This might be the biggest problem with debt. High debt levels distort prices dramatically by collectivizing interests. Money gets spent the way it does within a marriage for instance -- driven more by the pair psychology and co-dependency pattern rather than any sense of value.
-
-
It has been a while since I read his book on Debt, but I don't remember finding much to disagree (though subtle things have big impacts, so perhaps there is).
-
My guess is that Graeber is right about where we will end up - debt cancellations or Jubilees. And, on that basis, large-scale debt accumulation does seem undisciplined in a way that would be bad for efficiency.
- Show replies
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.