ALL money is created out of thing air. Gold? Someone pokes in a river with a pan, creates currency from nothing. Government printing dollars? From nada Bitcoin? Someone does math, creating currency out of nothing. Fractional reserve banking? Same.https://twitter.com/brabakr/status/994681435133952000 …
I addressed the concern you raised. If you've got a new concern, raise it.
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My concern is that treating debt like an asset increases the effective money supply, we currently do this way too much, and it has bad effects in various domains. Thus, I think "fewer loans overall" (though not zero) would be a good outcome.
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parallel (though separate) is the degree to which easily available, full-recourse, high-interest loans for the purposes of consumption end up being exploitative of low-foresight low-income people who take them.
End of conversation
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