Forum Post: Endgame: When Debt Is Fraud, Debt Forgiveness Is The Last And Only Remedy
Posted 12 years ago on Oct. 28, 2011, 3 p.m. EST by MonetizingDiscontent
(1257)
This content is user submitted and not an official statement
Endgame: When Debt Is Fraud, Debt Forgiveness Is The Last And Only Remedy
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World Collapse Explained in 3 Minutes (Video/Humor)
http://www.youtube.com/watch?v=NOzR3UAyXao
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25 US Mega Corporations: Where They Rank If They Were Countries
http://www.businessinsider.com/25-corporations-bigger-tan-countries-2011-6?op=1
(thanks for those last 2 links, genanmer)
Goldman, Citigroup, Madoff, JPMorgan, MERS in Court News
(October 28, 2011) http://www.businessweek.com/news/2011-10-28/goldman-citigroup-madoff-jpmorgan-mers-in-court-news.html
I agree. Lawful accountability and restitution are in order. The citizens of the US are the ony ones that will do this and they NEED it for their future. Article 5 of the US constitution has the needed authority and it is OUR FIRST constitutional right.---
We must use it.
Do you ever plan to buy a house in your life?
Do you plan to save up and buy it with cash?
Hey don't knock it. Some of us did. Some of us own more than one.
And so we should abolish borrowing, for people who aren't fortunate enough to have enough cash to buy a home outright?
I've never made over 22,000 a year, and thats about my very best! I cant afford a loan. I will probably never buy a house. Im ok with that.
I mean I wouldn't loan me the money either! Not that much! Especially these days, the future is so very uncertain. Its no help to load somebody up with debt who cannot afford it, because the banks will get all your payments, plus your property too, in the end.
I dont feel I have a right to taxpayers funding MY bad bets. In otherwords, Its not my right to take out a loan that will in all honesty, based on my income, go bad, and its definately not sound practice to dump those bad debts backed by taxpayers, onto you.
Why do you feel the need to prevent everybody else in the country from borrowing money? If you're against the idea of debt then just don't borrow money. Why do you want to abolish all debt, thereby eliminating lending for everybody else? Because you borrowed in the past and you have debt that you'd like to erase?
I dont. They can loan to whoever they want. But not in my name. When their bad loans go bad, that bank should take the hit. Not taxpayers. That ALL I am saying. You are twisting and putting words in my mouth.
The debt we are being loaded up with as taxpayers bailing these big-banks out, isn't ours. The banks should just be allowed to fail for THEIR mistake.
Anti-capitalism IS bailing out the too big to save banks. Bailing out these banks is Not capitalism. Its CRONY capitalism.
If you're talking about TARP, have you really looked at how many of the TARP participants paid the money back already? And how many are on track to pay all of it off?
http://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program#Participants
You can see from that link that the banks are far more willing to make good on their debt obligations than the people involved in this protest.
US debt is currently $3.5 trillion higher than where it would be had America's banks not received a rescue
http://www.zerohedge.com/news/visualizing-true-cost-first-bank-bailout-35-trillion-and-rising-over-1-trillion-every-year
bad debt is self induced insanity.
good debt is needed to leverage your way out of debt, period.
borrow money to buy an old house, use your labot to fix it up, sell for a profit and pay off the loan.
you have just leveraged good debt.
credit card debt for stuff you want but don't need is insanity.
avoid it like a bad case of jock itch...
Well if you are going to save up cash to buy a house dont take too long to do it. You'll lose around 10% of that purchasing power as you save those dollars, annually, through inflation.
If you save up for it little by little, by purchasing silver and gold once a month, I think you stand to reach your goal ahead of time because it retains its value, while the dollar on the other hand is very fragile, being diluted/debased, and is losing its value constantly, through inflation. (money-printing)
Do you realize what would happen to our economy if there were deflation instead of inflation?
A free market where winners win and losers fail. A free market unfettered by crony capitalist who pick winners and reward speculators bad bets. A world where investments banks would be separate from commercial banks (lending banks) I would think. Things would be clearer. The markets wouldn't be so distorted. The correction will come. Its inevitable. The only question is, is whether the people who made these bad bets (The TOO Big To Saves) will be those held responsible for their actions or not.
If we had deflation instead of inflation, then people would avoid buying things and it would hurt the economy and people would lose their jobs. You're not going to buy a $20,000 car today if you know that you could buy the same car for $15,000 tomorrow due to deflation. So the people who would lose in that "deflationary spiral" scenario would be the workers, more than anybody else, because they're the most dependent on economic stability.
""then people would avoid buying things"" You mean save?
People saving their wealth would be better for the economy than going into debt.
The Paradox of Thrift — Debunked: http://www.zerohedge.com/news/guest-post-paradox-thrift-%E2%80%94-debunked
When people stop buying things, jobs evaporate. People become unemployed. Buying things creates jobs. If you stop buying things then people get laid off from their jobs. How can people come up with these grand visions for economic reforms without understanding such a simple concept?
Ok lets turn the table then, Why do you want people to be indebted surfs? Because it might appear that you are caring and have their better interest in mind? and at who's cost, yours, or the taxpayers when those poor people cannot ever pay? Why dont you want them to save instead blowing it all on a bet? And if you care so much then why dont you give a guy like me one of these loans you are touting with Your money. (a Very low interest loan too, mind you, right?)
If nobody can ever borrow money from anybody else, then people in the 99% will truly be serfs, with no ability to buy houses, cars, educations, and with no hope of ever getting financing to start businesses.
I've learned from participating on this web site that the usage of the word "serf", especially when spelled "surf", is a clear indication that the speaker has absolutely no grasp of basic economics whatsoever. People who use the word "surf" are prone to believing in ideas like total debt forgiveness for all, universal basic income, the abolition of rent, legislation to ensure that everybody gets a pony, etc.
...EVER... c'mon, who's saying that. and...
I misspelled something, which illustrates my complete lack of understanding when it comes to economics? lol Your reasoning is without any merit and another bad bet on your part.
No, using the word "serf" reveals your perspective on economics. Misspelling it as "surf" just drove home the point.
Debt forgiveness is the same thing as abolishing lending, because no lender is ever going to lend again if there's a risk of another "debt forgiveness" event, where they wouldn't be repaid. Borrowing depends on trust, and if you violate that trust, then you're going to prevent future lending. If you borrow $20 and then refuse to pay me back, then I'm not going to loan you another $20 in the future. Not such a difficult concept to understand.
Whatever ...hang on to that little typo for all its worth my friend, Its all you have.
Endgame: When Debt Is Fraud, Debt Forgiveness Is The Last And Only Remedy
http://www.zerohedge.com/news/guest-post-endgame-when-debt-fraud-debt-forgiveness-last-and-only-remedy
Why do you want people to pay fraudulent debts to Too Big To Save bankers? Why do you not want people to save?
The idea of the banks recovering the loss thru selling the property is, at this time, ludicrous
Idea: Banks should be required to ' Suspend' payments and interest accumulation if a person loses their job during an 'economic downturn' until that person finds a comparable paying job or until the national unemployment rate is less than 5%.