You miss the point here unless you really think about it. Your work is what allows them to print the money. Fiat dollars are backed by human labor, and frankly FUTURE labor.
When I say you are fractional slaves in this system, I am not kidding. It is based on our current economic system. It requires productive fractional slavery to function.
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It's not future labor. Money functions roughly as a store/proxy for (valuable) time already spent. The whole fractional reserve thing dilutes the value as it grows the pool therefore reducing value per unit.
The future only comes into play when speculating on future outcomes. And I guess bullshit accounting like Enron's, although these correct themselves through (re)valuation.
I view debt as spending tomorrow’s productivity today. Through debt we have access to resources we couldn’t have used otherwise. We use today what we work to pay for tomorrow.
all new money is made (as debt) against the expectation of future growth, not past activity.
Tell me you don't know what debt is without saying it. FFS 🤦
That depends on your view. The money is created out of nothing, by this vague rule that we can take a fraction to reuse because "there is no way that all people are going to withdraw 100% of their savings at the bank at the same time" so the money is otherwise "just sitting there". Right?
And from the PoV of someone taking on a debt, you have to repay more than you took out, so you have to make that money appear from somewhere, usually by earning it with labor, so yes you could call if "future labor". But they money itself represents someone's time spent, usually normalized by some expectation of efficiency, because they expect you to do the work efficiently to "earn the money".
However, from the PoV of the money, the money represents the time spent. And because the debt is created from the fractionation process, a situation is created where a "larger total amount of money" now represents the "same amount of time" (labor performed). The banks may get the loan repaid at some point in the future. But in the present the money already exists, so *everyone* money has decreased in value.
For the same reason the infamous "trickle-down economics" is insidious. Because even if it "trickles down", the elite can enjoy the benefits of relatively more valuable money *before it trickles down* (if at all).
agree, and the point is often missed about this system having its own network value.
They can only dilute what they are given to dilute.
And even worse; we're not just working so we can have the things we want and need, and they can just print money for what they want and need.
No, HALF THE TIME we work, we're working SOLELY so we can give that money to the people who just print it anyway.
It seems needlessly, and intentionally demoralizing.
good of you to finally catch up
