OT: gold-eagle editorial - "Money, Debt and Gold"greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
From www.gold-eagle.com, appearing in its Editorial section today.
-- Jack (email@example.com), September 16, 1999
Great editorial! Thanks for the link, Jack.
-- Nabi (firstname.lastname@example.org), September 16, 1999.
Heard anything about Martin Armstrong tody? Anything from Bill Murphy?
-- Andy (2000EOD@prodigy.net), September 16, 1999.
This is a fantastic business. Let me get this straight. A bank gets someone to deposit $1,000, pays 2 per cent interest on it, uses it as the basis to loan $10,000 or more at 6 per cent and pockets the interest. If the borrower defaults and only pays back $2,000 of the $10,000 loan, the bank has collected enough to pay back the depositor of the $1,000 with $1,000 to cover expenses. What is the $8,000 balance? Is it a loss? Perhaps it is excess profits. The bank would like to get it back if possible. It is no wonder that the economy is so f_ _ked up. What is the incentive to limit the number of risky loans? My daugher received an unsolicited credit card with a $50,000 limit, even though she has huge medical bills for hospitalization caused by depression and no job. Incredible. It would serve that bank right, if she would max it out and then declare bankruptcy but she is too honest. Wake up banks. Others will take advantage of these offers. The abuses are getting out of control.
-- Tom (Tom@notstupid.gom), September 16, 1999.
-- Andy (2000EOD@prodigy.net), September 17, 1999.
And..."the borrower is slave to the lender."
"Once in debt it is almost impossible for a country to become debt free."
"Correct. Reducing debt would reduce the money supply, this contraction would severely depress an economy. The tax base would erode. The present system not only encourages debt, but enslaves a country by its debt."
-- Mark Hillyard (email@example.com), September 17, 1999.
Lets not forget that 100% of our federal income taxes go to paying off the interest on the money the privately owned Federal Reserve creates out of thin air then *lends* to the U.S. Government.
Federal income tax is unnecessary otherwise. Thought you ought to remember that when you look at your net check each payperiod, or when you have to give your blood sweat and tears annually to the IRS.
Isn't life lovely?
-- OR (firstname.lastname@example.org), September 17, 1999.
There is always incredibly easy credit during a mania.
Be warned! The stock market will crash, and many will lose their dreams!
Prepare and stockpile NOW! These are the good times, so take advantage of them while they last...
-- Randolph (email@example.com), September 17, 1999.