2 ms·

By personal responsibility, I'm guessing you mean saving and not getting into debt. It is rather strange that you propose everyone does this, since A) money IS

by mempko 7y ago

By personal responsibility, I'm guessing you mean saving and not getting into debt. It is rather strange that you propose everyone does this, since A) money IS debt. The money in your savings account, that you are so responsible with, is money that originated as a bank loan, or government debt. B) If everyone is responsible, then you end up with the paradox of thrift where you get a deflation spiral and economy tanks. So thank those who are being "irresponsible" for your savings, because without them you would have no income. If you want to know more about how money works, read the great resource provided by the Bank of England. https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m... Or watch this great video by David Graeber, https://www.youtube.com/watch?v=LxJW7hl8oqM https://www.youtube.com/watch?v=LxJW7hl8oqM

niij 7y ago
Are you arguing that I should be forced to spend my money in a certain way else the government should take it away? Why is what I do with my own money any of your or the government's business? > money IS debt. The money in your savings account, that you are so responsible with, is money that originated as a bank loan, or government debt. You're going to need to explain a bit more here. Arguing that money that was _formerly_ debt is still debt when in my possession is gonna take some strong convincing :)
- mempko 7y ago
  Did you check out the video? If you want more detail, read the link I posted from the bank England
  - niij 7y ago
    I honestly hadn't but just went back and watched it not. Interesting explanation there, thanks for sharing. So the point is, like you pointed out, money is just government debt. Let's say I pay for my education in cash directly to the university, without taking any private or public sector loans. Would that cause a "deflation spiral" as you put it? It's just bypassing a middleman that is unnecessary if I had saved that cash over time to be able to pay for the goods/service I'm receiving (in this case: an education). So, yes, while money may be government debt, I don't see how avoiding private/public loans would have negative economic impacts overall on society.

by mempko 7y ago

niij 7y ago

Are you arguing that I should be forced to spend my money in a certain way else the government should take it away? Why is what I do with my own money any of your or the government's business? > money IS debt. The money in your savings account, that you are so responsible with, is money that originated as a bank loan, or government debt. You're going to need to explain a bit more here. Arguing that money that was _formerly_ debt is still debt when in my possession is gonna take some strong convincing :)

mempko 7y ago
Did you check out the video? If you want more detail, read the link I posted from the bank England
- niij 7y ago
  I honestly hadn't but just went back and watched it not. Interesting explanation there, thanks for sharing. So the point is, like you pointed out, money is just government debt. Let's say I pay for my education in cash directly to the university, without taking any private or public sector loans. Would that cause a "deflation spiral" as you put it? It's just bypassing a middleman that is unnecessary if I had saved that cash over time to be able to pay for the goods/service I'm receiving (in this case: an education). So, yes, while money may be government debt, I don't see how avoiding private/public loans would have negative economic impacts overall on society.