Not a dumb question at all - and a question that more people should be asking. Predominantly, this money is owed to financial institutions. Private corporations.TheUnfitOne
Can I ask a sincere but possibly very dumb question;
"Who is owed all this money ?"
One way of thinking about this - The UK government was borrowing money in the name of the tax payer, from banks in order to stabilise banks.
Something to consider... Money does not disappear, it merely changes hands. Put simply, theres a few people getting filthy rich from the worlds debt, and we pay for it in the form of job cuts, pension collapses, hyper-inflation, home repos, and eventually, as OP posts, the breakdown of our current civilisation.
What a cheery post - MERRY CHRISTMAS!!
Don't ever believe that this was caused by consumers borrowing too much on credit cards / personal loans etc, which is widely banded around as the cause! horse shit. Thats the only thing that kept the house of cards from falling for so long.
IMO - This is only the starting point as well. Things will get worse.