Developing Countries Emulate The US, Turn Citizens Into Debt Slaves

sentinelblog

From DollarCollapse.com

Emerging markets are emulating the US by encouraging their citizens to borrow, spend and become debt slaves. This is a bad idea that will cause immense pain

One of the big advantages of being a Latin American or Asian country used to be — somewhat counter-intuitively — the lack of credit available to most citizens. The banking system in, say, Brazil or Thailand simply wasn’t “advanced” enough to offer credit card, auto, or mortgage loans on a scale sufficient to turn the locals into US-style debt slaves.

But that, alas, is changing as those countries adopt their rich cousins’ worst habits.

Brazil, for instance, was once seen as a Latin American success story and future world power. But then it ramped up government spending and started encouraging its people to become “consumers.” And the rest is familiar, if depressing, history.

The following article is from 2015, about the…

View original post 710 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s