Posted: Sep 21, 2013 9:27 am
Ihavenofingerprints wrote:Thomas Eshuis wrote:I think the notion of interest and debt is a far greater detriment to society than money will ever be.
They are inherent in a monetary system though. Receiving interest is no different to investing in a shop, you just get a much higher return from the shop investment. Debt is just agreeing to pay someone at a later date, it's impossible to remove.
I meant the combination of interest with debts.
You're loaning X amount of money and have to return X+1.
In other words you have to return more money than you received.
Ihavenofingerprints wrote:Paying interest on debt is an interesting one, you could use legislation to limit the amount banks can charge. But no one would loan if they couldn't receive interest, they would just invest in shops instead
Yea, I'm not claiming we can get rid of the system, just that the debt+interest concept is bigger problem than money itself.