11 sats \ 6 replies \ @Coinsreporter 22 Jul \ on: deleted by author art
So, true! What do banks lend us? Isn't it our money actually?
On our money, we pay taxes and for our money we pay interest, this is the best definition of current financial systems!
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11 sats \ 1 reply \ @IamSINGLE 22 Jul
It's true! First we pay taxes and that money funds those loans which we pay interest upon!
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0 sats \ 0 replies \ @supratic OP 22 Jul
screwed twice!
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11 sats \ 2 replies \ @supratic OP 22 Jul
As money has been a tool of governance, what would happen if interest rates were abolished?
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0 sats \ 1 reply \ @Coinsreporter 22 Jul
Government has so many other resources than taxes to do governance. It should utilise them to earn money. But they won't do it and will only rely on taxes which isn't good economics!
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0 sats \ 0 replies \ @supratic OP 22 Jul
That's exactly why I was imagining a word without interest rates applied to debit/credit. Or are taxes a form or interest rate?
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0 sats \ 0 replies \ @0xIlmari 22 Jul
Don't forget that, if you dare to protect yourself from inflation by holding hard assets, you are taxed on "capital gains" (even if the purchasing power of those assets didn't increase).
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