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This is also an argument for a gold standard. What is a society to do when collective debt can help? For example: existential war, economic turmoil. Do you cont
by w0de0 6y ago
This is also an argument for a gold standard. What is a society to do when collective debt can help? For example: existential war, economic turmoil. Do you contend that governments should never spend on credit? I contend that printing money may sometimes be a good idea.
What society would undertake moonshots like DARPA... or going to the moon... if it could not invest with debt collateralized on a future generation's produce?
- HeadsUpHigh 6y agoSpending on credit that you never pay is different. With a smart contract a government would have to release it's collateral. Now they can just keep the inflation up.
- w0de0 6y agoAh, sure, the next generation pays, even as they generate even more debt themselves. I acknowledge it's a Ponzi scheme. But well managed, and expecting consistent growth in the productivity of our society over generations, the Ponzi scheme won't collapse.