SLO MO REWIND: Yanis Varoufakis On Imagining A Fairer and More Equal Society
Slo Mo: A Podcast with Mo Gawdat
Borrowing from the future
The essence of lending more money than actually exists is borrowing from the future, where funds are brought forward from a time when they haven't been produced yet. This practice leads to banks incentivized to continue lending as it generates profits, but eventually results in a crash when the present cannot repay the future. Central banks exist to manage crashes as they are inherent to capitalism due to this borrowing from the future.
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