Indebted Societies

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Debt has become a common aspect of modern life, as individuals borrow for various needs like education, childcare, and homeownership, which is often seen as essential for building wealth. Financial markets now play a crucial role in shaping socioeconomic outcomes, providing opportunities while also exposing individuals to risks. The unexpected 2015 decision by the Swiss central bank to unpeg the Swiss Franc from the Euro exemplifies these risks, significantly impacting homeowners in Eastern Europe with Swiss Franc-denominated mortgages, leading to steep increases in their repayment amounts.