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Debt is not magic. Somebody or something has to build the houses, provide the healthcare and education.
by mee_too 10y ago
Debt is not magic. Somebody or something has to build the houses, provide the healthcare and education.
- arcanus 10y agoYes. In the case of debt, that somebody or something is being financed by the future.
- woah 10y agoWhat does this mean? Someone builds a house and has their livelihood provided for while they do it. Once the house exists, it can be used for shelter. Money is imaginary. What is "financed by the future" and what does it mean?
- dvtv75 10y agoStudent loans. That's what "financed by the future" means.
- gaius 10y agoIt means that money is worthless unless it can eventually be converted into goods and services that you want. Debt means "money now, goods and services in the future". But what happens when you arrive in the future - as inevitably you will - and those things aren't there?
- ArkyBeagle 10y agoIt kind-of is magic - that is how money gets created.