Otherwise someone without any debt cannot own their own house or cash...
I certainly think my assets are greater than my liabilities because I own about £15k of whisky and more in cash savings yet my credit card bill (only debt) is £2k.
Assets = Liabilities + Equity.
That's a given, A on the A side | L+E on the L side.
(Original post by Kalb)
ehm , no. leaving the gold standard has brought enormous wealth. yes, unlimited credit has created bubbles but still we are better off since leaving the gold standard
The dollar is worth less than 1/5th of what it was in 1971, coming off it has let an unaudited Federal Reserve and politicians saddle future generations with debt to justify ever increasing spending on ponzi schemes to grab votes, and has destroyed the idea of saving and personal responsibility while encouraging serfdom to a few central bankers. It amazes me how people complain about too big to fail and the rentier class but so passionately defend the cartel of central banking.