working does not create money. The hole is simply shifted around while it grows infinitely.
Working creates value (well, working on something others value...), which is priced and then traded using money as the medium, correct?
>The hole is simply shifted around while it grows infinitely.
I'm not sure what this means.
If it is long the value (and the proof value can be created) can be collateral for money creation but only as debt.
On a personal level you can earn and make payments. It seems very simple.
Collectively we are sinking deeper into debt. It cant be any different if debt is the only way to pay for debt.
The new money changes hands and becomes our excuse to create more debt.
Think of it like this: Say we want to enslave humanity and keep everyone working for our personal benefits.
There is no better system than to convince everyone they owe us just a little bit more every month.
The self check to see if you've bern brainwashed would be to ask who should create the currency. Gov could do it no strings attached.
Or you could let private entities enjoy the privilege to create that money you work for out of thin air in unlimited quantities for their personal gain.
It would make a world where resources, equipment and labor are not really worth much.
It takes 30 years to pay for a home because your work isn't worth much.
Take any "primitive" village where everyone owns their home and their land. They have debt too but it is owed to other villagers who had to deliver something in exchange.
Their labor is nowhere near as productive as ours. How is it possible that they survive at all?