Overthink Debt
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Jan 2, 2024 From the origins of money to the impact of student debt, Ellie and David discuss debt as a metaphorical imbalance and the concept of intellectual debts. Nietzsche's perspective on debt and morality is explored, along with the consequences of insurmountable student debt on higher education. They also delve into the implications of debt in a society plagued by wealth inequality and the idea of a debt-canceling Jubilee.
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Parents' Financial Struggles
- David Penausemann's parents, immigrants targeted by predatory lenders, instilled in him a fear of debt.
- They lost their house due to a subprime mortgage during the 2008 financial crisis, leaving David feeling powerless to help.
Credit Before Money
- The traditional economic narrative suggests barter systems predate money, which then precedes credit.
- However, historical evidence reveals that credit systems, where debts were tracked even before coins existed, actually came first.
Debt and Guilt
- In Indo-European languages, words for debt often share roots with words for sin or guilt, suggesting a deep connection.
- The German word for money, "geld", relates to guilt, and the English "to pay" derives from "to pacify" or "appease".