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Let's all go bankrupt - how bad would it be?

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posted on Jun, 19 2010 @ 07:11 AM
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A recent BBC Hardtalk episode featured James Rogers, the maverick financial guru who made a fortune setting up what is now thought of as the first hedge fund with George Soros. When he speaks, markets listen. His advice for years has been to invest in China and to buy commodities. Recently he's turned his attention to the euro and suggests that it is best for countries like Greece to go bankrupt rather than bailed out.

The big question is: How long can we all go spending money we don't have?




posted on Jun, 19 2010 @ 07:18 AM
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This, or a version of it, is probably really the only way the average person has to take down the system. A form of revolution if you will.

They currently have us totally by the balls with their credit score systems and their interest rates and their misuse of our money on everything from bailouts to wars to sending our work offshore.

Everyone doesn't really even need to go bankrupt. Just everyone not paying their mortage for say 6 months might do a good chunk of the trick

Yeah, yeah...you're going to get your usual people shouting "You incurred the debt you pay it!" But to them I say, well our government incurred a lot of debt for us that we had no say in, eh? And stole and gave away and misused and misspent and lost a lot of our money too.

A do over or start over for everyone wouldn't be a bad thing, would it?

[edit on 19-6-2010 by ~Lucidity]



posted on Jun, 19 2010 @ 07:20 AM
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reply to post by LarryLove
 


If you're spending what isn't real, as in not backed by any wealth, especially if the debt you accrue was done so electronically or by check issued by banks that have no money to back that up, then you are spending money you don't have.

If you take out a loan for a specified amount of money, and instead of money being given to you, what is given is an electronic acknowledgment of a dollar amount, then no money ever passed hands between lender and borrower. Technically speaking, if the burden of proof belongs to those who lent this money, how could they possibly prove any money was ever really loaned to you? It would be an interesting trial if you demanded to see a verified record of actual money backed by wealth to back up the claim that you were loaned anything other than imaginary confidence.



posted on Jun, 19 2010 @ 07:22 AM
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reply to post by ~Lucidity
 


You know what. I am inclined to agree with you. We've all had enough and no austerity or cost-cutting measure put in place by governments will ever touch the tip of the debt iceberg.

What if we could mobilize everyone to say: I have had enough. I am taking control of my life back. I know it sounds a little idealistic, but Twitter and Facebook got Obama into the White House and I just wonder...



posted on Jun, 19 2010 @ 07:23 AM
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reply to post by Jean Paul Zodeaux
 


Interesting. Not thought about it like that.



posted on Jun, 19 2010 @ 07:33 AM
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reply to post by LarryLove
 


I've thought about it a long time, and it's probably the only and quickest way we have to revolt. Re-electing an entire government is not going to happen...we don't really elect them anyway. Tax revolt is not going to work...they collect that at point of purchase and before we get paid. So a few banks fail. They should have already.

It's the only way to hit them where it hurts...in their pocketbooks. Accumulating all the wealth seems to be all that matters to them and they laugh in our faces as they continue to do things like steal, ignore blatant abuses, and raise rates and prices with the full support of a government that pretends to pass laws to prevent things like this but in reality just make things worse.

All this assistance the lawmakers are providing us is pure lip service. Affected by the Fannie Mae scandal? Call and get it fixed. Ri-ight. Anyone tried that? There are a million loopholes that disqualify you.

If everyone's credit score goes to hell, it will become meaningless and will no longer be able to be used control us.

But you know as well as I do that there will be enough people who STILL put their entire worth and value in that bogus measurement system that it won't work. They don't care how it's being abused or used...just as long as their score is above 800 or whatever the new magic number is.



posted on Jun, 19 2010 @ 07:43 AM
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Originally posted by ~Lucidity
reply to post by LarryLove

But you know as well as I do that there will be enough people who STILL put their entire worth and value in that bogus measurement system that it won't work. They don't care how it's being abused or used...just as long as their score is above 800 or whatever the new magic number is.


These thoughts are dangerously good. You would think that after the past few years, measuring your success in life and protecting your future by wealth will not work. This needs to be explored further, but if financial credit is a key control over the populous, then mass bankruptcy might finally turn the tables and bring sanity back to the table.

What if... what if...



posted on Jun, 19 2010 @ 07:57 AM
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reply to post by LarryLove
 


Here is the thing, if the interest rate is suppressed while money is created out of thin air encouraging inflation, then placing money in a savings account will only guarantee a loss instead of a gain. This means that the product a bank or savings and loan normally offers, which is a savings account where a gain can be made from using that bank to save the money instead of just stashing it underneath your mattress, is no longer a valuable product, and what is valuable is loans made at low interest rates. However, if those interest rates suddenly balloon on the loan, but the interest rates on a saving account remain suppressed, then what you have is a conspiracy by banking institutions to rob the people.

Of course, and again, if what has been loaned to you was never really money to begin with, then defaulting on that loan and taking your chances with a jury is hardly theft, its just good business.



posted on Jun, 19 2010 @ 08:32 AM
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reply to post by ~Lucidity
 


we should stop paying electric and utilities. start stealin gas, giving food away if you work for corporation.



posted on Jun, 19 2010 @ 08:34 AM
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It's called a "Jubilee Year."

It's a practice described in the Bible... Every 7x7 years (49) all debts would be wiped out.

The reason is that if you extend debt with interest indefinitely, then eventually the burden because of the compounding interest grows so large as to be absurd. If all unpaid debts continued to be rolled over, eventually the debt would suck up all the wealth of the world, and transfer it over to whoever "loaned" it.

(I use the word "loan" because in the now-legal practice of fractional reserve banking, banks only need a few pennies for every dollar they loan out. They're creating money via this system.)



posted on Jun, 19 2010 @ 08:34 AM
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reply to post by Myendica
 


Well, I guess we'd have to target the ones who targeted us and took advantage of us first? That wouldn't be my utility companies for the most part I don't think. Or the farmers who grow my food locally.

To me it would be the people who stole investment money and pensions, who knowingly and willingly allowed the mortgage fiasco to occur, the ones who hold people hostage with credit scores, the ones who take my insurance premiums and raise them year after year and then don't pay me or cancel me on the first claim. You know...the ones who were pretty much bailed out by me anyway. Start there anyway.

[edit on 19-6-2010 by ~Lucidity]



posted on Jun, 19 2010 @ 10:55 AM
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I have the best credit score you could ever hope for. Its an absolute perfect 0. I do not plan on buying a house, you never know when the urge to move on to another place will strike. I do not buy new cars, that is the biggest waste of a large sum of cash. I buy used cars from individuals, thus helping them and myself. I do not have banking accounts. I use cash for everything. If I can not buy something outright then I will save for it or find a place that will do lay-a-ways. I think that if everyone would use a similiar approach we could really bring the banksters to their knees. We would be able to choke them out, or at least back into their proper places.
I have read about lawsuits being won by people whom were being sued by banks and various lending institutions for defaulting on loans/mortgages. These individuals won against the banks because the bank could not prove that they ever loaned the "money", they had just moved around "electronic digits". When you apply for a loan you are asked for "real" collateral, the bank is then supposed to loan you "real" money. With the fractional reserve system, there is no "real" money being loaned, what is being created is "something, from nothing". I will try and find links to this information and post here with it for those interested.



posted on Jun, 19 2010 @ 11:13 AM
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reply to post by azrael36
 


Exactly.


They currently have us totally by the balls with their credit score systems


Only if you buy into the corporate mantra that to be happy and successful one must buy buy buy.

I also have 0 credit. I don't need it. When I want something, I save until I can afford it.

I don't have a need to "buy" a house. It's likely I will change jobs, cities maybe even countries in the 20 or so years I have left in the working world, Don't need or want the pain of selling, buying...ect;

Just say no to credit, live within in your means, and stop LETTING them have you by the balls.



posted on Jun, 19 2010 @ 11:15 AM
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reply to post by Merigold
 


wrong. first off you don't need to "buy into" anything. it's there and it's a fact of life that it's used, and not just used for getting credit anymore. it's used for background checks for jobs and apartment rentals. and heaven knows what else. your 0 credit score might come to bite you too one day if you should ever be so unfortunate as to need a new job or if you should lose your home or need to rent a new one.

your personal feeling of exemption from it maybe be by choice or happenstance...i'm sure there are a few people in that boat. however, your not using it or running into it or not realizing that it's there lurking in the background controlling so much and having so much weight and influence doesn't mean it doesn't control many lives...or have the potential to.

[edit on 19-6-2010 by ~Lucidity]




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