Public Financing of Debt Tasks: Why it’s An Unorthodox Proposal

Individuals are not the only ones feeling the crunch of the current economic climate, entire country’s are suffering under the yoke of the c...

Individuals are not the only ones feeling the crunch of the current economic climate, entire country’s are suffering under the yoke of the current system. Insufficient taxes, unscrupulous lending practices and unreasonable interest rates are crippling everyone.

Around the world people, organisations, institutions and governments are feeling the pinch and, if the current system remains, this is not likely to significantly improve in the near future. Some creative thinking and a massive overhaul of current practices may be an unorthodox proposal but, in reality, it may be the only workable way to protect our future financial health.


The way it is


At present, countries are forced to rely not on the internal monies generated by taxes and levies, but on external loans organised through private banking institutions. In an ideal world, it would be possible to run a country solely from taxes, licence fees and other payments made into the system but the reality is that these monies do not come close to covering the budget. This forces governments to take out loans from private institutions and are therefore subject to whatever payment plan or interest rate that these institutions require.

Why is this a problem

This modern day and massive-scale version of loan sharking means that these private institutions hold all the power in an already difficult time. Governments are at the mercy of changing markets, increased interest rates and must constantly renegotiate the debt they hold in order to stay afloat. Private institutions earn a great deal of income from these types of debt and so manage and utilize this asset carefully in order to maximize their own profit and opportunities. Unfortunately this can often be at odds with what is best for the lendee.

What could be done

Numerous solutions have been proposed, most of which are currently seen as unorthodox due mostly to the fact that they are not based on how things are currently done. Just as the economic crisis gave life to individual lending and alternative banking for personal finance management so too should banking on larger scales be changed and diversified. A central institution whose remit it is to lend on this grander scale should be instituted and regulated so that lending to country’s is fair and equitable and not subject to the whims of private lenders. Such an entity could carry out risk assessments on entire economies, creating models and analysis of how borrowing will effect a country so that everyone involved is fully informed in advance. Being in debt can be crippling and suggests that, if you are looking for help with debt consolidation one of the simplest ways to start is by talking to an advisor from a specialist company like Consolidated Credit.

While the reality is that such a system may take time and money to set up, everyone will benefit in the end making it more than worth the effort. Comfort can be taken from the fact that it is not just individuals who are suffering through this crisis but everyone. A little imaginative thinking and reliance on experts may help us all.

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