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Even worse than rising interest rates is a society addicted to the fentanyl of zero interest rates. There is a reason major religions regulated debt in general
by snidane 5y ago
Even worse than rising interest rates is a society addicted to the fentanyl of zero interest rates.
There is a reason major religions regulated debt in general, because that is how societal slavery develops. Of course we, the modern people of technology, 'know better' than our primitive ancient ancestors.
- imtringued 5y agoI don't get it. Most religions were against usury and they insisted on debt forgiveness if the debtor can't pay. Charging 0% interest is absolutely fantastic. The only problem is that we don't do the debt forgiveness. We bail out banks and then expect tax payers to shoulder some or all of the losses. It was especially bad with Germany vs Greece. German banks were bailed out and public healthcare was basically eliminated in Greece. The only reason why anyone would be against low interest rates is that they noticed that those interest rates eat into economic rents and therefore the owner of money benefited from the economic rents rather than the owner of the monopoly. In that sense, the only difference is that the money goes to the land owner instead of going to the bank. People don't realize that if they buy a $600k house with 0% interest that they would still have to pay $600k at 5% interest except most of the money goes to the bank instead of the seller who only gets $250k (made up number).
- AniseAbyss 5y agoDebt forgiveness does exist. You can declare bankruptcy.