When I was studying economics at school and university, I fell in love with the concept of capitalism. It just seemed to make sense to me. If you had a good idea and worked hard, you could get ahead and reap the rewards.

I went back to the bank to see if they would lend me some money. Armed myself with employment records and bank statements going back 50 years.

Recently I wrote about the fallacy of the debt-to-GDP ratio and that a day of financial reckoning would come.

So why aren’t most creditor governments worried and continue to load up on debt?

Recently I went to the bank and asked to borrow $1 million.

It’s really not a big deal.

You see, I live in a cul-de-sac of 10 houses, and ………