<p dir="ltr">Capital can be raised by sale of equity.  Debt can be convenient, but is hardly necessary.  </p>
<div class="gmail_extra"><br><div class="gmail_quote">On Jul 20, 2016 5:51 PM, "John Clark" <<a href="mailto:johnkclark@gmail.com">johnkclark@gmail.com</a>> wrote:<br type="attribution"><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir="ltr"><div class="gmail_default" style="font-family:arial,helvetica,sans-serif"><span style="font-family:arial,sans-serif">On Wed, Jul 20, 2016  PM, Stephen Van Sickle </span><span dir="ltr" style="font-family:arial,sans-serif"><<a href="mailto:sjv2006@gmail.com" target="_blank">sjv2006@gmail.com</a>></span><span style="font-family:arial,sans-serif"> wrote:</span><br></div><div class="gmail_extra"><div class="gmail_quote"><div><br></div><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div dir="ltr"><div class="gmail_extra"><div class="gmail_quote"><span><blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left-width:1px;border-left-color:rgb(204,204,204);border-left-style:solid;padding-left:1ex"><div dir="ltr"><span><div style="font-family:arial,helvetica,sans-serif"><span style="font-size:large"><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">​>> ​</div>And without debt you couldn't have capitalism.</span></div></span></div></blockquote><div><br></div></span><div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">​> ​</div>Why not?</div></div></div></div></blockquote><div><br></div><div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">​</div><font size="4">Capitalism is about capital,<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">​ </div>If I invent a brilliant new<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">​ </div>widget<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">​ </div>I'm going to need capital to mass produce them, so if I don't have the capital <div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">​to do that ​</div>I'm going to have to borrow some. And if I borrow something I'm going to have to give it back<div class="gmail_default" style="font-family:arial,helvetica,sans-serif;display:inline">​,​</div> and that means I've incurred a debt. Without debt Silicon Valley wouldn't exist, even renaissance Italy wouldn't have existed without its banks.</font></div><div><font size="4"><br></font></div><div><div class="gmail_default" style="font-family:arial,helvetica,sans-serif"><font size="4">​ John K Clark​</font></div><br></div><div><br></div><div><br></div></div></div></div>
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