EXPLAINING INTEREST FREE CONSUMER CREDIT FOR DURABLE TOODS FROM THE TREASURY It’

EXPLAINING INTEREST FREE CONSUMER CREDIT FOR DURABLE TOODS FROM THE TREASURY
It’s not interest, its cumulative payments against income that prevent people from borrowing.
The reason for consumer debt being interest free is that
(a) we are borrowing from ourselves since all the credit is issued by the state and insured by the state. (b) there is no value in consumer credit and insurance given it’s the endpoint of production. The only value interest produces in an economy is regulation of production. (You might need to know a bit about econ to understand that.) (c) allowing firms to issue credit at risk to consumers allows them to seek rents against consumers at consumer risk instead of invest in returns at their own risk.
In other words, with the invention of fiat currency (money substitutes as shares of stock in the economy) we are no longer borrowing from others income but from one another’s faith in our future.

Reply addressees: @slenchy