Sunday, June 3, 2012

Interest Free Economy

I wonder how the world will be like if there is no monetary interest. The idea of stoping money from multiplying with time. The idea that wealth should only be generated through hands on hard earned ventures.

Imagine a society where wealth are generated only from goods and services, and making money using time is only on the goods and services not on its medium. Everybody will be working towards getting more money by putting more effort to produce. It is very fair as those that work will be rewarded more than those who doesn’t. Since there is no other way to generate money, society will be forced towards a hard working society.

Imagine the moderate growth the economy will be experiencing, prolonging the optimum standard of living. It feels like the fast economic development via unexisted wealth of debts only reducing the standard of living with influx on money when the physical goods and services does not increase in tandem.

I believe the world will be better off without interest, and grow naturally via genuine goods and services output.

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