Original link: http://mednoter.com/overdraft.html
2022-07-17-overdraft.md
title: “Overdrawing the Future”
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guid: tBeAvQSN2UWX4czXwVV
date: 2022-07-17 15:52:45
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Saving is seen as a virtue. It is very easy to understand that in a bumper year, you can save the uneaten wheat, and if you encounter natural disasters, you will not be hungry.
We, too, are admonished not to splurge, not to borrow against the future. There are many famous people in history who are profligate. Balzac will overdraft his royalties in advance, and his creditors inspire his continuous creation. Mozart was not good at managing money, and the family could not make ends meet.
It is understandable that overdraft happens to one person. But when the scope is enlarged, such as Europe, the United States and the whole world, it makes it difficult for me to understand.
The world’s annual grain output is 2.8 billion tons and oil output is 4.4 billion tons. Could it be possible for them to travel through time and space and move the future supplies to the present for consumption? how can that be.
If there are only two people in an island country, Wang Zhuangzhuang and Li Xiaoxiao.
In 2022, Wang Zhuangzhuang is in his prime, producing 1,000 kilograms of wheat and catching 700 fish each year, worth 100,000. Li Xiaoxiao is only 10 years old and has no ability to survive. Wang Zhuangzhuang ate half of the supplies, and lent the remaining half to Li Xiaoxiao for a period of 10 years.
In 2042, Li Xiaoxiao entered his prime. With a tractor, he produced 10,000 catties of wheat and 10,000 fish every year. He took out a part and gave it to Wang Zhuangzhuang.
Wheat and fish have never traveled in time and space, and Li Xiaoxiao has never eaten wheat and fish in 2042.
So lending (overdraft) is a contract between two entities, a contract for the allocation of current and future resources: how much you eat now, how much I eat. After 10 years, as much as you eat, as much as I eat.
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