Debt would not be subsidised in a free market and it is because of deposit insurance that we see such high levels of debt in the economy.
Because of Fractional-reserve banking (FRB) we have a choice between selling our labour and getting into debt. We are artificially incentivised (subsidised) to get into debt. The levels of debt that we see in the economy are not the result of a free market, they result from deposit insurance.
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