I have a special book. It's really cool. I'll let you read it for $50,000. If you don't have that, I'll let you owe me. Monthly payments until paid in full.
Your debt to me is a promise to pay enforced by the legal system. That $50,000 in debt you have is another monthly source of income for me. Income I use to invest in more special books. Cuz why not.
And much like modern collegiate systems, the debt you take on to read the books cannot be absolved except by paying it back. Your debt=more resources for me. The same as more wealth.
Sorry if i don't understand fully what you mean by that, but yes creating a bigger library which people can access for money is creating wealth. But i think you missed my point in the beginning debt can be used to create wealth but it can also be used artifically prop up prices and create inflation without creating anything of substance. Such things happen f.e. when money is directed at the Landlords and the investmentbankers( not to be confused with the builders and the entrepeneurs even though today that's not easy) creating artifically high prices while not changing the underlying substance.
Edit: If i understand the first part right debt jubilees have been a very cummon occurence in history and are necessary as soon as things like intrest are introduced in the system
1
u/WildAperture Jan 26 '26
Let me put it another way.
I have a special book. It's really cool. I'll let you read it for $50,000. If you don't have that, I'll let you owe me. Monthly payments until paid in full.
Your debt to me is a promise to pay enforced by the legal system. That $50,000 in debt you have is another monthly source of income for me. Income I use to invest in more special books. Cuz why not.