Once in my childhood, buying a small toy worth 12 paise on credit resulted in stern reprimands from parents. This taught me a lifelong lesson—to rely as little as possible on credit-based acquisitions. I have mostly followed this principle, except when purchasing an asset like a flat, where large payments are required upfront, and even then, only after meticulously assessing my debt repayment capacity. Yet, in today’s world, debt has not only become acceptable but is often celebrated as a pillar of economic growth.
A few days ago, as I sat writing a new poem at my desk, I heard drum beats accompanied by an announcement from a court, confiscating the property of someone in the neighborhood whose whereabouts were now unknown. Such incidents are becoming increasingly common. A former colleague of mine also fell into the credit card debt trap. The newspapers frequently report tragic stories where individuals, unable to cope with financial burdens, take desperate measures—even ending their lives. Despite such alarming trends, the allure of acquiring ever more luxury in a consumption-driven economy persists, particularly in the post-Second World War era.
Living on Borrowed Time—and Borrowed Money
We hear and read about well-known businessmen who, either through miscalculation or deliberate actions, fall into a debt trap and flee the country to escape financial obligations. Yet, the cycle continues. I remember a time when the State Bank of India and other lenders who had provided loans to Vijay Mallya were considering negotiations with him. This troubled me, and I asked a bank manager, “Would you negotiate even slightly with a homebuyer who requests a short delay in instalment payments or a minor reduction in interest rates? If not, then why such leniency for a businessman?” But the world operates on volume—if you can borrow more, you command more respect. To those unaware of your actual financial health, you appear like a king.
Our global economy thrives on credit. Banks lend money they don’t actually have, nations accumulate debts they can never repay, and corporations run on borrowed capital. Governments print more currency, issuing debt upon debt, hoping that tomorrow’s growth will magically resolve today’s financial burdens.
In 2023, the global debt reached a staggering $307 trillion, nearly 350% of the world’s GDP. In simple terms, for every $1 the world earns, it owes $3.5. This isn’t just a number—it’s a ticking time bomb.
The Bubble of Unsustainable Consumption
With easy credit, consumption has skyrocketed. People buy homes they can’t afford, luxury items they don’t need, and vacations funded entirely on debt. Businesses rely on artificial demand fueled by borrowed money. Governments continue funding extravagant projects while ignoring long-term consequences.
While consumption drives economic growth, it is not limitless. Resources are finite. The cost of mindless consumption isn’t just financial—it’s ecological, social, and moral. Overconsumption leads to:
- Depleting Natural Resources – At the current rate, we would need 1.75 Earths to sustain global consumption levels. Future generations will inherit a world stripped of forests, freshwater, and clean air.
- Runaway Inflation & Economic Collapse – The U.S. alone has $34 trillion in national debt, raising fears of hyperinflation and economic stagnation.
- Environmental Catastrophe – The push for more production and consumption leads to climate disasters, rising temperatures, and loss of biodiversity.
A Poem in Hindi and English
These reflections inspired me to capture the essence of a debt-driven economy in a poem, presented below in both Hindi and English.
Hindi Version:
उधार की अर्थव्यवस्था
बचपन में एक बार लिया उधार,
मम्मी-पापा से पड़ी बहुत मार।
पर आज के ज़माने में,
क्रेडिट कार्ड की महिमा अपार।
तुम उधार लेते हो बैंक से,
बैंक उधार लेता है किसी और से।
वह और भी चलता उधार पर,
बस सब चलें तलवार की धार पर।
है कुछ नहीं, पर गुब्बारा फूल रहा है,
भाई, ये उधार की अर्थव्यवस्था का सिलसिला है।
और तो और, वो जिसको बार-बार,
देनी पड़ती है अपने ज़रूरी ख़र्चों में रियायत,
पूरी दुनिया की मार्केट को करा रहा है कवायद।
मुझे अंदेशा है, जल्दी ही ये बम फूटेगा,
इस उधार की अर्थव्यवस्था का भ्रम टूटेगा।
उस काग़ज़ी शेर की गीदड़भभकी का दम टूटेगा,
फिर वो कुछ साल डरा-धमकाकर सबको लूटेगा।
इस उधार की व्यवस्था से धरती आहत,
पर इंसान को बस और ज़्यादा का लालच।
सब बर्बाद कर केवल भोग किया,
स्वार्थी सदा अपने लिए ही जिया।
काठ की हांडी लगती है अपने आख़िरी दौर में,
कब तक दबा सकते हो इसको अपने शोर में?
हमारी तो कुछ कट गई, कुछ कट जाएगी,
पर अगली पीढ़ी हमारी ग़लतियों को कैसे चुकाएगी?
English Version:
The Economy of Debt
Once in childhood, I borrowed a bit,
Mom and Dad scolded me for it.
But in today’s world, oh what a sight!
Credit cards hold supreme might.
You borrow from the bank with ease,
The bank itself owes money in fees.
And that lender? Well, guess what’s true—
They’re running on borrowed funds too!
Nothing’s real, yet the bubble grows,
This cycle of debt, where it goes, nobody knows.
And the one who’s forced to cut down their needs,
Somehow fuels the world market’s greed.
I fear this bomb will soon explode,
The illusion of debt will erode.
That paper tiger, once feared by all,
Will roar a bit more before its fall.
The Earth suffers under this game,
While man’s greed knows no shame.
Exploiting all, consuming fast,
The selfish only live for their own repast.
But this trick is nearing its final round,
How long can you suppress the sound?
Our time will pass, we’ll bear our fate,
But how will our children pay for our mistakes?
The Delusion of Perpetual Growth
Economists and policymakers chant the mantra of infinite growth, but nature doesn’t operate on infinite expansion. Trees don’t grow endlessly, rivers don’t flow infinitely, and economies—no matter how sophisticated—cannot keep growing without dire consequences.
The 2008 financial crisis was a warning shot. The subprime mortgage bubble burst because of reckless lending and unsustainable debt. The next crisis may not be just financial—it could be civilizational.
A Wake-Up Call for Our Generation
What happens when the next generation is left with mountains of debt, a collapsing environment, and a broken economic system? They will inherit a world where survival is a struggle, not prosperity.
It’s time to redefine economic success:
- Shift from excessive consumerism to sustainable consumption.
- Move from debt-driven economies to real value creation.
- Prioritize long-term well-being over short-term profits.
- Encourage responsible financial habits at both individual and national levels.
- Promote ethical investment in sustainable industries that benefit society.
Conclusion: The Future Demands Responsibility
We may feel that as long as we’re getting by today, the future will figure itself out. But debt—both financial and environmental—does not disappear; it only transfers. The next generations will either have to bear our burdens or collapse under their weight.
History teaches that when greed surpasses wisdom, civilizations fall. If we continue on this path, future generations will look back at us—not as pioneers of progress, but as architects of their suffering. The question is: Will we change before it’s too late?
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