from Balaji | by Balaji

Counterargument: all those unpayable debts are about to be paid with printed money. So won’t be paid in full. And then we’ll see that fractional reserve didn’t make societies rich, but made them think they were rich by borrowing from their future. The big debt crisis is here.

I agree with @EpsilonTheory that there is a constant *temptation* to go into debt at a societal level. And sometimes a *necessary evil*, if a competing society is going into debt to buy weapons for example. But the alternative model is much more reliance on equity than debt.