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House Price Crash Forum


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Everything posted by Setantii

  1. My wife and I are having similar thoughts. The only real debt I have is the mortgage on my terraced house and a small amount on a credit card. All my friends in low paid jobs like myself are in far worse positions debt wise. Two of them who are single have mortgages on three bedroom semi's that they are only paying the interest on. If there was a debt Jubille I'd be pi**ed off that I've kept in my humble terraced that I can just about afford (six of us live here) while these singletons get to keep their bigger semi's that they could never really afford! We are sorely tempted atm to get as many credit cards as possible and run up loads of unsecured debt before the shit hits the fan.
  2. Most people assume that when you take a loan out with a bank (for a mortgage, car or whatever) the money they use comes from the deposits of savers. However, according to this Professor this is not the case at all. The banks CREATES the money when you apply for your loan. The money didn't exist until you agreed to the loan. Then, in the case of a mortgage, they use the collatoral in you newly purchased house as a guarantee, if you don't repay the loan they take possession of the property. So to sum up, the banks creates money out of thin air (after all in our debt based economy credit equates to real money with real purchasing power) and for a couple of hours paperwork tie you into economic servitute for the next 20-30 years. This in my opinion is legalised fraud.
  3. Major C.H. Douglas proposed a 'third way' between Capitalism and Socialism - the Social Credit movement that spread in the inter war years but is almost forgotten now, which manifested itself in the form of the 'Green Shirt's. I found this talk given by him on the BBC in 1934 in which he argues that the major cause of war is the debt based financial system and the economic warfare that ensues between nations as they all try to increase their exports, at the expense of other nations, to pay off ever incresing debts created by the debt based monetary system still in use today. I would be grateful for any opinions.
  4. Is Michael Rowbotham still around? His book, written in the late 1990's, is so relevent to todays financial mess he should be up on a pulpit preaching to the masses about debt slavery.
  5. I blame the debt based economic system we are currently enslaved by.
  6. I think your first two ideas are very good - nationalise the banking system and outlawing the creation of money by private institutions would be my number one priority,.
  7. The banking institutions are the real cause of the mess in the first place - creating money out of thin air as a debt. The politicians are at their beck and call IMO.
  8. Well his arguements sound quite reasonable to me so far . . . . So say for example I go into a bank and take out a £80,000 mortgage. The bank employees may spend say around an hour, maybe two, checking my credit rating and drawing up a contract. Then they create £80,000 worth of new money by typing a few digits into a computer. So for a few hours wages and overheads the bank has turned me into a debt slave who continually pays a substancial amount of my weekly wage to them for the next twenty five years or so. How can that possibly be fair? It sounds more like an extortion racket. which it is It's an indesputable fact. If we gathered up every coin and note in circulation there wouldn't be anywhere near enough money to repay all debts in full. Banks currently get paid because people are continually borrowing on 'future' wealth to pay off the debts of today. The system almost fell apart but our wonderful governments around the world were so scared of the fallout from the system collapsing they became lenders of last resort, creating even more government debt. As soon as any 'major' Government defaults on it's debts the whole debt mountain will implode IMO.
  9. It's hard to avoid the fiat money system when I get paid for my labour in a fiat currency!
  10. Well I can't comment on what Von Mises argues - I'll add it to my read list. What would these competing currencies be based upon if they are not fiat in nature? Who would define what is legal tender and what isn't?
  11. I am a firm believer that all our current economic woes are the result of a financial system that is based upon the creation of money as debt. I'm currently reading 'The Grip Of Death' by Michael Rowbotham and everything he says rings true to me at least. I was wondering if anybody on these forums actually believes that allowing private banks to create money as debt 'out of thin air' is a good thing? If anybody would like to defend the current state of affairs in regards to money creation I'd be most interested in trying to understand their reasoning. Perhaps there is some serious flaw in the rationale of the money reformers that I'm missing - at the moment I'm firmly of the position that this legalised fraud must end. Secondly, if most people here believe that the banking system itself is the biggest economic question that needs addressing then how can we get it onto the political agenda? How can we change the curent political discourse? Can it really be done without resorting to violence? Currently I feel I'm torn between spending the next twenty years of my life banging my head against a wall, in the vain hope that somebody in a postition of power might pick up on the cause, because in a heirachy of credibility I'm at the bottem end having had no formal education in economic theory. Or I could just say ****** IT and dissapear into computer games until the power eventually goes off and people start rioting. I must admit the latter option seems the most appealing at the moment because I'm sick of watching endless arguements between politicians who never address what I believe is the biggest problem out there.
  12. The workers at Cadbury's (a profitable company even in this economic storm) are taxpayers and as such helped to bail out the Royal Bank of Scotland via the government's intervention. Then Kraft get a huge loan, a large amount of which is from said bank, purchase Cadbury's and today announce they are making 400 workers redundant - these poor lovers have in fact helped finance their own job losses! Are British workers so apathetic that they will continue to put up with outrageous acts like this? Am I the only one who feels like throwing a few molotovs around?
  13. I assume all these new workers wil be entitled to the minimum wage?
  14. What I find most interesting in this article is the fact that the Greek Government has to get approval for their budget from the E.U and European Central Bank. What kind of fookin 'democracy' is that?
  15. LOL Great post! Have you heard of Douglas Credit and Guild Socialism by any chance? To be honest I can see why on first glance people get angry hearing about cases like the one in the O.P. However I sometimes feel most of the anger comes from people stuck on the hamster wheel who begrudge the fact that these people won't 'play the game' and become voluntary wage slaves in this fraudulent debt based economy. All our anger should be directed at the banksters who perpetuate this system.
  16. I've tried changing my avatar but it doesn't appear to be working. The image I want to use conforms to all settings required. anybody else having a similar problem?
  17. I am happily looking forward to the financial implosion of professinal football in this country, Anybody else feel the same way?
  18. I too picked up on the mention of the 'Green Shirts' during this documentary. I must admit I'd never even heard of them. I tried finding out more about the group and the theory of Douglas Social Credit and my wife bought me two books for Christmas - 'What Everybody Really Wants To Know About Money' and 'The Political Economy Of Social Credit And Guild Socialism'. I'm half way through the first book and it is very interesting reading. All we ever hear about as alternative movements to Capitalism in the 20's and 30's are the Blackshirts and the Communists - nobody ever mentions the Green Shirts. I wonder why that could be?
  19. I still play COD 2 Online now! We still have occasional clan wars on 1.2 version.
  20. I understand that. It is a kind of tax but at least everybody has to take the hit.
  21. Why doesn't the government conjour up £300 Billion in new money, distribute £10,000 to every adult in the country, stipulating that if you have debts you must use the money towards paying them off. Anybody with debts less than £10,000 gets to keep any money left over, so no debts = £10,000 better off. Of course this input of money will cause drastic inflation but surely it's a better idea then just wiping the slate clean for people in debt, which punishes the people who were prudent even more?
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