Credit is just the continuous version of slavery. There's little difference between a literal slave and someone deep in debt with creditors forcibly confiscating their income. Unfortunately the market rewards those who use credit, which encourages a society based on debt rather than one based on widespread assets.
However, this does not mean that credit should or can be prohibited via edict. What will happen is that over time communications technology/market efficiency will progress to the point that anonymous transactions will (once again) make economic sense.
When it once again becomes feasible to transact your life using money (instead of the current identity based "point" system), it will make sense for people to liquidate all sources of credit and laugh as the creditors are unable to collect. When this catches on, the credit system will crumble.
edit: cool - mass downmods for an idea that doesn't mesh with the groupthink du jour. didn't know one had to pay karma to hopefully start a discussion.
Its good to see someone else who understands the pitfalls of credit. I didn't realize it was such a controversial idea. I figured people smart enough to be on Hacker News were also smart enough to think paying >19% APR is unreasonable. I know where not to look for a CFO in the future ;)
Never watched the first one, but I saw the 'Addendum' a while ago and thought it was mild at best. They point out a lot of problems and the history, but their proposed "resource-based economy" solution is just more monolithic authoritarian gobbleygook.
However, this does not mean that credit should or can be prohibited via edict. What will happen is that over time communications technology/market efficiency will progress to the point that anonymous transactions will (once again) make economic sense.
When it once again becomes feasible to transact your life using money (instead of the current identity based "point" system), it will make sense for people to liquidate all sources of credit and laugh as the creditors are unable to collect. When this catches on, the credit system will crumble.
edit: cool - mass downmods for an idea that doesn't mesh with the groupthink du jour. didn't know one had to pay karma to hopefully start a discussion.