Earlier quoted context omitted.
> Used wisely When does that ever happen? Lending and borrowing are always at the root of every economic crisis. National debt of countries are already astronomically large and will only keep growing. Just abolish credit as well. If it means the economy will grow slower, so be it.
>If it means the economy will grow slower, so be it. This is easy for someone to say who already lives a comfortable life. Credit is simply a more efficient use of wealth. Without credit, money stored is money that is unused, and thus money denied to everyone else. Everyone is poorer as a result because you have millions of people willing to exchange their goods and services but are blocked because they lack a medium…
Efficient use of capital? That's exactly what the banks and investment firms said about stuff like highly leveraged derivatives and the CDOs and all the stuff that caused the 2008 crisis. Bad loans was literally the source of it all. We all know who paid the price for all that and who got to keep their fortunes.