Loan interests and money I disagree with. Unless we get to a point where everything is in abundance and commerce isn’t needed anymore I feel like a common item we can agree the value of for goods and services is a pretty neat idea.
Similarly I don’t think interest is inherently evil. If i lend you money to buy something large that will take years to pay off, I wouldn’t want to lose a bunch of money with inflation. But predatory rates that bet on you defaulting can burn in hell. It’s disgusting that the whole fintech industry exists purely to maximise interest and debt at the cost of those who depends on those services the most.
For loans interest I think it should be bog simple to give and receive a loan as in “you’re borrowing $200. Please give me $210 by X date” and its done. No number that increases infinitely, the common person can easily understand it and it can be easily taught in schools.
Money being necessary is incidental to how our society is structured. There’s a lot of ways society can and has functioned without a universal equivalent, regardless of the state of abundance.
Similarly, interest not being evil is actually fairly new and unique to modern society. It’s pretty common historically and in different cultural contexts for interest-free debt to be a norm.
Which suggests these norms are likely specific to capitalism and its ideology rather than universal common sense.
Graeber’s Debt and The Dawn of Everything are anthropological works relevant to this topic that you might find interesting.
Private Equity
Credit Score
Derivitives
Interest on Loans
Money
Loan interests and money I disagree with. Unless we get to a point where everything is in abundance and commerce isn’t needed anymore I feel like a common item we can agree the value of for goods and services is a pretty neat idea.
Similarly I don’t think interest is inherently evil. If i lend you money to buy something large that will take years to pay off, I wouldn’t want to lose a bunch of money with inflation. But predatory rates that bet on you defaulting can burn in hell. It’s disgusting that the whole fintech industry exists purely to maximise interest and debt at the cost of those who depends on those services the most.
For loans interest I think it should be bog simple to give and receive a loan as in “you’re borrowing $200. Please give me $210 by X date” and its done. No number that increases infinitely, the common person can easily understand it and it can be easily taught in schools.
Money being necessary is incidental to how our society is structured. There’s a lot of ways society can and has functioned without a universal equivalent, regardless of the state of abundance.
Similarly, interest not being evil is actually fairly new and unique to modern society. It’s pretty common historically and in different cultural contexts for interest-free debt to be a norm.
Which suggests these norms are likely specific to capitalism and its ideology rather than universal common sense.
Graeber’s Debt and The Dawn of Everything are anthropological works relevant to this topic that you might find interesting.