[ExI] I Miss The King of Extropia

[John Clark]

On Wed, Jul 20, 2016  PM, Stephen Van Sickle <sjv2006 at gmail.com> wrote:

​>> ​
>> And without debt you couldn't have capitalism.
>>
>
> ​> ​
> Why not?
>

​
Capitalism is about capital,
​
If I invent a brilliant new
​
widget
​
I'm going to need capital to mass produce them, so if I don't have the
capital
​to do that ​
I'm going to have to borrow some. And if I borrow something I'm going to
have to give it back
​,​
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.

​ John K Clark​
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