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The entire economy has been debt-based since at least the 1970s.
by yuhong 8y ago
The entire economy has been debt-based since at least the 1970s.
- pas 8y agoOr even sooner. Money is the story of wealth, but the real working and growing economy was almost always about debt. The moment someone invented writing someone wrote a letter of credit. Kings used it, and countries got built on next year's harvests, and of course went bankrupt when that harvest turned out bad.
- yuhong 8y agoIt was in 1971 that US got off the gold standard, but yea even in the 1960s there was signs of trouble I think.