-
If money and debt weren't created in this way then I don't think it would be possible to have the extreme wealth inequality that has been getting worse since the 80s.
I think the serfs in medieval Europe would beg to differ. Quite vigorously. Wealth inequality is getting worse now than it was in recent history, but it's waaaaay better than it has been historically, regardless of the form of currency used. As far as I recall, the Normans had a pretty firm view of wealth distribution, and that was that they should have it all, and that was as way back as the 11th century before fiat currencies had even been thought of. And they did indeed manage to have all the wealth. It doesn't matter what form wealth takes - if the people in power decide that they and their mates should have it all, they will. Because they're in power.
-
Debt & credit would exist anyway - what we have now is a de facto formalisation of that, with central banks adding stability & guarantee (to a greater or lesser extent).
The whole system arose because you have people that want to borrow money, and those people that have money to lend.
I don't think it's an inherently flawed system, nor that it's anything but a facilitator of inequality - I think you need to look across the whole gamut of tax, corporate law / workers' rights & finance for a way to explain that.
You are reading a single comment by @snottyotter and its replies.
Click here to read the full conversation.
Brommers
NotThamesWater
@snottyotter
I think the way financial and monetary systems work are very much linked, if not the whole cause of financial inequality. "Money" at the moment is created by banks as loans, it's not real and is based on belief as you say, but there's loads of it, and therefore debt, circulating around the world, and it mainly seems to be going from people borrowing because they need it to buy a house or food or whatever, and going to wealth hoarders, usually bypassing taxes on the way and then sitting there, making them more money whilst most people get more in debt. If money and debt weren't created in this way then I don't think it would be possible to have the extreme wealth inequality that has been getting worse since the 80s. Fuck knows how to fix it but it ain't right, there shouldn't be billionaires.