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Originally posted by SurrealisticPillow
reply to post by edmc^2
It is actually better if they set fire to their parliament.
A "controlled burn"....
reply to post by Observor
Why should the banks work to destroy the value of something they create in the first place? It is not as if the fiat currencies, paper or electronic, have any value by themselves that somebody should work to destroy.
China has the same banking system and no one has lost faith in the Chinese currency. If anything, the faith in the Chinese Yuan is going up with many countries agreeing to accept Yuan as payment for their goods. Yes, the US$ will become worth nothing pretty soon and perhaps the Euro too, but that is not the fault of the banking system. Many other currencies which follow the same system of creation and management won't be affected by this.
When the US currency loses its value, so does the US government debt denominated in the US$. No, your children and grandchildren will be paying nothing for the US government's obligations of today. The guys who will left high and dry are those that lent the money to the US government. But even they may not lose big if they play their cards right.
You should have been in charge of the US financial system Let me guess. So guys who can't pay their mortgage take loans and when they are about to default, the US government pays the banks what these guys owe them and they get to keep the house too. So tell me exactly why anyone would want to pay the mortgage? How about everyone simply pick a house they like and the government pay the cost of the house? Why even go through this unnecessary process of taking a loan from the bank and when on the verge of defaulting on the mortgage payments, government step in to pay the cost?
ummmm...because once the chaos hits, the jobs fly away, just about all the wealth the people have accumulated is wiped out, they go under and the banks and their buddies end up scooping up all the real assets in the country, ya know, homes, land, ect.... which is worth far more than their little pieces of paper...
china's currency has been artificially held down by gov't policies....so, it probably has plenty of room to grow, even in the worst of times.
and yes, the banks are at fault in this, they knowingly chopped up and bundled a bunch of mortgages and bundled them together and then rated something that they knew was crap triple A and pawned the securities off all over the world... and then to top things off, they kept crappy records of what they were doing so it turned out that they couldn't foreclose on most of these homes without breaking the laws!!!!
don't tell me they were innocent, honest businessmen, I don't buy that one!
so, who is one of the biggest creditors of the gov't...
oh, ya, the social security fund!!! wiped out!!! iras and retirement funds?? alot of them held those mortgage securities in them so WIPED OUT!!! inflation, oh ya!!! and what doesn't ever keep up with inflation, oh ya, the earnings of the lower half of the income earners!!!! who's getting a free pass plus tons of bailout money?? the banks!!! who's getting shafted?? the people!!!
ya, ya, I know, the only ones in the world who should be held accountable is the lowly people trying to live!!! ya, got to teach them responsibility!!!
doesn't change the fact!!
the gov't and the fed has pumped in way more money in the form of bailouts and buy backs than if they had just paid all the mortgages off!!!
EXACTLY my friend, he is going on about "responsibility", where is the responsibility in the colossal amount of money being pumped INTO the banks which could have been pumped DIRECTLY into the hands of each family- I think I prefer the latter as the former just appears to be one big black hole........
I don't have so much debt, that I need gimmicks in order to make the payments???
if we were japan, we would have had at least a few bankers committing Hara-Kiri...the japanese people seem to esteem honor a little more than americans do !!!
from what I've read, which isn't what I am looking for ....
at least some of the money that was used to repay the gov't came from money that was diverted from the small business loans program....
using a debasing currency to solve the problem is gonna hit those who on fixed incomes, and those who really don't own much in those hard assetts, who haven't seem pay raise in ages...;who more than likely really didn't play much of a role in creating the problem....
and using small business loan money to pay for their bailouts seems to me would be hitting those unemployed, who would consider starting their own business but well, the money isn't there because it went to paying for the bailouts and giving the freedom to the banks to lavish those high bonuses to their upper management...who, well, are also the ones who will be enjoying the rising values of all those hard assetts.....
seems to me, that those who profited the most by the scam are now ditching any and all responsibility for the cleanup onto those who least can afford to pay!!!
so much for responsibility!!!
“Whoever controls the volume of money in our country is absolute master of all industry and commerce…and when you realize that the entire system is very easily controlled, one way or another, by few powerful men at the top, you will not have to be told how periods of inflation and depression originate.” – President James Garfield, 2 weeks before his assassination.