“The Whole Check” by JustisMills

This is a cross-post from my blog; historically, I've cross-posted about a square rooth of my posts here. First two sections are likely to be familiar concepts to LessWrong readers, though I don't think I've seen their application in the third section before.

Polonius and Arbitrage

If you’re poor, debt is very bad. Shakespeare says “neither a borrower nor a lender be”, which is probably good advice when money is tight. Don’t borrow, because if circumstances don’t improve you’ll be unable to honor your commitment. And don’t lend, for the opposite reason: your poor cousin probably won’t “figure things out” this month, so you won’t fix their life, they won’t pay you back, and you’ll resent them.

If you’re rich, though, debt is great. Financial instruments offer different rates of return under different circumstances, so a savvy borrower can often profit. As a [...]

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Outline:

(00:24) Polonius and Arbitrage

(01:52) Inputs and Outputs

(03:36) The Small Stuff

The original text contained 1 footnote which was omitted from this narration.

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First published:

July 23rd, 2025

Source:

https://www.lesswrong.com/posts/kRhASB7DuTEo7tALm/the-whole-check

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Narrated by TYPE III AUDIO.

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