Community
We are now in the process of expanding the public debt - in our childrens' name - beyond previously imagined boundaries. Apart from being a questionable practise to use much more money than you earn - it is also by definition leading to over-consumption.
And what are we borrowing for? Is it for creating more sustainable structures and way of life? Is it for the better productivity in face of rapidly dwindling workforce? Or is it panicky - preserving old structures and protectionism - soon obsolete factories and not needed heavy physical infrastructure?
What will our children say if the will face:
1. very high debt levels > scant space to borrow more if needed
2. high taxes to serve the debt and the higher share of old age population > limited opportunities to decide how their earnings are being used
3. old and increasingly obsolete structures still there > productivity heading south as smaller workforce will be available for value adding work
4. saving the globe stayed at lip service level too long - until there was no investment resources left..
We need brave political leaders - and a new attitude amongst us business executives: driving so much needed re-orientation and co-regulation instead of resisting necessary regulation to the degree that it becomes useless - as it turned out to be in the investment banking case. Quarterly capitalism has turned out to become too much of an uncontrollable beast - destroying shareholder value by taking too much of the short view and preventing too many to see that we have to take responsibility together with democratic institutions.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Ruchi Rathor Founder at Payomatix Technologies
11 June
Shane Rodgers CEO at PDX Global
10 June
Zurab Ashvil Founder & CEO at T3RRA Ltd
09 June
08 June
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.