Borrowing to pay debts high finance?

THE EDITOR: The world of high finance, especially as practised by ministers of finance, continues to baffle me. How come borrowing money to service debts is a good thing? Isn’t the borrower going to sink deeper into the quicksand? Doesn't that increase their debt-servicing requirements? Apparently that's what smart finance ministers do. (Yeah, and "smart" as in "smartman.")

It reminds me how banks operate. As if they have your interest at heart, they beg you to take a loan to "consolidate your debts." Translated, this means borrow from them, at a high interest rate, and pay off all the people/companies you owe who may be charging you lower or no interest. How is it better to pay more money to one entity than less money to several?

But, you know, some people (especially those who stand to benefit) would have us believe that "debt consolidation" is "good business."

The old adage "beware of Greeks bearing gifts" couldn't be more apt.

CK KELLY

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