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The idea of lending in our current financial system is stupid. Just stupid. It's like investing in a business except with almost all of the downside if they do
by cryptica 7y ago
The idea of lending in our current financial system is stupid. Just stupid.
It's like investing in a business except with almost all of the downside if they do poorly and very limited upside if they do well. It's a deceptive economic tool for social control, that's all it is.
The economy would be way better off if we just illegalized lending. Especially lending by banks.
- Rainymood 7y agoHow would you be able to afford a mortgage?
- cryptica 7y agoI'm a millenial. I already can't afford a mortgage. How will that change anything? But if they ban lending, it would cut demand to buy properties and would cause a price crash. Then within 5 years, I would be able to buy a house with cash.
- imtringued 7y agoWell, it entirely depends on the type of lending. As long as the borrower uses that money to boost his income everything is fine. Car loans are a pretty good example of both wasteful and useful lending. You can drive to work with your car even if the workplace is far away. However, using a loan to buy an SUV or pickup truck doesn't increase your income beyond what you get with the economy car.