I agree somewhat in that borrowers are partly of blame here, but the majority do not have the level of understanding of finances such as yourselves. The lenders know full well the limitations of borrowers: they have the tools, research, accountants and financial analysts at their disposal, along with contracts deliberately written to intercept any chance the borrowers may have of understanding what they're signing.
The bottom line is that money that does not exist has been lent out, but in return the debt that's been created from nothing needs to be paid back. Is the global community going to continue to be held ransom to the banks that lent out fictitious money?
I hope the lenders get burnt bad to the point they steer clear from the risky lending practices that brought us to this point. But the damage has been done in that our economies have priced in the excesses of credit flows with unsustainably high wages, shares and house prices. To halt the risky/crazy lending schemes the banks had been carrying out would mean the end to how we run our economies, and the beginning of a long and dangerous debt spiral - all in the name of paying banks back the money they never had to lend us in the first place.
No wonder banks are so anal about bank-runs. Watch out for the massive push for term deposits to lock in those quickly disappearing notes.
