The "double entry" stems from the fundamental accounting equation: assets = liabilities + equity. Whatever you have is either yours or borrowed. Change in one must have an equal change in the other to keep the equation balanced, otherwise you would lose track of how much you own and how much you owe.
For example, you have £200 in cash. £100 was your own earnings, £100 your mum gave you to pass on to someone. In pure single entry system, Cash account would have £200, with no distinction between the two. Double entry tracks ownership explicitly: £100 would be recorded in Equity and £100 in Payables.
> By burning the working class’ money, the ruling class and wealthy class end up with a larger piece of the overall pie. It’s ingenious. Evil, but ingenious.
The arguments in the article would have carried more weight without the loaded language. Miners are more like banks in a fiat system rather than 'working class'. Pay cuts for middle-men means increase in efficiency of the system. Very evil indeed.
Accountant here. This article is just wrong. You could memorize debit/credit rules but when dealing with non-finance persons, I avoid mentioning debit/credit as it gets confusing and generally its not needed anyway. Here's how I would explain basic accounting (income statement is ignored for simplicity).
Every transaction has two legs: what it is and whose it is. That is the basis of the accounting equation: assets (what) = equity (mine) + liabilities (someone else's). An increase in assets must be balanced with an increase in either equity or liabilities, and vice versa.
For example, you have £200 in cash. £100 was your own earnings, £100 your mum gave you to pass on to someone. In pure single entry system, Cash account would have £200, with no distinction between the two. Double entry tracks ownership explicitly: £100 would be recorded in Equity and £100 in Payables.