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You understand that's not a magic fix right? If I loan you $20 and a day later you let me know it won't be paid back what will I do? Retrospectively nothing.
by hackeraccount 3y ago
You understand that's not a magic fix right?
If I loan you $20 and a day later you let me know it won't be paid back what will I do?
Retrospectively nothing. The money's gone and I'm not getting it back.
Prospectively? I'm either not lending you $20 again or I'm changing the terms of any future loan to better take care of myself.
Read David Graeber’s book - it's a great chance to think through the possibilities and nature of debt. Mind that Graeber himself does none of that so it's a bit on the reader.
- mempko 3y agoIf you had read David Graeber's book on debt, you would have known that he literally suggests the same thing, to cancel debts. A debt jubilee.
- hackeraccount 3y agoGraeber suggested that a jubilee was an answer the problem of debt. Debt isn't a problem - at worst it's a symptom and more often it's a utility.