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A comment on I've Paid $18,000 to a $24,000 Student Loan, and I Still Owe $24,000. Parent comment
People deposit money at a bank and the bank lends out 10 times as much!
Granted the "new money" is destroyed as the principle is paid back, but its new money out of thin air -- and the interest is real money!
Here is a more easy-to-read version[1]
[1] https://www.investopedia.com/articles/investing/022416/why-b...
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People deposit money at a bank and the bank lends out 10 times as much!
Granted the "new money" is destroyed as the principle is paid back, but its new money out of thin air -- and the interest is real money!
Here is a more easy-to-read version[1]
[1] https://www.investopedia.com/articles/investing/022416/why-b...