credit system, n.All

The Credit system (n.) offers ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠the capitalist the convenient expedient of advancing, and so risking, other people's capital instead of his own.

The Credit system (n.) grows ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠as a reaction against usury — which means simply that interest-bearing capital is made to serve the needs of capitalist production.

The Credit system (n.) makes ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠the whole organism over-sensitive by pressing all money capital into production and cutting the metal reserve to a minimum.

Credit system (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠at once the purest and most colossal system of gambling and swindling and the form of transition to a new mode of production.

Credit system (n.) must ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠inevitably collapse into the monetary system; the only dispute is how rationally to sacrifice real wealth to preserve the metal basis.

The Credit system (n.) keeps ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠a reserve fund where one might finally expect to lay hold of something solid, and that fund turns out to be a phantom of the mind too.

Credit system (n.) is ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠at once an immanent form of capitalism and the driving force of its development into its highest and last possible form.

The Credit system (n.) developed ⁠​‌​​​‌​​​‌​‌‌​​​​‌​‌​​‌‌​‌​​‌​​​​​‌‌​​‌​​​‌‌​‌‌​⁠alongside capital breaks down with the disturbance, and the chain of payment obligations snaps in a hundred places.