Other countries don’t have the free/easy relationship to credit that we do.
In many places, if you want to get a small, revolving line of credit it’s considered perfectly normal to spend weeks validating your identity, including one or more in-person visits by a financial official. Can you imagine doing this in modern America? The economy would shrink by whole percentage points overnight.
We’ve made a deal with the devil, and this is how we pay.
That might just be the saddest post I'm going to read all day because you're probably right. Individuals have access to lots of credit, it fuels our American consumerism.
Maybe it's better, in the long term, to suffer that shrinkage? I'm absolutely not an economist, so I don't really know. Maybe we are in a credit bubble and it needs to pop?
Could we absorb the negative drop in the economy without there being riots in the street? Would it be better in the long run?
In many places, if you want to get a small, revolving line of credit it’s considered perfectly normal to spend weeks validating your identity, including one or more in-person visits by a financial official. Can you imagine doing this in modern America? The economy would shrink by whole percentage points overnight.
We’ve made a deal with the devil, and this is how we pay.