The scam that is literally destroying the people (Dodd, how much, lobby)
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Usury? Yes. Making a profit on creating money out of thin air like the Federal Reserve does because it has a government-granted monopoly on doing so? Not so much.
Of course you realize that weak money actually may well be good for someone with a mortgage. Obviously, it depends on other factors such as if your income keeps up with inflation.
The Federal Reserve is not a scam, it is a banking regulatory system. It was the repeal of the provisions of Glass-Steagall that was the beginning of the scam followed by the revisions of the federal bankruptcy laws. 10 Years Later, Looking at Repeal of Glass-Steagall - NYTimes.com
Bankers create money out of thin air and loan it to you at interest.
You then have to pay the principle and interest back out of your work, blood, sweat, and tears.
This is nothing short of slavery.
Right now as we speak, the federal reserve (which is a privately owned corporation - owned by private central bankers), prints out of thin air $85 billion each month. They use this to purchase 'mortgage backed securities' and other bonds. Meanwhile the bankers pay themselves multi-million dollar bonuses.
You on the other hand must work much of your whole life to pay off your $300,000 mortgage.
This system is unsustainable and will collapse at some point.
What is wrong is you don't have clue what you are talking about.
1. Banks DON'T create money. ALL money is "created" (printed and minted) by the federal gov't.
2. Banks "get" their money from depositors then invest some of that money hoping to get a positive return on that money.
3. NOBODY forced anyone to sign for a loan. If you can name anyone who signed for a loan at the point of a gun feel free to do so.
4. Unless you expect not to live very long, 30 year and 15 year mortgages are available. i seriously doubt that is your "whole life".
If YOU don't want to get a loan, don't and quit whining!
It is a banking regulatory system that refused to regulate the banks. I would tender the argument that an agency that is neglect in it's duty is indeed a scam foisted upon the country.
Uhh yes they do, its called fractional reserve banking...
You deposit $100 and they loan out $1000 they just created $$$ out of thin air...
Not even close to the most elementary understanding of how the money multiplier works. It is a genuine measure of real value created by real economic activity... not a creation of money "of of thin air."
And as to this wacky nutburger abhorrence to "fiat money," the value of all money (to include gold and silver coins) is an arbitrary convention. Money was invented (originally in the form of electrum coinage) to make the value of labor more liquid than it was in a barter economy, thus removing economic friction and allowing the more efficient capture and exchange of that value.
But money has never been actually worth the value it represents since the Romans abandoned their silly experiment with the aes grave in the 4th century BC.
The value of an ounce of gold is no more or less imaginary than the value of a piece of paper currency. People just like shiny stuff.
It is a banking regulatory system that refused to regulate the banks. I would tender the argument that an agency that is neglect in it's duty is indeed a scam foisted upon the country.
No. You can blame Congress for that; for it was Congress that gave in to the banking lobby and emasculated the regulatory provisions under Glass-Steagall.
Not even close to the most elementary understanding of how the money multiplier works. It is a genuine measure of real value created by real economic activity... not a creation of money "of of thin air."
And as to this wacky nutburger abhorrence to "fiat money," the value of all money (to include gold and silver coins) is an arbitrary convention. Money was invented (originally in the form of electrum coinage) to make the value of labor more liquid than it was in a barter economy, thus removing economic friction and allowing the more efficient capture and exchange of that value.
But money has never been actually worth the value it represents since the Romans abandoned their silly experiment with the aes grave in the 4th century BC.
The value of an ounce of gold is no more or less imaginary than the value of a piece of paper currency. People just like shiny stuff.
You spewed all that crap and now it smells like baby **** in here...
No. You can blame Congress for that; for it was Congress that gave in to the banking lobby and emasculated the regulatory provisions under Glass-Steagall.
Sorry, Even Greenspan has had to admit that he screwed up but in the end it's all a moot argument. The Fed is a quasi federal program so yes, in the end it is the government that is at fault.
To argue though, if the Greenspan's and Bernanke's were unable to see the obvious massive fraud the banks were committing one has to question why we even bother. And no, the end of Glass-Steagall did not make the fraud legal.
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