Forum Post: What about foreclosures on banks, after all they own prime property
Posted 13 years ago on Oct. 30, 2011, 12:14 p.m. EST by clarity
(20)
This content is user submitted and not an official statement
For starters:
Instead of bailouts, banks and their physical assets should be appropriated like everyone else who defaults on payments. If this is late, perhaps the accountants could devise a way of getting dollars for the pennies owed and bailed out.
Maybe all interest on debt incurred on money that is not actually owned by the bank, but is "created" within the ' fractional reserve banking' system should be cancelled. All the monies paid for the past xx years on such leveraged money should be recovered, starting with interest on sovereign debt.
This could be used to kickstart the global economy.
Utopian one might say, but OWS was also an utopian idea some time ago..
That's not the way the fiat monetary system works, sorry, but since prior to 1913 and especially afterwards, debt has been organized into a currency system. A debt instrument cannot pay off debt and that is what they have done with the currency, it is nothing more than a legal notification of a debt obligation. You cannot pay debt with debt, you can only do what they are doing now and that is shifting debt that comes due now with more debt that will come due later. The system is in the middle of collapse, it cannot be sustained, it can be patched up for a while, but the entire system and everything that depends upon that system is in the last stages of collapse.
Everyone worried about the 1%, guess what, when the money is no longer functioning, what do you think happens to them. Sure, they will be in better shape because they have converted all those government issued promises to pay into hard assets, but like everyone else, they too will face immense hardships. The best thing to do at this point is prepare yourselves for what will be a massive economic calamity....The Great Depression will look like a cake walk in comparison.