THE ANSWER (To Whom Do We Owe This Money, Exactly?)


Children have a terrifically simple way of exploring the limits of adult knowledge. They do so by asking a question, then responding to each new piece of data with “but, why?”. The almost inevitable ending to this line of questioning is either “because I said so” or “I don’t know, that’s just how it is”.

I seem to have a elicited a similar response when, on Friday, I posted the blog To Whom Do We Owe This Money, Exactly?Since then, that post has been read by 20,000 people on the blog (and many thousands more via a circulating viral email). I have received many hundreds of responses whether by direct comment, email, Facebook or Twitter. The blog has been re-tweeted 1,000 times and shared on Facebook 1,200 times – before being flagged as abusive! The responses almost universally accept that the research is accurate.

The answer is: we owe this money, primarily, to the financial sector we went into debt to bail out. Συνέχεια