Quote from: Faisal2202 on November 26, 2024, 06:26:44 PM

Quote from: UTON Blockchain on November 08, 2024, 08:56:35 AM

The essence of modern economics can be summed up in two words: borrowing money. One generation spends, and the next spends a lifetime paying it back.

That's right, but the second generation doesn't have to be the one paying it back, but it's the doings of first generation and they must be so cruel and idiots that they only thought about themselves and their coming generation is now slave. But this system is old and is not practised in most of the world, but only in progressing countries, for examples, here in my country if a poor person took loan and died then his children have to pay for that loan but it's not like the parent used that money for enjoyment.

Loan should never be taken, and it should never be inherited to the siblings but unfortunately the world has been shaped in a way that, all the loans are not responsibility of their upcoming generations.

If you dont agree that second generation should pay for first generation, then how do you think pension system should work? Right now you work and pay taxes, from which retired people receive pension. When you retire, those who work will pay for your pension. Based on your logic, if you retire now, those who work will be your slaves, because they will work to keep you living.

I think it is ok to borrow money, as long as person understand and have opportunity to repay it. I dont want to spend whole life saving money to buy car and house. I want to borrow money and have all that now, to be motivated to work, pay taxes and have more comfortable life, then save every penny for the my whole life, to allow myself to by buy a house and die in few years later.