If You Think You Know What 'Debt' Is, Read On || Alex Andreou

Alex Andreou for The Guardian:

Few people understand what debt is. We may understand the scaled-down metaphors that politicians serve up – "household debt", or "maxed-out credit cards". But the core issues relating to debt on a larger scale – the interaction between public and private, its circular and illusory nature, its connection to money creation – are too complex for most people to get their heads around.

And yet, these are critical points in informing the debate of how to deal with debt. A recent ComRes poll revealed that only 6% of the public understand that Britain's public debt is continuing to rise – by £600bn during the course of this administration, to be precise – and is due to hit £1.4tn by 2015. By ignoring the real root causes, because they are too complex or esoteric or just plain boring, and focusing instead on fictional Romanian migrants and benefit fraudsters with drawn curtains, we deny ourselves any possibility of finding real solutions.

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