credit ⪢⪢
When borrowers promise to repay and lenders believe them, credit is created. #economy
○○○ advantage ⪢⪢
Who can blame a country for being able to take advantage of another country for the benefit of its citizens? I give China great credit.
○○○ asset ⪢⪢
Each transaction consists of a buyer exchanging money or credit with a seller for goods, services or financial assets. #economy
○○○ spending ⪢⪢
Credit spends just like money so adding together the money spent and the amount of credit spent you could know the total spending. #economy
○○○ government ⪢⪢
A central government that collects taxes and spends money and a central bank which is different from other buyers and sellers because it controls the amount of money and credit in the economy. #economy
○○○ out of thin air ⪢⪢
Any two people can agree to create credit out of thin air. #economy
○○○ fluctuate ⪢⪢
Productivity matters mostly in the long run but credit matters mostly in the short run. This is because productivity growth doesn't fluctuate much. So it's not a big driver of economic swings. #economy
○○○ due ⪢⪢
As mentioned, swings around the line are not due to how much innovation or hard work there is. They're primarily due to how much credit there is. #economy
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