melaviola on Nostr: Yep! Too bad that our society has prioritized technological advancement over social ...

Yep! Too bad that our society has prioritized technological advancement over social equity. We've created incredibly sophisticated financial technologies, but haven't solved basic issues of economic fairness. The credit system, while convenient, has led to issues like widespread personal debt, predatory lending, and financial instability for many individuals. Bellamy's system aimed to avoid these pitfalls. In that system, the "credit" wasn't a loan but rather an allocation of resources. Citizens weren't borrowing money they'd have to pay back with interest. Instead, they were accessing their share of the nation's wealth, eliminating the concept of personal debt as we know it today. Rather antithetical indeed.