Put simply, if a social credit (a sum of money) was issued by the government to its citizens and recorded as an investment rather than a debt to be repaid, there would be a lot less commercial bank debt and therefore a lot less commercial bank profit. To conclude, there is a dearth of purchasing power in all capitalist economies and so far, it has been a political choice to allow commercial banks to partially fill it with interest-bearing debt/credit. Maybe it’s time to get behind a public credit issued by the central government to all citizens.
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