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Yeah through the late 90s and early 2000s my trendy city apartment earned as much as I did each year. Some idiot cunts at the banks thought that as properties were going up in price faster than inflation it didn't matter if people had the money to pay their mortgage as either way the bank would win and in any case they would sell the debt to some other mug.
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The question nobody asks is how much of that debt was created out of thin air? Real money is backed by a commodity of some sort. Today we live in a world of fractional reserve banking and central banks can create as much money as they want. That is why these debt numbers are so high. It doesn't cost a central bank a thing to create money but if they can get countries into debt and get real assets like agricultural land, mines, ports, oil fields, ect.. for payment of the debt then talk about one of the greatest scams in world history. They want to get nations and individuals into debt. It costs them nothing and if they can get your real assets then the people behind these banks and politicians are the big winners and everyone else are the big losers. Most of this debt is fictional bullshit and it's time to start auditing these central banks who have created more debt than what the whole gross national product of planet earth is. They have ran the scam too far to where it's no longer in reality.
A bigger problem than the debt is too many people on this planet have no idea what wealth is and the games that can be played by fractional reserve banking. When you have that many dummies on the planet and you have the reputation of the currency established, oh fucking hell the games you can play. I was once told by and investment banker I was doing an internship for he could teach his dog investment banking on the three day weekend. It's all about being connected at that level of banking.No! You can't have the keys to the wine cellar!Comment
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The banks knew they had their political ducks all in a row. Once you have enough politicians bought off you can do anything. They knew they were going to get bailed out so the central banks dropped the interest rates low and said full steam ahead. They were trading mortgages so fast and furious that some mortgages didn't even have the legal notes attached to them. Some people got free homes when they got foreclosed on and the financial company couldn't produce the note. Then they started forging fake notes. A can do if you have enough politicians bought off. So the number one rule in banking is own the politicians and you can do anything. Banking rules no longer apply in fact, let's change them to favor the banking trusts.No! You can't have the keys to the wine cellar!Comment
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Budget cuts won't get us there, though.
The mortgage analogy is a good one. Also, look at the amount of debt taken on by university students in terms of college loans. In theory, the long term outcome will be that having the degree will enable one to earn a significantly larger amount of money than could be made without one.
It's when things like home mortgages became too easy to obtain that the system became skewed. I mean, all throughout the 2000s, people who had paid as little as 3% down on a 15-year adjustible treated their home equity like an ATM. All the inducements developers used to get people to buy homes (in some cases, zero $ down, paying a buyer's homeowners insurance or property taxes for the first year) combined with an artificially inflated boon in home values fed into unrealistic expectations about people's ability to pay for a house over the long haul. Too many people wanted instant gratification and instant results. It's the same mentality now with getting the US debt under control: too many people want a quick fix with instantaneous results that won't result in a lessening of their own pocketbook or the slightest bit of sacrifice on their part. There are tough choices to be made, and a certain degree of risk / "a gamble" that will attend ANY action (even that of doing nothing). Not facing up to the present-day situation, not being willing to undertake a corrective action (harsh as it can be) and looking backward to assign blame (rather than as a learning exercise) is something Americans have proved highly adept at. This nation doesn't have the stomach to get tough and serious over a long, hard slog, so we deserve to flounder.Scramby eggs and bacon.Comment
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It's a real shame because if they weren't owned the answer to all of this would be a global banking treaty that not only controlled them for the future but got most of our money back from them. If they didn't like it they could go see how they like setting up a new exchange in Mogadishu.Comment
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The whole thing is a fucking joke it really is. Better to just let it wash over you.
Our Chancellor, i.e. the politician guy in charge of our treasury, who is second only to the Prime Minister and sets all economic policy and spending is younger than me and this is his first job.
His first salaried proper job. He did some freelance writing in his 20s and then became a politician and now he is in charge of the economic fate of 60 million people and in charge of a trillion dollar budget.
That's what you are dealing with. This fucking bozo v. the smartest greediest cunts on the planet. It's no great surprise when the banker leeches win every time...Comment
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