tag:blogger.com,1999:blog-2098432983500045934.post4045241454512531813..comments2024-03-12T22:19:32.339-04:00Comments on The New Arthurian Economics: On the Difference between Credit and DebtThe Arthurianhttp://www.blogger.com/profile/16501331051089400601noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-2098432983500045934.post-54347259440725628452013-02-13T17:47:59.492-05:002013-02-13T17:47:59.492-05:00Holy crap, based on the timestamp of my comments, ...Holy crap, based on the timestamp of my comments, looks like it took seven and a half hours to put that post together. (I hope it's worth it!)<br /><br />Hey... Suppose everybody thought a jubilee would be even better, but everybody figured it just couldn't happen. Then it would never happen, for no reason.<br /><br />I suppose you are right that it ain't gonna happen. But... it's frustrating, you know?<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-64841663246146943762013-02-13T07:23:57.012-05:002013-02-13T07:23:57.012-05:00Art,
...Low interest rates are one thing. Low accu...Art,<br />...Low interest rates are one thing. Low accumulated debt is quite another.... I couldn't agree more. I think that was the main point I was trying to make with the idea of lowering the rate of interest on all private debt. A jubilee would be even better, but that ain't gonna happen. I await the 16th post. Thanks. Nanute nanutehttps://www.blogger.com/profile/04526158764171117978noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-23574367952708618522013-02-12T20:46:09.494-05:002013-02-12T20:46:09.494-05:00...scheduled for the 16th, Nute.
Thanks. I love i......scheduled for the 16th, Nute.<br /><br />Thanks. I love it when thoughts turn into posts.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-33229730151481316752013-02-12T13:12:33.822-05:002013-02-12T13:12:33.822-05:00Ahh, Nute. Low interest rates are one thing. Low a...Ahh, Nute. Low interest rates are one thing. Low accumulated debt is quite another. But you've given me an idea for a new post...The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-5741569610354216932013-02-12T07:42:37.008-05:002013-02-12T07:42:37.008-05:00Well, with borrowing costs (interest rates), being...Well, with borrowing costs (interest rates), being as low as they are right now, it would seem like fuel efficiency can't get any better. All of this misguided concern with government debt and the insistence that it must be paid down now, is just plain adding fuel to the fire. Want to free up capital for consumption and investing? Automatically reset all consumer debt rates to half the current rate and see what happens. nanutehttps://www.blogger.com/profile/04526158764171117978noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-58542765368868375442013-02-11T22:04:27.211-05:002013-02-11T22:04:27.211-05:00Come to think of it, Luke, your words stuck in my ...Come to think of it, Luke, your words <a href="http://thebornagaindebtor.blogspot.com/2013/02/all-roads-lead-to-rome.html" rel="nofollow">stuck in my head</a> when I read them:<br /><br /><b>Before the Great Recession, American households had 30% more debt than they did disposable income. Households' actual disposable income was gone and in its place, substituted, was debt. Of course, Americans are creditworthy and have no problem obtaining credit. Credit is the fuel of the modern economy but debt is the dead weight which kills fuel efficiency.</b><br /><br />Good stuff.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-28388604949359585572013-02-11T21:16:03.393-05:002013-02-11T21:16:03.393-05:00Credit is like the fuel for an economy; debt is li...Credit is like the fuel for an economy; debt is like deadweight which kills efficiency.<br />Luke The Debtorhttps://www.blogger.com/profile/07527422933669490001noreply@blogger.comtag:blogger.com,1999:blog-2098432983500045934.post-47709467310576481492013-02-11T04:02:44.254-05:002013-02-11T04:02:44.254-05:00From the Washington Post (h/t Roger Erickson), an...From the <a href="http://www.washingtonpost.com/business/another-way-to-look-at-the-national-debt/2013/02/08/c2f766b0-6f3f-11e2-8b8d-e0b59a1b8e2a_story.html" rel="nofollow">Washington Post</a> (h/t Roger Erickson), an example of how debt is misunderstood:<br /><b>"The fact that debt is so often used poorly, to paper over problems or fund ephemeral spending, represents a serious and potentially crippling problem. But that is not an indictment of debt; it is an indictment of what is done with it."</b><br /><br />Debt is not "used" at all. Credit is used. Debt is the evidence that we used credit.<br /><br />The distinction would not matter, except that using credit boosts the economy, and debt hinders it.<br />The Arthurianhttps://www.blogger.com/profile/16501331051089400601noreply@blogger.com