Well it seems like they all started out with net zero debt, all the dollar bill did was allow the debits and credits to cancel out. The same effect in the same scenario could be achieved by just saying “You owe me, I owe him, pay your debts to him instead”. Just a little bit of organization.
Well it seems like they all started out with net zero debt, all the dollar bill did was allow the debits and credits to cancel out. The same effect in the same scenario could be achieved by just saying “You owe me, I owe him, pay your debts to him instead”. Just a little bit of organization.
Yeah. This story is not really about the pitfalls of debt or fiat money, just misunderstanding balance sheets.