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I use to think this too, but now I believe debt and interest is right up there with energy in terms of economic growth. Without debt, economic growth nearly ze
by aclatuts 4y ago
I use to think this too, but now I believe debt and interest is right up there with energy in terms of economic growth.
Without debt, economic growth nearly zero sum. Waiting for the money to exist and then spending it is just slow and inefficient most of the time. Show me a country that is under-banked and has little access to loans and I will show you a poor country.
- BuckRogers 4y agoYup. I too used to think the same way as the GP. But then I realized that most of society’s advancements in the west started with two things. Technological advancements, and fiat currency. No one takes any risks when you’re risking a finite resource like gold. And having that money available has been put the great use for technological advancements that pay everyone back down the road. If, and when the system collapses, who cares? Advancements gained through technology will be with us.
- monlockandkey 4y agoUsurious debt enables explosive economic growth, no question about that. However in my opinion it is more just to have an economy that steadily grows over time rather than a boom and bust cycle which causes horrendous and frankly distressing situations to a large part of the most vulnerable people in society. Heck, even the middle class is affected as quality of life goes down as well.