Quote from: Davidvictorson on November 08, 2024, 09:26:29 AM

Quote from: UTON Blockchain on November 08, 2024, 08:56:35 AM

The essence of modern economics can be summed up in two words: borrowing money. One generation spends, and the next spends a lifetime paying it back.

Let me give a a typical example. My country's government just borrowed money from the World Bank which is running in billions of dollars.They say the loan is to stabilize the economy blah blah blah but honestly we don't need those loans. The first repayment is in 10 years way after the current administration has left office. Obviously I have no faith in the because they are going to divert it into personal coffers and their will be no penalty for it. We don't need these loans. Even the loans are a trap by the World Bank to keep poor countries poor. The next generation is going to spend their lifetime paying back loans.
Here it is - https://www.google.com/amp/s/punchng.com/tinubu-govt-borrowed-6-45bn-from-wbank-report/%3famp

This is more accurately called an economy with a vicious circle system. Debt will be a binder for each generation that continues to bear the consequences of government carelessness in making decisions. This debt is then utilized in sectors that are sometimes not in accordance with the objectives. Infrastructure is still stagnant, people's welfare is never achieved because in the process the people are burdened with higher taxes. That is why the debt system to the world bank will continue to be a vicious circle that has no end.