Borrower


## Because we Borrow, We Have Cycles 
### Borrowing is kind of transaction



borrower can increase spending by borrowing
spending drives the economy - one person spending is another person's income


when someone's income risers 
the lenders more willing to lender more money to him
because now he is more worthy of credit


Credit worthy borrowers has two things
- ability to repay - lot of income
- collateral (담보) if he can't - valuable assets


### Cycles - self reinforcing pattern
increased income → increased borrowing → increased spending → other's loop 

- and spending is productivity of income
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