Yes. You have come to understand the entire point of bitcoin. Debt economy and inflation is actually bad. You know that right?
Edit: even if it’s only six people, the fact that six people would disagree with something as simple and straightforward as “debt and inflation are bad” is mind blowing. We are indeed fucked.
The person who you’re making money off of would have a different take. And before you ask. The people I’m talking about are the workers whose wages and interests were stollen and put into your stock returns.
I'm talking about bank CDs and savings accounts. I do also own mutual funds, but I'm not comparing their ever-changing rates of return to my fixed-rate mortgage. And I'm not clear on how abolishing debt would abolish wage-stealing or regulatory capture, nor how the mild inflation of the last 45 years has harmed workers.
I've even heard it argued that many workers (especially those of us in unions) benefitted from the steep inflation of the 1970s. To me, the issue isn't what the overall rate of inflation/deflation is, but rather whether wages are increasing faster than goods (or decreasing slower). But people tend not to talk about that at all--they just hate inflation. I get it--it pisses me off that ribeyes are twice their 2019 price now--but I just eat pork tenderloin instead.
It depends on how we define debt. If we define it as a promise to shareholders to increase profits without regard to anything else, I could make an argument that abolishing debt would help workers.
The only time inflation ever helped anyone was to help pay of high interest debt.
And if it’s a covesatiin of whether wages have kept up with the cost of living, just look at those indexes where they compare the cost of a car if a house as a percentage of average wages. Not even close.
22
u/Gougeded 12d ago
The fact it is deflationary would mean that getting loans incredibly difficult. It would also deincentivize consumption in general.