My point with this rant thread is really that any society/nation that is heavily monetary based will end up predatory and become poor in at least a few ways (financial and moral). Add consumer credit to the mix and it all but guarantees that country will become poverty (indebted) bound. I can't compare the US to anyone else, I don't travel and don't know about other countries. Since really everybody around the globe uses some form of currency they are all perhaps in the same boat?
I'm saying as a resident and full blooded American that the wealth re-distribution and consumer credit policies are predatory here. Sure consumer credit helps sell things via enablement and spin the economic hamster wheel. But we don't make many exportable goods and we don't have the money to back what we charge/borrow. We are a consuming nation which at some point HAS to catch up to us.
Every bubble goes pop, the issue is of course...timing it.
Credit is a great tool to aid in starting and growing a business. It's not a tool that should be used for college kids to buy an xbox, party at a strip club or other things they can't afford and therefore shouldn't do. It's not a tool that should be used to be sure your LCD is as big or ideally bigger than all your neighbors. Yet that's what consumer credit is used for here, and maybe abroad as well? Many of the outsource locations are becoming very disposable income based like us Westerners. GULP.
A family member that has cerebral palsy, they were given 3 large credit cards. They have NO job and are on SSI which just barely covers their living expenses. Is this ok with you? Does that make sense? To me it's wrong but makes sense. If you give a group the ability to fabricate their own money supply (which entangles with the currency of the land) with NO real restrictions, this is the kind of $hit that happens.
Greed is in an exponential bubble just like our inflation rate.
How about a kid I know that took several loans for school. This is a common theme with the youth of today, it's scary. He is $100k deep in loans for a BA in criminal justice???

He bought a fast car, booze, lap dances...all on student loans. Is he a big part of the equation, YUP. But if the predatory lending wasn't allowed people would have no option but to deny the commercials and other ways our psyche is used against us. We are being preyed upon mentally, then given the artificial funds to go and act on those urges they triggered. Bars, strip clubs and casinos/lotto are some of the MAJOR offenders. Booze (altered reality), sexual desires (desensitization) and the dream of being "rich" are probably the biggest downfalls of our society.
Why would lenders bother doing much restricting or checking WHO they are lending to. It's not their money after all, it's make believe. On a default they are in reality out nothing, just on the books. Ahhh...but then the banks will whine "we're insolvent, we have no money". The government fearing a collapse steps in and says here's "money" to lend. And the banks get fatter and fatter with every bear period. They already own all of our property essentially.
In the old days you default on a credit account and they would come take the goods back to recoup money. These days you go bankrupt and they just wipe it off. They don't even worry about salvaging any of the loss. Why is that? They simply don't care, there are plenty of other new customers being born every day. These NOOBS are born into indebtedness and are counted upon to continue the cycle. What if one day, our youth becomes educated and refuses to participate in this system that is disguised as immense freedom, but in reality is monetary and moral slavery?
/end rant
/for now
