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Can you have a healthy economy without debt?
#1
Can you have a healthy economy without debt?
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#2
It might be possible to run on economy on a pay-as-you-go, gold and silver only basis.

But we have never had that in the Western world since the time of Queen Elizabeth 1st.

What we call "cash" today is simply a form of a bearer debt instrument.

Much of the modern social safety net would probably be shorn away without the ability to take on more debt in a crisis.

oly
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#3
(03-22-2020, 12:32 AM)cbeatty Wrote: Can you have a healthy economy without debt?

.
why would you ask such a question?



seems just trolling and awfully HUGE and  seemingly just argumentative with no "acceptable" answer.


perhaps YOU could give some opinion on it first?
or better, break this question down to a smaller subsection that you care most about.

(03-22-2020, 12:56 AM)oly2059 Wrote: It might be possible to run on economy on a pay-as-you-go, gold and silver only basis.

But we have never had that in the Western world since the time of Queen Elizabeth 1st.

What we call "cash" today is simply a form of a bearer debt instrument.

Much of the modern social safety net would probably be shorn away without the ability to take on more debt in a crisis.

oly

.
not even close,

we've never had lack of debt since CAVE MAN DAYS!!!
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#4
(03-22-2020, 12:58 AM)DaveGillie Wrote: we've never had lack of debt since CAVE MAN DAYS!!!

Dave is correct.

Debt has been around longer than money.
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#5
There have always been small personal debts.  Rome had debts for trade, but bankers often had to send personal representatives to each end of a supply route to ensure repayments.  

Banking on a greater scale and with the impersonal nature of many debts is more modern.  A little over four hundred years.

Banking/finance where the small fry are allowed to participate is hardly 100 years old.

oly
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#6
(03-22-2020, 01:36 AM)oly2059 Wrote: There have always been small personal debts.  Rome had debts for trade, but bankers often had to send personal representatives to each end of a supply route to ensure repayments.  

Banking on a greater scale and with the impersonal nature of many debts is more modern.  A little over four hundred years.

oly

They have made vast strides in translating ancient documents since we were in school.

[Image: 41Hh11WkivL._SX331_BO1,204,203,200_.jpg]

https://www.amazon.com/Debt-First-5-000-...1612191290
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#7
The scale of that shit was trivial, it wasn't international, and since you owed money to the temple or to 'the God on Earth' the Pharaoh, it was mixed up with religion. Piffle compared to the modern era.

oly
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#8
(03-22-2020, 12:32 AM)cbeatty Wrote: Can you have a healthy economy without debt?

Norway has. It has a vast sovereign fund based on oil profits that pays for everything.

In the end a nation can be viewed as such a large family, so let's apply the same rules:

There are valid reasons for debt in a family:

1. To buy a large asset like a house. So debt for an investment that provides a financial return is OK

2. In an emergency to get through a short term crisis

Other than that debt is bad. If people had the sense/education to just save a few bucks a week until they had a reserve of cash to carry them over the bad times then we'd see a lot less volatility and financial grief.

Ditto for nations.
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#9
(03-22-2020, 01:54 AM)oly2059 Wrote: The scale of that shit was trivial, it wasn't international, and since you owed money to the temple or to 'the God on Earth' the Pharaoh, it was mixed up with religion.  Piffle compared to the modern era.

oly

The size was small compared to today.  But still large enough for the city states to have to cancel all debts  when they became too large to pay.
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#10
The resources it took building and maintaining this economic system have dissipated into entropy.

Large institutions will no longer be able to be support.., probably never as it will take centuries for the biology to rebuild to past recent levels, if ever.
She's gonna blow!
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