but with minor adjustments to the stats, the same principles currently apply to most current industrial nations. We'll cover debt based lending, creating money out of thin air, global reserve currency status, consumer debt level, and much more.

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