21 sats \ 10 replies \ @Satosora 12 Jun \ on: The US Debt Can’t Be Repaid - So What Will Happen Instead? econ
What do you think would happen if credit was abolished?
Society would collapse
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Functioning credit markets are essential for a complex society. They allow people to smooth consumption throughout their lifetime and they allow people to pool resources for large projects.
Societies that don’t have functioning credit markets are very poor.
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Dumb people will find dumb ways to screw up their lives in any system. It’s not a good reason to adopt a less efficient system.
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People are either adults who can make they’re own decisions or they’re dependents who need guardians.
Free societies are for adults.
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