The Vultures are Back

by Rational Ecologist. Thu Dec 01, 2011 13:32

Ever since Tricky Dicky took the US off the Gold Standard in '71, the phenomenon of fiat money has held sway. What is described in the last post is precisely that, however, banks are required to keep a reserve(fractional reserve banking) in case of depositors seeking their cash. Banks fear ' a run' morethan anything and banks would much rather have a paying, hyper-inflated mortgage than bricks and mortar that they can't sell, or at least not at the value of the loan. Unlimited credit is predicated on exponential growth and that is why there is no getting out of the current mess, with the current system without melting the ice caps and barbecuing the Polar Bear!

by lefty Thu Dec 01, 2011 12:36

Here's how it works:

Person decides to buy house. Gets loan. Bank create some money out of nothing and loan it (usually in the form of a cheque or a number in an electronic account) to the person to buy house.  Person pays real money they work for to the bank for a while then get into difficulties. Bank "repossess" the real property and now own it, despite having conjured up the original money used to buy it in the first place out of nothing. They also have whatever hard currency the person paid them off the loan.

Result: banks get to own lots and lots of  real property, using made up money they mostly conjured out of their asses, which they can then do as they please with.

This is how we are all enslaved and robbed.

watching this video ("money as debt") will make the whole thing clearer:

by 1 in 50,000 Wed Nov 30, 2011 21:55

See the statisitics attributed to the family law courts of Liarland where many a decent man has

lost his home due to the Liars who purport to practice Family Law .

by Des - None Wed Nov 30, 2011 20:02

That anyone has lost the roof over his/her head is obscene, especially as at the same time, our 'government' is handing billions to financial speculators.  That people would take advantage of such a sad event does not surprise me, it is the nature of capitalist society.  Remember the sacred words of hatchet Thatcher, "there is no society, just a collection of individuals"

by opus diablos - the regressive hypocrite party Fri Nov 25, 2011 12:30

Glad to see someone moving.
Time we reposessed the houses we built from the parasitic financial and speculating landlord cartels.

Throw in squat division for the needlessly homeless in a housing surplus and we start to get rationality rolling.