Replying to Avatar Kevin Alfred Strom

Another way that fractional-reserve banking makes us wasteful is not much talked about: When the bank makes a $1000 loan, it creates $1000 out of thin air. (Most on NOSTR know that already.)

But what few think about is that the bank then demands, not $1000, but, say $1100 in "repayment." This extra percentage then has to be extracted from someone's real wealth, or it must be itself created later by future loan-triggered economic activity. And in a total fiat system, where all "dollars" are actually loans, the economy must ALWAYS GROW so it can pay the total principal plus interest, even though the interest amount was never created.

That is why the pundits always get scared when there is not enough "growth." You can never have a steady state, even though people can be perfectly happy with a steady state. The whole fractional reserve house of cards requires cancer-like growth at all times.
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Sparrow 11mo ago

Yes, these are all good points! And worth mentioning. It’s also a good segway into another focus of mine; that “most NOT on #nostr DON’T know these things”.

These kind of simply laid out basic concepts do seem redundant to this community, but most of my irl social circle is largely numb and desensitized to any conversations about “crypto”.

#BTC has been mainstream washed into association with every other crypto scam and shitcoin. There is no distinction to the average nostr:nprofile1qqsvwct7ssehccgu040egxe4k8k9ru4wd605r2kfv9sf94gsu8pftcqa6rlhf user what a crypto investment is over a stock investment, and an excellent job is done by advertisers and “News” agents to fustigate all of the deeper underlying principles behind scarcity. I try as best I can to engage in good conversations about it, but there are so many concepts and principles behind it that #nostr folks have already normalized.

Changing minds is about building healthy relationships to boot.

These are good conversations to have on and off nostr, so thank you! All input is appreciated.

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