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Tragedy and Hope, From whence we came!

Tragedy and Hope, From whence we came!

I am currently reading Tragedy and Hope Carroll Quigleys Opus on Political Economic History since for ever. Its an exhilarating read but very war and peace it took him 25 years to write and it was published in 1966. Basically the stuff that has shaped my own life time as I was born in 1964 https://en.wikipedia.org/wiki/Tragedy_and_Hope


Is it true that rich people can borrow money at very low rates of interest, nearly free? Regular savers must borrow at much higher rates of interest?


In the simplest of terms this is absolutely true a lower credit risk would have the price of risk ( interest) adjusted lower-
If one widens out the question one finds at its broader level the very top of the wealth Scale are net receivers of Interest and the bulk of the Population pretty much anywhere you look are net payers of interest.
A striking thing about accumulation of wealth is the use of Gearing ( debt borrowed against Equity) The question of gearing applies to the amount of skin in the game the borrower has to commit to the lending institution, hardly anyone ever asks how much skin in the game the Lending institution actually has.
Regular purchasers of debt ( borrowers) traditionally would have both lower gearing and higher Interest rates than their rich counterparts. One way of thinking of it is to say they are further away from the source of the moneys creation this is hugely important in a FIAT money system as the borrowing of money and the terms it is available on is fundamental and a modern form of patronage. ´´Rich People ´´are closer to the source of money creation or it is usually put, people 'with first use of FIAT money have a first movers advantage´´. It is a fairly accurate truism that all money is debt, broadly 97% of money is created by banks out of thin air , put that into google and you will soon find out it is both true and provokes varying degrees of anger from mild to apoplectic.
The question as it relates to ´´Rich people ´´is helpfully viewed with Rich people as a grouping or class operating through institutions (including Banks) Money is a package of social relations which are administered through Law, Government, local custom and International relations. The very Rich with access to International Markets submit to the rules and opportunities presented by the full package of monetary opportunities poorer borrowers are much more limited and in a sense their capture in a smaller market sees them paying higher prices if you view it solely in Market terms.
Poor people and rich people borrow money for different things the cut off point between Rich and Poor is really whether you are a net receiver of Interest or a net payer very crudely if you are not in the 1% you are Poor and getting poorer and the money system by a design (fault)? sure to compound this bias in favour of the rich/very Rich
Why Is Debt The Source Of Income Inequality And Serfdom? It's The Interest, Baby  This link is as good a place as any to start your search as to why the answer to your question is yes and why that is so.

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