Someone wrote this to me, what do you guys think about it?
Alexander Hübl if you’re interested in the topic then look into the topic of “gold-backed currency VS fiat money”. In my opinion, that’s where the problem lies, not in capitalism per se.
I’ll try to summarize it very briefly:
In the past, currencies were limited - for example because coins were made directly from gold/silver and you therefore couldn’t just make an unlimited amount of them. Later, at least the currencies were backed by gold (the US dollar as the reserve currency until 1971). The consequence of this was that economic growth only occurred when the economy actually became more efficient - for example when production processes became more efficient or agriculture produced higher yields. That was healthy growth that didn’t cause any problems - and it didn’t hurt anyone either if the economy didn’t grow for a while but stagnated.
Our current monetary system is a so-called fiat money system, which has no real limitations - politicians and central banks can create “money” out of nothing as much as they want - and they do so excessively (see government debt). This leads to inflationary pressure that the economy constantly has to chase after - whoever doesn’t grow automatically shrinks due to inflation. That sucks and is a constant burden for everyone - except for the state of course, which devalues its debts through it.