Stanley Knife:
YARDDOG:
Our problem this time is a totally unmanageable welfare state AND rapidly increasing personal debt used to counteract totally unecessary long term austerity.Don’t forget the Corporate Debt nightmare which is just around the corner.
Corporate Debt just gets defaulted, when the crunch comes. The banks end up carrying the can, and they in turn try to re-coup the money by calling in other debts - such as their unsecured debts to individuals in particular.
What if the individual says “no” at this point though?
A corporation going ■■■■-up - merely puts people out of work.
A bank going ■■■■-up - merely makes getting a mortgage a whole lot harder in future.
A mass of individuals going ■■■■ up though?
That’s yet to happen.
Labour and the Left have refused to advocate “strategic defaulting” as a means of getting out of debt by the impoverished individual. Why’s that? - Because the entire mainstream - are all working for the banking system before they work for the individuals that elected them - that’s why.
Once the public wakes up that "debts need no longer be paid back, if there are no real consequences of default. You don’t go to hell any more for not paying your debts… (a moneylender’s bit of folklore there that has persisted for centuries, but no longer…)
If individuals working their zero hours contracts, barely making ends meet, and becoming professional tightwads over 40m strong - one day learned to “live without expensive credit” - then it is a case of “Quo Vadis?” for the entire banking system. In the last ten years since the credit crunch - we’ve seen banks lend a whole lot less to homeowners, and a whole lot more to people that shouldn’t be borrowing money at all. The next wave will have banks not being ABLE to lend - because there simplly won’t be any banks left.
The cash society revival? 
Seems a lot more likely to me than this notion we’ll all carry around electronic wallets which can be emptied by a passing magnet FFS… 