This explanation of money and credit will be followed by an appendix that will show why and how all currencies
devalue and/or die, with references to the most important cases of the last 500 years.
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[1] While borrowers are typically willing to pay interest, which is what gives lenders the incentive to lend it out,
nowadays there are some debt assets that have negative interest rates, which is a weird story that we will explore
later.
[2] By the way, please understand that these rough estimates of cycle times are just rough estimates, and to know
where we are in these cycles we need to look more at the conditions than the amount of time.
[3] Some central banks have made this harder by separating themselves from the direct control of politicians, but
virtually every central bank has to bail out their governments at some point, so devaluations always happen.