Forbes: Kill off all your debt, NOW.

If the Forbes people are right, and what’s coming is not stagflation…. but, as Jimdesu has suggested, stag-deflation, and a lasting one which will run a minimum of 24 months, then this is a call for an all-hands to the rail, get rid of your consumer debt pronto approach.

Or am I misunderstanding?  This sounds like klaxons going off, to me.  Oh, and is it officially okay now to sneer at Alan Greenspan?

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3 Comments

  1. The real question on my mind is: how long will super-low money-rates keep mortgages on the floor? At some point, even LIBOR-based mortgages will require significant risk premiums — perhaps it’s a case of keep-it-if-ya-got-it but don’t touch it otherwise? Certainly, killing off non-mortgage anti-money is key right now — just as inflation makes prior debt easy to cope with, deflation makes prior debt a millstone around the neck. But then, he said that already….

    Reply
  2. convivialdingo

     /  November 13, 2008

    More like an Albatross…

    And I had done an hellish thing,
    And it would work ’em woe :
    For all averred, I had killed the bird
    That made the breeze to blow.
    Ah wretch ! said they, the bird to slay,
    That made the breeze to blow !

    Reply
  3. celogo

     /  November 15, 2008

    Did I need permission to sneer @ Greenspan? Oops… I’ve been doing that for YEARS!

    Reply

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