penglunds on Nostr: I’ve got nothing against lending as long as everyone voluntarily participating also ...

I’ve got nothing against lending as long as everyone voluntarily participating also takes on the risk. Profits shouldn’t be privatised while losses are socialised. That said, in the piece I point out that I’m genuinely unsure whether the fixed interest model can actually work when banks aren’t constantly bailed out anymore. Personally, I’d much prefer a system with many smaller banks—which I think you’d naturally get under freer banking (where banks can actually fail just like how it works for any other business), rather than the too-big-to-fail giants we have now.