The scam that is literally destroying the people (Clinton, party, economy)
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Those holding precious metals for trade, necessary commodities like food and medicine, and shelter/defense, will survive. Those holding worthless fiat currency will rely on friends and family to share (if they can). The only question is when the house of cards collapses.
Those holding precious metals for trade, necessary commodities like food and medicine, and shelter/defense, will survive. Those holding worthless fiat currency will rely on friends and family to share (if they can). The only question is when the house of cards collapses.
Yes, but focus on durable and necessary commodities like preserved food, medicine, and shelter/defense. Precious metals may not hold their value as they're an arbitrary placeholder that one can neither eat, wear, use to defend oneself, or use as a physical shelter.
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.
No one is forced to borrow money,ever. Those who choose to do so pay interest. A portion of mortgage interest in deductable in the U.S. You have the choice to pay cash or rent.
Real estate operates on a boom /bust cycle. People forget.
Contrary to opinion the Federal Reserve is not owned by anyone.
Uhh yes they do, its called fractional reserve banking...
You deposit $100 and they loan out $1000 they just created $$$ out of thin air...
Fractional reserve banking has all to do with the centuries old requirement for keeping a percentage of deposits in liquid form. The rest is available for lending. Banks and institutions substantially engage in short term lending to other banks and institutions.
As it relates to mortgages, most are sold on the secondary market and do not involve depositors money.
It comes from thin air, they loan out more than they have they are creating new $$$...
Ever heard of a bank run???
Bank runs create financial crisis. We are not talking about ma/pa (retail) withdrawing their fully insured $724.56 balance, here.
Institutional deposits are not explicitely guaranteed by the U.S. Government. When enough institutions start withdrawing their money in an effort to protect their money, panic usually ensues. This, moreso than anything else kicked off the meltdown in 2008.
It was the fault of deregulation; which was fostered by the repeal of the provisions of Glass-Steagall that prohibited banking entities from making a market in their own securities; and then amending the bankruptcy laws to immunize derivative financil transactions. It was the emasculation of the FDIC, FSLIC, HUD and FTC which caused the failure in regulating the banks and mortgage lenders, and the SEC to exercise proper oversight of the sale of mortgage-backed securities. (And yes, you're right, even Alan Greenspan was forced to admit that he was wrong in thinking that the market could be left to its own devices.) And, it will happen again because the Congress lacks the political will to establish regulatory control over financial markets. Dodd-Frank - which the banking lobby is working night and day to have Congress repeal - is not the answer. Regulation must be measured, but effective; and not so heavy-handed as to stifle economic growth. To work, there must at least be a level playing field, which requires more transparency that will promote value over speculation. Also, there needs to be accountability: if there are no penalties for failure - if executives are rewarded for running their companies aground - there is no incentive to exercise restraint over irresponsible action.
Regulation indeed played a role but that was not the entire problem. The Fed completely ignored the building bubble. The Fed is still ignoring the law.
The law states that any contract purchased by F&F was to be returned to the originating bank if it was presented fraudulently. The Fed has refused to make the banks take their bad loans (that were presented fraudulently) back.
And yes, there are many. On top of this, not a single person has been charged. We know that Countrywide was nothing but fraud so tell me, why hasn't Mozilo been charged with anything?
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