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Tonkers

Debt Is Wealth

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I apologise, I have been resisting. Debt is Wealth. Thankfully, I don't have to go out and get me some debt, as the government has procured debt for me.

Why am I going to work today? You know what? I pulled in a nice bit of business for my comapny, prestigious stuff, and I just feel sick about it. It will keep my colleagues in a job I suppose.

Edited by Tonkers

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Guest UK Debt Slave
I apologise, I have been resisting. Debt is Wealth. Thankfully, I don't have to go out and get me some debt, as the government has procured debt for me.

Why am I going to work today? You know what? I pulled in a nice bit of business for my comapny, prestigious stuff, and I just feel sick about it. It will keep my colleagues in a job I suppose.

I'm just about to walk out the door and catch train to work

I ask myself the same question every bloody morning.

By the time the governmnet and the bankers have had their share, it really ain't worth the effort

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The best thing anyone can do for themselves is to never borrow from sharks. A new Mondeo and a fitted kitchen ain't worth being a slave to spiv scum.

A mortgage is just another mechanism of control, forcing the holder to go and do a sh1te non-job for the next 30 years.

Fu*king Rubbish!!

Edited by Wait & See

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In the double entry bookkeeping system you enter money coming in as a debit. I suppose this is how the government manage to keep going.

Depends on whether you are talking about the balance sheet or the profit and loss.

Edited by Alan B'Stard MP

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IF YOU HAVENT GOT CREDIT CARDS OR LOANS BUT HAVE GOT £200K IN THE BANK AND WANT A 50K MORTGAGE ON A £250K PROPERTY THEN THEY WILL TURN YOU DOWN FOR IT. THIS HAPPENDED TO A FRIEND OF MINE LAST WEEK.

YOU BASICALLY NEED DEBT TO BE SEEN AS A CANDIDATE FOR CREDIT. RIDICULOUS!

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IF YOU HAVENT GOT CREDIT CARDS OR LOANS BUT HAVE GOT £200K IN THE BANK AND WANT A 50K MORTGAGE ON A £250K PROPERTY THEN THEY WILL TURN YOU DOWN FOR IT. THIS HAPPENDED TO A FRIEND OF MINE LAST WEEK.

YOU BASICALLY NEED DEBT TO BE SEEN AS A CANDIDATE FOR CREDIT. RIDICULOUS!

Cartel operation to keep the deposits in the system so that they can loan out multiples of that money to riskier borrower or a reflection of the utterly myopic credit rating system which for a long time we have said is ********?

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Debt is wealth indeed, in fact debt is profit for the world bankers and the elite is it not? The debt can never be repaid, the system is built on perpetual debt.

I know I dont post alot on here but I am interested in your thoughts on the following by Mary Elizabeth Croft:

http://www.hackcanada.com/canadian/freedom/mary_croft.pdf

This is a .PDF document and is free from any nasties.

Give it a read and enlighten yourself, it has certainly put a few things into perspective for me.

;)

Edit: I will add that the document is rather long but stick with it!

Edited by JustAnotherProle

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I apologise, I have been resisting. Debt is Wealth. Thankfully, I don't have to go out and get me some debt, as the government has procured debt for me.

Why am I going to work today? You know what? I pulled in a nice bit of business for my comapny, prestigious stuff, and I just feel sick about it. It will keep my colleagues in a job I suppose.

In June last year we got a lifetime tracker mortgage with +0.63% above baserate from HSBC. Then interest rates dropped like a stone, and now we pay just £ 145 interest per month on a debt of £ 154,000. This mortgage (debt) certainly made us better off, especially as we use the extra cash to repay the mortgage quicker, and can move the mortgage to our next property if/when we move. Interest rates are unlikely to increase much for some time. And as we bought more than 5 years ago, and have a good equity in our house, we do not really care much about house price fluctuations.

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IF YOU HAVENT GOT CREDIT CARDS OR LOANS BUT HAVE GOT £200K IN THE BANK AND WANT A 50K MORTGAGE ON A £250K PROPERTY THEN THEY WILL TURN YOU DOWN FOR IT. THIS HAPPENDED TO A FRIEND OF MINE LAST WEEK.

YOU BASICALLY NEED DEBT TO BE SEEN AS A CANDIDATE FOR CREDIT. RIDICULOUS!

That's because they need to prove to the bank they have the ability to pay back the debt.

Saving money doesn't count, as this clearly is no good indication that an individual will actually pay off the debt.

Now if your friend had already got £200k of debt and was making regular payments a £50k mortgage wouldn't have been a problem.

You see debt is wealth.

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In June last year we got a lifetime tracker mortgage with +0.63% above baserate from HSBC. Then interest rates dropped like a stone, and now we pay just £ 145 interest per month on a debt of £ 154,000. This mortgage (debt) certainly made us better off, especially as we use the extra cash to repay the mortgage quicker, and can move the mortgage to our next property if/when we move. Interest rates are unlikely to increase much for some time. And as we bought more than 5 years ago, and have a good equity in our house, we do not really care much about house price fluctuations.

I suppose you hope that long term interest rate averages dont go back to 6% then. As they have been historically. As this would negate any short term benefit.

I am quite bitter about this as this is the govt. holding it up for homeowners against ftbs or any future generations at all. Couple that with the lack of work at the moment and you have a two tier gated society.

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IF YOU HAVENT GOT CREDIT CARDS OR LOANS BUT HAVE GOT £200K IN THE BANK AND WANT A 50K MORTGAGE ON A £250K PROPERTY THEN THEY WILL TURN YOU DOWN FOR IT. THIS HAPPENDED TO A FRIEND OF MINE LAST WEEK.

YOU BASICALLY NEED DEBT TO BE SEEN AS A CANDIDATE FOR CREDIT. RIDICULOUS!

smells like bshit

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Guest UK Debt Slave
Debt is wealth indeed, in fact debt is profit for the world bankers and the elite is it not? The debt can never be repaid, the system is built on perpetual debt.

I know I dont post alot on here but I am interested in your thoughts on the following by Mary Elizabeth Croft:

http://www.hackcanada.com/canadian/freedom/mary_croft.pdf

This is a .PDF document and is free from any nasties.

Give it a read and enlighten yourself, it has certainly put a few things into perspective for me.

;)

Edit: I will add that the document is rather long but stick with it!

Yep. Mary's book has been doing the rounds on HPC on and off for a couple years.

Quite an eyeopener isn't it? :blink:

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The best thing anyone can do for themselves is to never borrow from sharks. A new Mondeo and a fitted kitchen ain't worth being a slave to spiv scum.

A mortgage is just another mechanism of control, forcing the holder to go and do a sh1te non-job for the next 30 years.

Fu*king Rubbish!!

Keeping people in debt enslaves them and creates wealth for the rich....

Debt is wealth but only to the wealthy. ;)

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Indeed, the whole thing is very interesting, so are the paths it leads you down... ;)

Intersting but nonesense none the less.

It ignores every other conduit of money flowing out of a lender.

On day 1, your friend lends you £10 and you both agree he will charge you interest at 10% per day.

You do nothing for 5 days. You owe £16.11

On th 5th day.

You give your friend £10.

You then agree to mow his lawn in exchange for £6.11

Later that day you give your friend £6.11

You are both even again and there is no oustanding debt.

Mary Croft's example is a pale reflection of reality.

Edited by ?...!

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On day 1, your friend lends you £10 and you both agree he will charge you interest at 10% per day.

You do nothing for 5 days. You owe £16.11

On th 5th day.

You give your friend £10.

Later that day you give your friend £6.11

You then agree to mow his lawn in exchange for £6.11

You are both even again and there is no oustanding debt.

Your mate still owes you £6.11 for mowing his lawn ;)

Edited by libspero

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Yes debt is wealth.

The wealthier an area is (think of the nicest parts of London, or anywhere else in the world) the more debt you need to be able to buy some real estate there.

If we all went to a crappy place in the UK and all decided to work 18 hour days to improve the areas wealth, think; transport, shops, great restaurants, schools hospitals etc etc then the price of real estate would rocket leaving people not holding any very poor and paying increasing amounts of rent anytime more wealth was created.

So wealth = debt.

Edited by chefdave

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