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14 Comments
- SteffenfromEU, on 02/26/2009, -0/+3About this was speaking already since October to December last year that will come and could be more terrible like subprime crisis because of higher amount of money.
Yes of course cheap printed money was always a time bomb because mostly was wasted in bad investment or used to pay wars like in all time of Bush.
Let's fight for new energy and new jobs but stop stupid wars!
The first well known time of this method to pay a war is Mississippi bubble and crash down at last in French and was made to pay war costs of war against Spain in using gambler from Scotland with his ideas to be boss for new biggest bank. It was this time already leading to use in speculating and after bank crashed down and boss of bank (the gambler) arrested a lot of normal people and business was bankruptcy too because they were not only loosing money in bank, no in addition had to pay back debts made in speculating and wrong investments. It was first time bank was allowed to create money on basis of debt paper of country. These paper did not have worth because country could not pay the costs of war back - like now after Bush wars without end. So you cannot take care enough against wasting of money in using such way.
Best wishes, Steffen
http://digg.com/political_opinion/Mother_grassroot ...
http://changeforbetterworld.blogspot.com/ - delfinajones, on 02/25/2009, -0/+3Dump ypur CITIBANK and AMEX cards--they are loan sharks.
- Berkana, on 03/03/2009, -0/+2Yes I do. Under our current system, if lending stops, the economy grinds to a halt because all money is borrowed into existence, and ceases to exist once the debt that created it is extinguished. Without fractional reserve banking, money would simply freely circulate in the economy the way it did in classical civilizations before fractional reserve banking utterly dominated the monetary system. Banks would actually lend out depositor's money, rather than lending out money far in excess of what their deposits can even back. Banking should properly have it such that lending is a fraction of the banks reserves; no run on a bank could ever collapse such a bank, and any panic would quickly diffuse. Currently, the reserves are a fraction of banks lending. This is why we have such a brittle financial system.
- Alheithinn, on 02/26/2009, -0/+2The credit card industry needs some regulation. There are a lot of unfair practices out there and people are being victimized.
- Ninh, on 02/25/2009, -1/+2Paid in full every month - and so should you.
- oldgal, on 02/26/2009, -0/+1Pay early. I used to pay on the 1st and be fine. Then I got a late fee plus interest one month. I looked at it and they added the penalties after I transferred my payment (same bank). It turns out they take the money out of your bank account, kite it for 2 or 3 days and then credit your card account. Given the $20 late fee and the high interest rate, I would say the banks are going to make sure the holders pay for the losses. But that's O.K., because it isn't the government redistributing the wealth.
- JoeParanoid, on 02/26/2009, -0/+1Well, if everyone ends up fired or laid off, no one's going to be able to pay their credit card debts. But that's the way they set the system up: depress wages so you need credit cards to survive and push rampant consumerism. Then the individual is blamed for any default. It's all about the short term.
- C0ntraRadical, on 02/26/2009, -0/+1Your name fits.
- JoeParanoid, on 02/27/2009, -0/+1As the saying goes, just because you're paranoid....
And more people have died from an insufficiency of paranoia than from too much.
Nevertheless, since I am merely stating the obvious, I don't see how your comment is relevant. - Berkana, on 02/25/2009, -0/+1This is why it is a "domino" in the economic fall out; you're able to pay over time rather than in full, but when you're stretching your payments out, and you lose your job, suddenly repayment becomes a serious problem. The next domino will be a huge mess. We are now reaping what we sowed. We sowed debt, we reap this kind of crap.
- starcats01, on 02/26/2009, -0/+0Bring back the guillotines!
- C0ntraRadical, on 02/26/2009, -1/+1So how does lending occur without fractional reserve banking? How would banks generate revenue to cover their cost? What happens when the majority of people can't get home or auto loans?
Do you know what you're talking about? - Berkana, on 02/25/2009, -2/+2This is why money created out of debt is a time bomb.
Y'all remember this?: Money as Debt, section on the consequence of borrowing money into existence via fractional reserve banking:
http://www.youtube.com/watch?v=_yvRZoM-2r8 - inactive, on 02/25/2009, -3/+1Or just pay them on time...
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