Don’t think loans would exist. Seller prices would increase vastly beyond loan, banks would assume you have no intention of paying loan back and would everyone stop working anyway?
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Loan lifetimes would drop from 60 months to 12 days. Interest would be payable every 5 hours. Rates would jump to 5% *per day*. Based upon these facts for a typical 5-year personal loan: * 6.3% of client's lifetime * Lender ROI: 1.75x Also, we'd be colonizing the solar system.
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In the absence of infinity it would have to be zero.
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(Cost of rocket ticket/ net worth)*f(ability to survive off earth,value in new system, reproducibility) So I am thinking high
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Assuming that the generalized bank as a rational economic player, whose target value function to optimize stays true to charter, the interest would depend on the anticipated default rate, the current and projected economic conditions.
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(cont.) One would expect new kinds of very short-terms business models to emerge, with participants requiring financing and banks competing to provide it. The resulting interest rate would probably be very high but not much higher than at check cashers today.
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I'm guessing in theory consumption would go through the roof, which would compete with investment, so high interest rates. In reality, banks couldn't count on anyone repaying a loan and would stop lending, then be nationalized by the gov't last ditch effort to avoid destruction.
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What would be the point of lending at all?
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I think the banks would collapse
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