Posted 03 May 2012 - 08:07 PM
My overdraft rate is 0%, O' wait a minute I don't spend money I don't have and will have to pay back more on than I spent thus reducing future spending capacity. Hows about this people count up what they earn and all their necessarily expenditure, housing, heating, food and clothing, see whats left and only spend that on crap. If they are in debt they can use whats left to pay off the debt and then have the interest payments extra each month. A novel idea I know but thought I'd put it out there.
As I wandered in the darkness a voice came unto me, it said "smile, be happy, things could get worse". So I smiled and was happy and behold, things did get worse.
"Credit is indeed vital to an economy, but it does not constitute an economy within itself. ... When businesses borrow to fund capital investments, the extra cash flows that result are used to repay the loans. When individuals borrow to spend, loans can only be repaid out of reduced future consumption."-Peter Schiff, Jan 19 2009; <a href="http://www.321gold.com/editorials/schiff/schiff011909.html" My link
"The bold effort the present bank had made to control the government... are but premonitions of the fate that await the American people should they be deluded into a perpetuation of this institution or the establishment of another like it."-Andrew Jackson on the Second Bank of the United States
"The problem with socialism is that eventually you run out of other people's money."-Margaret Thatcher
"If tyranny and oppression come to this land, it will be in the guise of fighting a foreign enemy. Of all the enemies to public liberty, war is perhaps the most to be dreaded because it comprises and develops the germ of every other. War is the parent of armies; from these proceed debts and taxes; and armies, and debts, and taxes are the known instruments for bringing the many under the domination of the few. The loss of liberty at home is to be charged to the provisions against danger, real or imagined, from abroad." - James Madison
"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof."
John Kenneth Galbraith