ELi5: Why is debt so important on the economic system?

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I’ve been reading lately both about American history and the establishment of the National Bank, and the loans tried to be negotiated with the Dutch banks during the Independence War. At the same time, I’ve read a lot of folks having their Credit score lowered because of paying off either their cars or their student loans. Shouldn’t it be better if you didn’t ave any loans at all?

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Anonymous 0 Comments

So the rich people/organizations that loan the money can charge interest and get more money Even if the money doesn’t actually exist yet, they can claim it’s there’s and basically create wage slaves out of poor people who can’t afford to pay them back, AND live.

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