Comment by lxgr
1 day ago
> At some point, someone will actually have to go out there and extract value out of this planet in order to pay back those debts.
Not a single atom on the planet has to be moved to extinguish all debts. Money and debt are (very useful and powerful!) bookkeeping constructs only.
> Look at the national debts of countries the world over. That's money they don't have.
Then who has it? Modern money is based on debt, and where there's a debt, there must be a creditor.
> Banks loaning money at nearly zero percent interest. Money that gets loaned out, spent, deposited back into the bank and loaned out again [...] Money is not infinite.
You seem to be basing your argument on some seriously outdated and thoroughly refuted models of money.
> Not a single atom on the planet has to be moved to extinguish all debts.
You should elaborate more on this bold claim.
> Then who has it?
Plenty of people. Treasury bonds holders. Pension funds. Insurance companies. Other countries. The government owes all of those people and regularly pays them interest.
> You seem to be basing your argument on some seriously outdated and thoroughly refuted models of money.
Fractional reserve banking is outdated and refuted?