Time preference. People can't think in enough detail about the future or prefer pain later over pain now. What's worse, the entire economy modifies itself to s

Time preference. People can't think in enough detail about the future or prefer pain later over pain now. What's worse, the entire economy modifies itself to suit the needs of the borrowers. The price of goods increases for people who are paying cash because they are now competing with those who will borrow. Then policy is tailored to their needs via inflationary currency. There is a reason ancient societies banned lending or had regular debt jubilees.