They’re not borrowing that money to buy you that house. Most money is loaned into existence by private institutions. It isn’t printed. You’re paying them 3%/year…say $9,000 of your work energy… which is real value. They’re adding a $9,000 credit to their balance sheet entitled “SquirrelMaster’s real work energy”, which can be redeemed…for your house. On the debit side, they loan you money out of thin air. A loan in fiat currency is a trade: one man’s labor for one institution’s…promise. They make loans off of depositors’ holdings, but they’re allowed to leverage those deposits and lend out almost 100x of their real assets. The myth of an IOU is that it is always good…but debts that cannot be paid, won’t. It’s musical chairs over and over again. It works as long as the music is playing, but the cyclical nature of finance capitalism that has replaced industrial capitalism, will devastate common people every 8-12 years…as long as it exists. People will default, lose their assets. Banks will demand bailouts…which is tax payers’ future purchasing power. People will lose their work energy which the FIAT (finance, insurance, real estate) sectors encouraged them to leverage because “buying a house is the American dream.”
My dream is not to be enslaved by a system of musical chairs, and to not trade my time for a promise that by design, can either impoverish me or my fellow man
Aurelius
npub169…v2thg
2023-07-05 22:10:53
in reply to nevent1q…lqas
Author Public Key
npub169yu4d6xl8a6d4xvfyhstjdxr0cc7qtfq5pch5kwv4k2wkapa3pq8v2thgPublished at
2023-07-05 22:10:53Event JSON
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"content": "They’re not borrowing that money to buy you that house. Most money is loaned into existence by private institutions. It isn’t printed. You’re paying them 3%/year…say $9,000 of your work energy… which is real value. They’re adding a $9,000 credit to their balance sheet entitled “SquirrelMaster’s real work energy”, which can be redeemed…for your house. On the debit side, they loan you money out of thin air. A loan in fiat currency is a trade: one man’s labor for one institution’s…promise. They make loans off of depositors’ holdings, but they’re allowed to leverage those deposits and lend out almost 100x of their real assets. The myth of an IOU is that it is always good…but debts that cannot be paid, won’t. It’s musical chairs over and over again. It works as long as the music is playing, but the cyclical nature of finance capitalism that has replaced industrial capitalism, will devastate common people every 8-12 years…as long as it exists. People will default, lose their assets. Banks will demand bailouts…which is tax payers’ future purchasing power. People will lose their work energy which the FIAT (finance, insurance, real estate) sectors encouraged them to leverage because “buying a house is the American dream.” \n\nMy dream is not to be enslaved by a system of musical chairs, and to not trade my time for a promise that by design, can either impoverish me or my fellow man",
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