Capitalism is…

Reading this afternoon in The Bitcoin Standard, I came across a few lines after a discussion of “time preference” and how that relates to economic understanding. These lines hit me right between the eyes.

Capitalism is what happens when people drop their time preference, defer immediate gratification, and invest in the future. Debt-fueled mass consumption is as much a normal part of capitalism as asphyxiation is a normal part of respiration.

YES!!! Best statement I’ve seen in a long time about the dangers of credit card use and consumer loans!