The Absurdity Of The National Debt

I’ve never been a great fan of Anthony Robbins, that bloke who makes his money lecturing other people about how to be successful, primarily because that is all he appears to have done. He has though put together a thought provoking video about the national debt. Although being an American he looks at it from an American perspective, this is something that is relevant to every citizen of every country on the face of this planet.

The video Robbins has produced runs to 19 minutes 40 seconds, and has to date been duplicated by half a dozen other YouTubers. One person has taken an intense dislike to it and has attempted to make out the case not only that Robbins is talking through his hat but that the national debt is a good thing because it constitutes the savings of the people - apart from that 30% or so that is owned by foreigners. This is vested interest talking as much as ignorance.

The reality is that there is no need for a national debt, no need for money to be issued as a debt, and without it, the overwhelming majority of us would be much better off. Back in the 1940s, the Duke of Bedford put forward a simple solution to this problem. Needless to say he was ignored, and the national debt has grown and grown, on both sides of the Atlantic. How much longer will it be before it eats us all?

[The above blog was first published October 17, 2012.]

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