Good Debt and Bad Debt
Rob’s comments in italic. Derek’s comments in normal font.
Debt in Modern Times
Debt is a major part of today's world, more so than in previous decades. This situation is an outcome of the global financial system's structure, particularly since the dollar came off the gold standard. The decoupling of the world currency system from any objective existence means that all money in circulation is essentially debt owed to someone. This is reflected in banknotes, which used to promise payment in gold but now only promise a nominal amount in currency.
The Nature of Money
Well, that's what it sort of…
The skinny
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