246 sats \ 1 reply \ @nullcount 22 Sep 2023 \ on: SLP516 Why You Should Have Zero Debt to Avoid Enslavement with Jimmy Song bitcoin
If debt makes you feel enslaved, you're doing debt wrong.
Poors use debt to buy consumables. Elites use debt to buy assets. Debt will also exist under a hard money standard.
Debt has liberated me, personally. If I had no debt, I would still be renting a roof over my head. Since I "own" my dwelling, I am free to make upgrades (like an ASIC mining central heating system that saves me money)
If I had no debt, I would still be living paycheck to paycheck, killing myself and wasting time working a dead-end office job. Instead, I used debt to make a large inventory purchase and kickstart my business.
Debt is a powerful tool for liberation OR it can be the gateway to enslavement. But the outcome has less to do with debt itself and more with how individuals choose to engage with debt.
Jimmy seriously suggests in the ep. that people who take debt are "stealing from savers" because most debt is issued as newly printed money that dilutes fiat holders.
This is like arguing that people who buy oil for their cars are responsible for drone bombing children in the middle east.
How this man is so well respected in the space continues to amaze me.
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