> How is "debt" defined if we're defining money as debt?
When you obtain a loan from the bank, you are conveniently paying back in the form of fiat currency, which you have earned through your labour. But if you fail to meet the payments, then the real debt emerges - the collatoral (your house, car, etc).
In this sense "debt" is just reinterpreted as "owing an agreed resource" which, for the most part, is conveniently valued in USD/EUR/etc.
The short film "Money as debt" was the eye-opener for me. It's probably still available on youtube somewhere. I urge anyone looking for a light-hearted, but apparently factual, introduction to start there.
When you obtain a loan from the bank, you are conveniently paying back in the form of fiat currency, which you have earned through your labour. But if you fail to meet the payments, then the real debt emerges - the collatoral (your house, car, etc).
In this sense "debt" is just reinterpreted as "owing an agreed resource" which, for the most part, is conveniently valued in USD/EUR/etc.
The short film "Money as debt" was the eye-opener for me. It's probably still available on youtube somewhere. I urge anyone looking for a light-hearted, but apparently factual, introduction to start there.