Ref: http://socialcredit.com.au/social-credit-angles/entry/77-the-death-pledgeYou should probably know that the literal meaning of mortgage is ‘death pledge’. According to the Australian debt clock we owe 1,647,386,800,000 dollars to banks as housing debt. It's about 90% of all household debt in this country and it is accumulating faster than GDP. In its March 2017 Monetary Policy Meeting the Reserve Bank noted that household debt was rising faster than household income.
It is usually the public’s want of restraint that is blamed for the worsening private debt problem; hedonistic public needs to tighten its belt and stop living beyond its means. Bad, pampered public. Mainstream reporting on Australia’s private debt level goes out of its way to avoid making clear one crucial aspect of what is driving it. This money that people are borrowing is required to run the economy. We have explored in detail how the money we use everyday is created by banks when people borrow. The primary concern of finance is how to induce people to borrow enough money to keep the economic system jerking along. The fact is if we didn’t borrow so much money we’d be berated for lack of faith (confidence in financial terms) and the economic pundits would be decrying the next round of crisis, depression, recession, downturn or whatever word their employer's banker told them to use.