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Live in Oslo: Jeff Booth on Bitcoin to Solve Our Debt Crisis

Live in Oslo: Jeff Booth on Bitcoin to Solve Our Debt Crisis



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  1. I did enjoy the question of “will there be debt and credit in a future with bitcoin.” I don’t think he answered it very well. Likewise, he said no-one has explained why we need inflation.

    To simplify the problem of debt, credit and inflation, imagine if there are only 2 people in this example, say 2 children in a school yard. One of them has 50 marbles, and the other one has no marbles. The one without any marbles wants 5 marbles to play with (a loan) and promises to give them back later. To make it worth while, the child with the marbles wants “interest” on the 5 marble loan, and will lend 5 marbles if they get paid 6 marbles back. But there are only 50 marbles on the school yard, so where does the second child get a 6th marble from? The answer is, more marbles are added. This is the same thing as the central bank printing more money to pay back the debt that was created in society.

    Now, if we are to re-think of a society where there are only 21 million marbles, and there are 8 billion children in the school yard, how can anyone pay back the interest on a debt?

    Even if people only buy a house with savings and forgo mortgages and loans, businesses will still need capital and startup costs. I can’t see how society will function if you can’t get a loan because there is no incentive to make a loan if there is no way to pay back more than you have borrowed.

What do you think?

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