If you think #fiat #money is ok and a flexible monetary base and #inflation is needed to run an #economy I got a question I am interested in honest answers.

What is the difference between banks making up money when they give out a credit and sterilizing it when it’s being paid back vs me going in my basement counterfeiting $1M, starting a business and burning the first $1M in profits?

Viewed from the system the operation is identical so I am hard pressed to see a moral difference.

In my opinion in both cases savings are temporarily taken away from a third party without his consent (aka stealing). As long as promises are kept things don’t go bad. Every time someone defaults on a loan people that never consented to taking the risk have to foot the bill (aka stealing).

So is the difference really only that we came to accept that some people in society have the right to steal and others don’t…

#bitcoin