[randomdata]

Credit is just sharing value that was already created. Credit has to be repaid with value that will be created in the future.

> Also the house is often worth far less than the land.

While that can be true, it is only true if someone has created value around it, or has exchanged the value that they created elsewhere for it.

It is not like land itself is all that valuable. A quick look at the real estate listings showed me all kinds of vacant lots for just $2,000. It takes more than dirt to derive value. Something has to be created.

[branchless]

The state confers value through infra and planning permission. Credit is created from nothing and then repaid with real labour, it is not value already created. Banks rent money they create. The people add value through taxes, the landlord waits.