3 ms·
This neglects the reality that loans exist. In an ideal leftist world your local credit union redistributes wealth by collecting pepole’s savings from the commu
by runarberg 4y ago
This neglects the reality that loans exist. In an ideal leftist world your local credit union redistributes wealth by collecting pepole’s savings from the community and hands them out as loans for slightly higher interest rate. That interest rate is the “cut” of the rewards. If an enterprise goes bankrupt and is unable to pay back the loan, there is usually some kind of insurance the credit union has to prevent going under with it.
- goatlover 4y agoThat sounds like a world in which everyone ends up worse off. Maybe it’s more equal, but I value standard of living and opportunity more than equal outcomes.