I feel one of the biggest reasons for unemployment and poor economic growth in Nigeria is due to the our debit based only economic system.

Understanding how paper money (currency) is created the likely path to a stable and buoyant economy is if there's the introduction of basic financial education and credit systems in all the institutions in the country. Credit facilities like student loans for tertiary students, mortgage loans for affordable housing, a strong ND accurate database of citizens in the country through the introduction of social security number......

Debt based economy system increases the gap between the rich and the poor, it wipes out the middle class.

Without credit economy system A nation can never prosper in this 21st century

Peace �

U are putting the cart in front of the horse....It's not the debit based economy that caused poverty ...It's poverty that made us become a debit based economy
Having a credit card means u are technically borrowing, u are spending the money u will earn later....Nobody wants to give someone who can't pay back the ability to draw funds below zero.......

IF YOU UNDERSTAND THE MONETARY SYSTEM AND HOW PAPER MONEY IS CREATED YOU WILL KNOW THAT WE NEED BOTH CREDIT AND DEBIT SYSTEM TO SOLVE POVERTY AND CREATE PROSPERITY AND ABUNDANCE.

POVERTY IS NOT THE HORSE BUT THE CART.

YOUR LAST STATEMENT ARE YOU TELLING ME COUNTRIES THAT BORROW MONEY FROM WORLD BANK PAY IT OFF?

DEMZEE:
IF YOU UNDERSTAND THE MONETARY SYSTEM AND HOW PAPER MONEY IS CREATED YOU WILL KNOW THAT WE NEED BOTH CREDIT AND DEBIT SYSTEM TO SOLVE POVERTY AND CREATE PROSPERITY AND ABUNDANCE.

POVERTY IS NOT THE HORSE BUT THE CART.

YOUR LAST STATEMENT ARE YOU TELLING ME COUNTRIES THAT BORROW MONEY FROM WORLD BANK PAY IT OFF?

Oga ade, I never said credit and debit system isn't needed....In case u ddnt read my post....I only made it clear to u we are much more debit based because of poverty and not the other way round..U are clearly even mixing up the use of the idiomatic expression...'Cart in front of the horse"
And for crying out loud, how will u compare country borrowing from the world bank with individuals with less than 10k minimum wage , with no security number, registered address , credit history , no insurance whatsoever borrowing from local financial institution..
A country can't run away, the government can't just disappear....The fact that a country is a country is an insurance already cos they belong to various body such as common wealth, united nations etc.when they now have revenue generating means like oil, diamond, manufacturing the world bank can borrow cos pay back is possible even if it's 10yrs time. It's all business at the end of the day...
Even the world bank don't offer u credit if u can't pay back....somalia for example has never gotten a loan from the IMG/ world bank until September last year and still it was a grant cos they won't be paying back . A chicken change of 80milluon dollars that the governor of Kano and easily put in his agbada...
Zimbabwe was unable to payback it's first loan in 2000 and the world bank has not loaned to them ever since.
And yes some country pay off, like Argentina in 2003, initially defaulted but later paid of its 3billion dollar loan... Most country pay back in bits just like credit card is refunded, and before a country tfinish paying one loan, they are entitled to borrow another....And the cascade continues

1StopRudeness:


Oga ade, I never said credit and debit system isn't needed....In case u ddnt read my post....I only made it clear to u we are much more debit based because of poverty and not the other way round..U are clearly even mixing up the use of the idiomatic expression...'Cart in front of the horse"
And for crying out loud, how will u compare country borrowing from the world bank with individuals with less than 10k minimum wage , with no security number, registered address , credit history , no insurance whatsoever borrowing from local financial institution..
A country can't run away, the government can't just disappear....The fact that a country is a country is an insurance already cos they belong to various body such as common wealth, united nations etc.when they now have revenue generating means like oil, diamond, manufacturing the world bank can borrow cos pay back is possible even if it's 10yrs time. It's all business at the end of the day...
Even the world bank don't offer u credit if u can't pay back....somalia for example has never gotten a loan from the IMG/ world bank until September last year and still it was a grant cos they won't be paying back . A chicken change of 80milluon dollars that the governor of Kano and easily put in his agbada...
Zimbabwe was unable to payback it's first loan in 2000 and the world bank has not loaned to them ever since.
And yes some country pay off, like Argentina in 2003, initially defaulted but later paid of its 3billion dollar loan... Most country pay back in bits just like credit card is refunded, and before a country tfinish paying one loan, they are entitled to borrow another....And the cascade continues

SO U AGREE WE NEED BOTH CREDIT AND DEBIT ECONOMY SYSTEM??