I mentioned in my Twitter post today that in order to save the world economy we need to bring back the value of time, goals and purpose of work. We need to earn things first before we can own them.

What I am about to say will definitely not be popular, but it seems to be that it is one of the easiest changes to introduce. Also one of the cheapest.

I would, as of 1st January 2012, introduce the following law: you cannot buy anything which costs less or equal to 25.000 EUR on credit. In addition, anything you want to buy which costs more than that, you need to bring certain percentage (let’s say 30) of the value to the table, but minimum those 25.000. That’s it. This is my Save The World Idea.

Here is why:

– National debt would get immediately lower, as possibly a lot of credit is used on silly things which are relatively cheap, such as new TVs, radios, furniture, cars etc.

– People would need to save up to own things. Value of time, value of having a goal and purpose of your work returns.

– The innovation would not stop – companies would need to come up with ways of making new products cheaper to get returns quicker.

– It would create more jobs, as people would not so easily throw old things away. You would stick to your TV or fridge longer and rather have it repaired that replaced after couple of years. You would also appreciate quality more.

– There would be fewer cars, saving the planet. See? My idea is even green.

– Banks all of a sudden would have more cash. All your savings would be there, you’d pay with debit card instead of using cash as this would be safer. In effect, banks would really have cash to borrow to others.

– Luxury goods would be there still, but the term would actually mean something. On top of this it would be very easy to spot a copy.

I bet that you could come up with a lot of other good sides of my idea. I also think that there are bad sides – crime being one (there still would be a lot of people wanting to have everything now). I wonder though what do you really think?