Re:Barely Half of 30-Year-Olds in the U.S. Earn More Than Th...
by ThrustVectoring on Thursday December 08, 2016 @06:06PM
(#13135154)
Credit is money - there's literally no distinction between the two. Precious metal currencies are only money because it takes way less systemic trust to believe that the bearer of precious metal coins can get things for them later. Gold-backed paper currencies are an interesting intermediate, basically adding trust that you can exchange them for the actual metal at banks.
[ Parent
| on HN ]
Re:Barely Half of 30-Year-Olds in the U.S. Earn More Than Th...
by branchless on Thursday December 08, 2016 @09:46PM
(#13136296)
Credit costs nothing to produce. Expansion can cover infinite productivity gains to appropriate for the usurers/rentiers.