Conversation
Notices
-
Embed this notice
Sorry, just realised I didn't answer the first part.
It's necessary because it allows people to cooperate over long distances without personal relationships. I can lend resources to a guy on the other side of my country and be reasonable sure I'll get them back again (plus a bit extra for the time) without even knowing his name.
This means that resources flow very efficiently from people earning them to people who can use them. So economies which allow for borrowing and lending make more stuff than economies that don't.
In peacetime that means more necessities and luxuries to support a larger population. In wartime that means more vehicles and weapons.
All other things being equal, the nation with the fitter economy wins.
-
Embed this notice
And the ability to quickly negotiate instruments makes economies efficient. You just sign (endorse) the back of a draft (check) and the bank accepts it, and endorses it to the payor bank. If it's accepted, your account gets credited (which actually means the bank is indebted to you... you're its creditor). If it's dishonor, the ucc warranties pass the draft back in reverse order of negotiation, and your bank mails it back to you.
With substitute checks (images with guarantees of possession) the system can move even faster.
Sales are similar, but there's the course of dealing doctrine and the battle of the forms. Thanks for the flashbacks. 😭
-
Embed this notice
@Eiregoat @Humpleupagus @LostShakerOfSalt @transgrammaractivist @Tactical I dislike the idea that a person (or corporation) can invest in something across the nation. Private Investment should be local, public investment can be nationwide.
-
Embed this notice
Again, blame the French, who's political philosophy post revolution was that a people includes everyone you trade with, which is very different from the German concept of a folk, which is historical / communal.
-
Embed this notice
@Humpleupagus @LostShakerOfSalt @transgrammaractivist @Eiregoat @Tactical I blame the post revolution French (Jew) for all things.
-
Embed this notice
👆 Hey @Jean_Philippe_Micheaux ... this is your fault.
-
Embed this notice
It's not ideal, but imbalances occur and sometimes communities can have high potential but low access to resources. Inter community lending becomes necessary under those circumstances.
We live in a world where we trusted investment to politicians. They spent it on DEI.
I humbly submit we're better off with local institutions in competition with each other. At least you can switch banks if they get too gay, or start your own.
-
Embed this notice
What's ironic is that the taxed the common bank note out if existence, but let people gamble in the stock and bond markets all day. You're a peon. You get to use dollars
:spinnenrad: Eiregoat :spinnenrad:
?? Humpleupagus ??
kc
All GNU social JP content and data are available under the