>No interest means no loans. No loans means little innovation.
Really? Funny how Europe developed the modern world almost entirely on investments, not loans and usury was outlawed for most of the middle ages. Medieval banks tended to last a lot longer than our banks because they had to invest directly trade and businesses instead of loaning money with interest. Gave them a lot of skin in the game. Also China was usury free when they where inventing the inventing the crossbow, gun powder, paper, ect.
>You might as well go back to the barter system. But today’s doctor is going to require a few truck loads of chickens.
You’re confusing loans with interest with credit. Long before loans with interest existed people where paying with credit and settling up once a year with goods. Interest bearing loans also predates the invention of money where the interest was paid in terms of extra goods using a set formula, not money.
Note section 4.1 the development of Merchant banks in medieval Europe and the next paragraph that talks about interest in medieval Europe.
Also see section 6 about 17th century goldsmiths.
Note section 4.1 the development of Merchant banks in medieval Europe and the next paragraph that talks about interest in medieval Europe.
Also see section 6 about 17th century goldsmiths.
Dollars issued by the Fed are interest bearing as well so they will alway be worth less than the face value. So there can never be enough dollars in circulation to pay off the debt. Way past time for the Fed to get soaked and Constitutional money be coined.