by Summary:
Revolutionizing Capitalism: A New Vision.
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Steve Keen considers the following as important:
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Revolutionizing Capitalism: A New Vision.
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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| Revolutionizing Capitalism: A New Vision. |
I don't get what is wrong with debt.
Debt is a mean to deal with the fact, that we can move in time only into one direction. Debt allows us to get now and give later, which solves the problem, that we need to have something in order to be able to produce something. To have a harvest, I need the seed first. When I need the harvest to give something for the seed, I will never have a seed and therefore never have a harvest. Debt solves this problem – I borrow the seed.
Money is the bookkeeping system of debt like this and banks are the bookkeepers. They are the intermediates between those who accept debt by accepting money instead of immediate compensation and those who go into debt.
So I do not get the point what is wrong with debt. The burden is the same as the burdon of direct compensation. The difference is only when the compensation will happen.
If you are in debt you are a slave to the people you owe.
@@carlosSillas14no. The creditors do have the risk not the debtors. The creditors are those, who have given something away for money. If the debtor goes bust, they have the loss. The debtor is only required to compensate them – which he must do in a barter system too, but immediately and not in the future.
This is why the creditors feel being cheated when we do have inflation – they will not be fully compensated compared to what they have given for the money.