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Annatar, you've completely misunderstood the concept of debt and credit, the entire economy runs on it, and unfortunately yes, it's a signal of financial illite
by jariel 5y ago
Annatar, you've completely misunderstood the concept of debt and credit, the entire economy runs on it, and unfortunately yes, it's a signal of financial illiteracy on your part.
All businesses and nations carry debt, it's a financial instrument like any other, and it's a very useful thing.
Like all things, it can be misused.
This isn't remotely controversial.
Saying 'debt is toxic and dangerous' is like saying 'roads are toxic because they have cars, which can lead to crashes', it's completely bizarre.
These financial systems are part what enables rich countries to be rich. Nations that don't have the ability to structure are poor, it's that simple.
- Annatar 5y agoEconomies which run on debt are doomed to crash. Other than paying off that debt, there is no way to prevent the oncoming crash. If you understood how money is created out of thin air because banks are only required to put forward a small fraction of actual cash (which is still a made up number, not actual fiat currency and therefore isn't backed up by anything real) before they give out a loan, and that this effectively enables private institutions to create money out thin air, you would never claim that I am financially illiterate. Please, educate yourself on: 1. how the financial system works; 2. how broken and corrupt it is. For several decades I worked in the financial industry, in the very core of it; I was there smack dab in the middle of it, working at a certain institution when that institution caused the 2008 crash (that's why I exited stage left, because I am not a crook and disagreed with it). The current debt-based economy is a time-ticking bomb. When it comes to the great reset, it will be the worst recession which the world has ever known.