Debts are traditionally moral. That means they're loaded with values and standards. Having guilt is already a value judgment. Creating debt creates responsibility. The question is, is it true how we deal with debt these days? Are debts and the relationships they imply due to a revaluation?

Households, businesses and governments are in debt to finance activities and investments. As long as the activities financed by debt are productive and as long as income increases, the debts contribute to the development of society and debt can be repaid with this newly generated income. As soon as general trends become negative, as they are now during the corona crisis, debt can become a lead burden that takes people, companies, organisations and countries to the depths. The question is who will take responsibility in that case.

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