Started by Steven Kim3 · · 👁 5 views · 25 replies
Andrew Booth29 said:Sure, they want it—that’s exactly why we call it "fiat" money. Can you not see the blatant contradiction sitting right there in front of you? 😬
Andrew Booth29 said:Sure, they want it—that’s exactly why we call it "fiat" money. Can you not see the blatant contradiction sitting right there in front of you? 😬
coppercyclist2 said:I guess it would be hard for them to resist.
People stand at Chase counters praying to God that their personal loan gets approved. If they get rejected, they curse the banks. Then, when interest rates shift, they act surprised. It’s the same pattern everywhere. People at every level just keep taking on endless debt without a single complaint. Everyone wants instant growth right now, while simultaneously expecting everything to stay exactly as it is. $0.33 It’s worth the same now as it will be in twenty years... that’s just a contradiction.
Andrew Booth29 said:Look, people need cash. If you go around criminalizing anyone who dares to use anything else, you end up with exactly what you're describing here.
coppercyclist2 said:I guess it would be hard for them to resist.
People stand at Chase counters praying to God that their personal loan gets approved. If they get rejected, they curse the banks. Then, when interest rates shift, they act surprised. It’s the same pattern everywhere. People at every level just keep taking on endless debt without a single complaint. Everyone wants instant growth right now, while simultaneously expecting everything to stay exactly as it is. $0.33 It’s worth the same now as it will be in twenty years... that’s just a contradiction.
hollowhawk412 said:But really, who actually wants this?
Who on earth would choose to be drowning in debt if they had any other option?
If you haven't realized it yet, Fiat money was declared the sole legal tender...
by executive decree... by the government itself.
The core issue here is that there exists a monopoly—or at the very least, a massive amount of manipulation and influence—over both the creation of Fiat money and the prices of everything you buy with it; it feels like a coordinated effort where everyone works in tandem to manufacture a bubble, much like how a Canadian might describe a rigged game when (the central banks, the big Wall Street commercial banks, and the rating agencies) decide it is time to inflate one.
The real problem is this artificial cycle of credit expansion followed by the inevitable contraction of that Fiat currency... I honestly struggle to wrap my head around the concept of "cheap" versus "expensive" money when the cost of printing it is practically zero.
Furthermore, there is the injustice of some entities having access to this money interest-free, while others are forced to
generate actual, tangible value just to pay it back, all while needing that money just to afford basic necessities... simply because the system is rigged that way.
It has become quite clear that the most recent Federal Reserve issuances ended up sitting in various central banks across the world... as well as within several commercial banks that were bailed out... all with zero interest attached.
Ultimately, I fail to see anything here besides a massive, systemic problem.
hollowhawk412 said:But really, who actually wants this?
Who on earth would choose to be drowning in debt if they had any other option?
If you haven't realized it yet, Fiat money was declared the sole legal tender...
by executive decree... by the government itself.
The core issue here is that there exists a monopoly—or at the very least, a massive amount of manipulation and influence—over both the creation of Fiat money and the prices of everything you buy with it; it feels like a coordinated effort where everyone works in tandem to manufacture a bubble, much like how a Canadian might describe a rigged game when (the central banks, the big Wall Street commercial banks, and the rating agencies) decide it is time to inflate one.
The real problem is this artificial cycle of credit expansion followed by the inevitable contraction of that Fiat currency... I honestly struggle to wrap my head around the concept of "cheap" versus "expensive" money when the cost of printing it is practically zero.
Furthermore, there is the injustice of some entities having access to this money interest-free, while others are forced to
generate actual, tangible value just to pay it back, all while needing that money just to afford basic necessities... simply because the system is rigged that way.
It has become quite clear that the most recent Federal Reserve issuances ended up sitting in various central banks across the world... as well as within several commercial banks that were bailed out... all with zero interest attached.
Ultimately, I fail to see anything here besides a massive, systemic problem.
hollowhawk412 said:But really, who actually wants this?
Who on earth would choose to be drowning in debt if they had any other option?
If you haven't realized it yet, Fiat money was declared the sole legal tender...
by executive decree... by the government itself.
The core issue here is that there exists a monopoly—or at the very least, a massive amount of manipulation and influence—over both the creation of Fiat money and the prices of everything you buy with it; it feels like a coordinated effort where everyone works in tandem to manufacture a bubble, much like how a Canadian might describe a rigged game when (the central banks, the big Wall Street commercial banks, and the rating agencies) decide it is time to inflate one.
The real problem is this artificial cycle of credit expansion followed by the inevitable contraction of that Fiat currency... I honestly struggle to wrap my head around the concept of "cheap" versus "expensive" money when the cost of printing it is practically zero.
Furthermore, there is the injustice of some entities having access to this money interest-free, while others are forced to
generate actual, tangible value just to pay it back, all while needing that money just to afford basic necessities... simply because the system is rigged that way.
It has become quite clear that the most recent Federal Reserve issuances ended up sitting in various central banks across the world... as well as within several commercial banks that were bailed out... all with zero interest attached.
Ultimately, I fail to see anything here besides a massive, systemic problem.
hollowhawk412 said:But really, who actually wants this?
Who on earth would choose to be drowning in debt if they had any other option?
If you haven't realized it yet, Fiat money was declared the sole legal tender...
by executive decree... by the government itself.
The core issue here is that there exists a monopoly—or at the very least, a massive amount of manipulation and influence—over both the creation of Fiat money and the prices of everything you buy with it; it feels like a coordinated effort where everyone works in tandem to manufacture a bubble, much like how a Canadian might describe a rigged game when (the central banks, the big Wall Street commercial banks, and the rating agencies) decide it is time to inflate one.
The real problem is this artificial cycle of credit expansion followed by the inevitable contraction of that Fiat currency... I honestly struggle to wrap my head around the concept of "cheap" versus "expensive" money when the cost of printing it is practically zero.
Furthermore, there is the injustice of some entities having access to this money interest-free, while others are forced to
generate actual, tangible value just to pay it back, all while needing that money just to afford basic necessities... simply because the system is rigged that way.
It has become quite clear that the most recent Federal Reserve issuances ended up sitting in various central banks across the world... as well as within several commercial banks that were bailed out... all with zero interest attached.
Ultimately, I fail to see anything here besides a massive, systemic problem.
Ashley Barnes9 said:The issue isn't just that rates change, it's that they're moving in the wrong direction. You have to notice that interest rates elsewhere were heading the opposite way compared to what we see here. The result? Higher monthly payments led to a spike in bad debt. Previously, banks would let people sink two-thirds of their income into debt; now, they only allow a third, which is basically an admission that their previous policies were a mess. Now, because of those mistakes and the rise in defaults, they're telling us rate cuts aren't an option.
But around here, politicians and banks are always considered right—though lately, the politicians are losing that grip. I'm convinced that accountability for these errors and predatory practices will eventually reach even the untouchable bankers too...
Steven Kim3 said:I’m not entirely sure if there’s already a thread covering this particular topic, so if I’m just repeating what’s been said, feel free to just delete this post, but if not, then let’s get into it... I’ve been sitting here wondering what you all actually make of this:
http://www.youtube.com/watch?v=zmoerijncJs
Maria Thomas48 said:So, the elections are over. The coalition pulled it off, and now they’re going to breeze right past the biggest issue—treating money simply as debt—while trying to drown us in these supposedly brilliant tax and fiscal fixes. People will start complaining soon enough because time is ticking, but honestly, changing the administration won't change a thing. It’ll be a total wash.
The new Treasury Secretary, Lawrence Summers, doesn't even seem worried about how interest rates on borrowed money are bloating our debt by about $9 million every single month. Over four years, that adds up to roughly $18 billion on top of an existing $85 billion. If you factor in the annual $7 billion in new borrowing, we’re looking at a national debt of at least $113 billion. Basically, we’re seeing a debt growth rate of at least 13.8%. That’s pretty much where we’ve always been, and there’s just no realistic way to pay it back.
I really wonder when the people in charge will finally realize that treating money as debt is the main reason why all their policies fail to actually work.
wearytrucker22 said:Any attempt to shake up the system gets punished by being kicked off the financial markets. Imagine if we stopped our programs with the European Union—meaning the ECB, the IMF, and all the other global masters—and suddenly everyone owed money to creditors in the US who demand immediate repayment without any restructuring. And since the country would lose its credit rating, domestic and foreign banks would immediately pull every cent of foreign currency out of the country and send it back to their parent companies or overseas headquarters. It would be an exact replica of the Argentine scenario.
Most likely, our foreign exchange reserves would be tied up in court by creditors. They’d claw back almost the entire debt using whatever reserves or insurance they could grab, and we’d be left completely screwed.