a loan for every man and his dog, page-5

and every loan contributes in some small way to transferring our wealth off shore.

Cyclical economic expansion (but debt funded) sucks in imports that we really MUST have (posh cars, latest laptops, mobiles for the kids, a new swimming pool, big flashy tv. etc)

The export country gains through sales to us (having bought the raw materials of us then value adds) and we convert the asset into junk.

It's just like burning $ notes.

Ask the Americans. We're no different.