Science Forums 2

[Dutchdivco]

I saw a news show, last week. They were trying to convey the world wide nature of the current financial crises, in 5 min. or less. So, they jumped quickly from reporter to reporter, in Capitals around the world;New York, Paris, London, Berlin, Moscow, etc. All of them had the same story, doom and gloom......Except ! You'll never guess.....BAGDAG!! Seems no one buys a house on credit, in Iraq. (Would you extend credit to someone who might get blown up tomorrow? My speculation, not the reporters.) When someone wants to buy a house, or other large ticket item, they meet at the buyers bank, and transfer the funds there. Reporter also said the Iraq stock exchange had increased in value, 30% over the last 3 mos. (Going from memory here).Seems to me an addiction to credit is the problem, (especially 'easy credit') and NO ONE wants to go thru 'Cold Turkey", Credit is a way of 'creating' additional dollars. Might call them 'future' dollars.Artificially, if I can use that word, stimulates economic activity. Kind of like, "Gee, when I take these little pills, I am SOOO much more productive."If I take MORE pills, I'll be even MORE productive!!" Soon, you are running around, (Speeding your A** off!) and not really producing ANYTHING! But, your doing it very fast. The analogy breaks down, as all do. My point is that Gov'ts at all levels, businesses and individuals got addicted to credit.Stimulas packages are attempts to get credit moving again are like the drug addict who's supply dried up, scrambling to find a new supplier, instead of kicking the habit.For me, "Niether a borrower nor a lender be". is my motto, and while I may at some point, I've looked hard, and haven't found any way, yet, in which the economic crises has effected me or mine. Jim