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21 sats \ 10 replies \ @Satosora 12 Jun 2024 \ 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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It wouldnt collapse.
It would slow down for a little while, then things would get better.
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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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Maybe it should be limited.
People with credit cards.....dont know finances well.
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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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Im saying maybe it should be harder to get credit.
Instead of begging people to get credit cards and make dumb decisions.