Andrew Ellson in The Times today Debt should never be a dirty word gives a comprehensive account of how debt is used by governments / firms / individuals and he writes on uses of debt that can bring problems. He reminds of the growth of wealth over 200 years or so and how that progress has been facilitated by the use of debt for infrastrucure, schools, healthcare, etc etc. We have coped with the repayments as we have got cleverer in technological advances (through education , etc etc) - a virtuous circle perhaps.
But why become indebted to banks for this investment? Why doesn't the government issue debt-free and interest-free money itself for these publicly directed benefits? Why should banks make profit out of this when the government could legally issue credit, free of repayments and of interest? Just as they issue the coins and banknotes we use?
For governments' investment in education, broadband infrastructure, and such things, debt should be a dirty word. Substitute 'repayment-free and interest-free credit' for 'debt' and clean up the act! Progress over the last 200 years beat the previous 200 but watch progress over a couple of decades if ever governments understood what they could do and wrested the money creation process from private banks so that we did not have the huge debt burden for public investment.
See the website Positive Money for more on this, or go to the Prof Richard Werner interviews on YouTube. Start to understand how quickly poverty could be reduced, and how wealth could flow so much faster and without the dangers of our current banking system.
LINK: posted by Charles Bazlinton.