Why northern Europe is so indebted? My new paper about the impact of welfare on household debt explains why.
The moral tale of household debt is repeated over and over. The crisis of 2008 was caused by too much household debt, and because lending was to the wrong people — namely poor families with low revenue and less responsibility. Banks needed to be bailed out with public money because of these excesses. The problem with this narrative is that it's wrong.
Cat Insanity is a responsive browser game that slowly, inevitably forces you into the brutal massacre of imaginary cats*, all to capture the emotional experience of drowning in high-interest debt. [more inside]