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Thursday, February 13, 2020

The bankers take control

It's not as if anyone will shed any tears for the McClatchy media empire. But it is worth noting that the process that is now all-but-complete with regards to the media is now taking place in the real estate market:
McClatchy Co. filed for bankruptcy Thursday, a move that will end family control of America’s second largest local news company and hand it to creditors who have expressed support for independent journalism.

The Chapter 11 filing will allow McClatchy to restructure its debts and, it hopes, shed much of its pension obligations. Under a plan outlined in its filing to a federal bankruptcy court, about 60 percent of its debt would be eliminated as the news organization tries to reposition for a digital future.

The likely new owners, if the court accepts the plan, would be led by hedge fund Chatham Asset Management LLC. They would operate McClatchy as a privately held company. More than 7 million shares of both publicly available and protected family-owned stock would be canceled.
The point that all the conservative and proudly "responsible" debtors have stubbornly failed to understand is that without a periodic debt jubilee, either a) the creditors will eventually own everything or b) the entire economic system will collapse. It is a mathematical certainty, given the way that debt pushes the demand curve up.

Cry all you want about how some irresponsible people may have gotten a better deal than you. Of course they will. That's not the point. The point is whether you want to be doomed to life in a) the ashes or b) as a slave in your own lands or not.

Because those are the options.

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95 Comments:

Blogger Long Live The West February 13, 2020 3:02 PM  

God must not have realised how unfair Debt Jubilee was.

Blogger swiftfoxmark2 February 13, 2020 3:09 PM  

Usury turns all investment into a long-term Ponzi scheme.

As an example, many Boomers bought their homes for less than 100K, some less than 50K, and have no sold it all for much, much more as they retire elsewhere.

Blogger Snidely Whiplash February 13, 2020 3:13 PM  

But we must punish GenZ and Millennials for being stupid. They don't even know who the Beatles are!

Blogger Ominous Cowherd February 13, 2020 3:17 PM  

Snidely Whiplash wrote:But we must punish GenZ and Millennials for being stupid. They don't even know who the Beatles are!
Can we burn it all down after we've spanked the kids, then? Everybody loves a bonfire!

Blogger Richard Holmes February 13, 2020 3:18 PM  

Just for grins. I think (think!) that what you are talking about is a shemita. That is the earth isn't farmed every 7 years and all debt is cancelled. A jubilee is when property is returned to its owners. Slaves and servants are freed. I think debt is forgiven as well. But I didn't see anyone advocating property to be returned so maybe this is more like a shemita. Just a thought!

Blogger Up from the pond February 13, 2020 3:26 PM  

Warning: The pound of flesh you take may be your own.

Blogger Wraithburn February 13, 2020 3:36 PM  

As was told to me on twitter after retweeting a post about how millenials age 30 have an average net worth of -$2k, living paycheck to paycheck is called "bad planning". The tone deafness of boomers is astonishing. If the average is a couple thousand in debt across a specific age there is something going on besides a couple people poorly planning their lives.

Blogger Noah B. February 13, 2020 3:40 PM  

If we took government out of the business of helping banks collect bad loans, any necessary debt jubilees would happen on an individual basis as borrowers defaulted. Under those circumstances banks would only lend to those with proven track records of repayment and interest rates would more accurately reflect banks' lending risks. Loans of any kind would be rare and banks would take a much smaller slice of the economy.

Blogger Hammerli 280 February 13, 2020 3:42 PM  

Well, if we prosecute the Leftists, we can seize their property in fines (and in the case of Soros, Bloomberg, etc., as the instrument of crime). Use THAT to address debt problems.

Blogger Rick February 13, 2020 3:44 PM  

I propose to the boomers: ok, let's just cancel the portion of debt above what you paid. Fair enough?

My former neighbor, (may he RIP) a Pharmacist, told me he paid $250/per semester, which I think was in the mid 1970s.

Blogger Hammerli 280 February 13, 2020 3:50 PM  

@7: What I'm seeing in a lot of the kids is a combination of total financial ignorance, lack of impulse control, and acceptance of debt as a natural state.

Many people don't realize that credit cards, in particular, are legalized highway robbery. 18% or higher annual interest rates - there is no legal investment that will reliably beat that.

But debt acceptance is the biggest problem. The Happy Days decade group (born ~1940) was the first to accept continual debt as a natural state. The idea of actually OWNING a home outright never entered into their heads (it certainly didn't enter my parents'). And that has grown and spread. Standing clear of debt takes effort. But it CAN be done. I've done it. Very liberating.

Blogger David Ray Milton February 13, 2020 3:53 PM  

If you want to understand why millennials want to seize the means of production, etc, it’s not just because they are historically ignorant. It’s bc of debt. A Bernie style revolution, however retarded and self-defeating, gives M’s and Z’s hope that maybe someday they’ll just get to own a home.

I’m all in for the GE, and he’ll have no problem crushing whatever the Dems offer up as a sacrifice. But in my opinion, the GE needs to do a better job at communicating to us youngin’s about how his fight over trade and immigration directly relate to wealth. And yes, he could convert huge swaths of Bernie Boys if he would just advocate for student debt forgiveness. But, the GE Achilles heel are the Israelites, so...

Blogger Jose Miguel February 13, 2020 3:55 PM  

In ancient Egypt the Pharaoh enslaved everyone through usury. The bankers attempt to do so here and now will likely result in imperial dissolution instead of a unified imperial state, with some successor states under bankster control and others not.

Blogger carnaby February 13, 2020 3:58 PM  

They may take my newspaper publishing company but they will never take my freeeeeeeedom!

Blogger Silent Draco February 13, 2020 4:07 PM  

This, from people who lived the same way when the prime rate peaked at 20%? Idiots. Kerosene and matches ready.

Blogger Rattlesnake_Kid February 13, 2020 4:10 PM  

Richard Holmes wrote:Just for grins. I think (think!) that what you are talking about is a shemita. That is the earth isn't farmed every 7 years and all debt is cancelled. A jubilee is when property is returned to its owners. Slaves and servants are freed. I think debt is forgiven as well. But I didn't see anyone advocating property to be returned so maybe this is more like a shemita. Just a thought!

How the Jewish state handles Shemita;

"This is how it works. Shortly before a sabbatical year, the Israeli Minister of Internal Affairs gives the Chief Rabbi a document making him the legal owner of all Israeli land, both private and public. Armed with this paper, the Chief Rabbi goes to a non-Jew and sells him all the land of Israel (and, since 1967, the Occupied Territories) for a nominal sum. A separate document stipulates that the 'buyer' will 'resell' the land back after the year is over. And this transaction is repeated every seven years, usually with the same 'buyer'."

from Jewish History, Jewish Religion: The Weight of Three Thousand Years by Professor Israel Shahak

Ha, so stereotypical. Also, Mitzvahs don't apply to soul-less animals in human form. Stop spreading misinformation about the Chosen Ones!

Blogger Akulkis February 13, 2020 4:17 PM  

Remember, these millenials were educated in schools dominated by Boomer teachers, Boomer administrators, all under Boomer school boards.

Millenials are EXACTLY what the Boomers wanted them to turn out to be.

Blogger Renbo February 13, 2020 4:20 PM  

I agree with the debt jubilee there is no doubt as to its necessity. I wonder however if the reason folks are unwilling to consider it is because of the source of its need primarily coming from the political left economists that are diluting the validity of the claim by trying to bundle wholesale garbage with it.

Blogger peacefulposter February 13, 2020 4:20 PM  

We are heading for ZIRP if not NIRP, which is close to a jubilee.

Blogger dc.sunsets February 13, 2020 4:40 PM  

Debt has been pyramided via rehypothecation, such that (a wild-assed guess) maybe $10 of debt exists for every $1 of actual underlying capital; I guess the bankers think that the denouement of this farce is for the courts to decide that a bunch of people, mostly of Ashkenazi descent, ultimately can foreclose on The World Itself.

@7, The tone deafness of boomers is astonishing. Who today is NOT oblivious to the smoking of Mt. Vesuvi-Debt? How oblivious must one be to pay $100K, even $250K for a degree in lit, comms, etc.? My fellow boomers often pawned their own homes to send little Johnny or little Suzi to the Big University for some useless degree. Few students can obtain six figures in debt without Daddy getting a parent loan.

It's ALL idiocy^10.

It will not end because Boomers (or Silents, or the corpses of Greatests) vote to write off everyone's debts. It will end because one day, already 20 years overdue, a firestorm-of-the-mind will spontaneously spread, and the mountain-sized elephant in the living room, in whose figurative piles of excrement people wade obliviously each day, will suddenly be VISIBLE.

Americans exist at the bottom of an OCEAN of vice, not the least of which is this Satanic monetary system and near-universal debt peonage, and CNBC/University Econ Departments/etc. exist to tell the (debt) addicts that this is all perfectly sensible. We can all get ahead because historically unprecedented credit inflation flowed into bonds (which fuel pensions), "justifying" insane ramps in stocks, real estate and other assets, and flowing relatively less into consumer prices except higher ed and medical service costs, which are bankrupting us even as they "provide employment."

This will end. It will end when the notion that it's INSANE to have hundreds of trillions of dollars in debt at near-zero interest rates spreads from those of us who CAN SEE to those who are perennially blind. It will end when this wild dance into Pathological Trust (in foreigners, in funny-money, in bankers, in politicians, in Diversity, in Equality, etc.) all ends...together. It's all a collective delusion, enforced by what is in every way a theocracy, of the cargo cult variety.

Debt values will collapse (AKA interest rates will soar.)
People will sell everything not nailed down in order to obtain money.
Lenders will stop lending.
Borrowers will stop borrowing.
Economic activity that is currently 100% addicted to credit growth will cease. Industries like medical services, government pensions, tax receipts, it will all collapse, because it's all built-out onto nothing but a cushion of IOU's.

Money is debt. Debt is thus wealth. A debt collapse will also be the greatest collapse in (faux) wealth ever. The whole shebang will reset to a much lower level. Tens of millions of people will see their career skill sets become valueless for years, even decades.

Graph the long-term chart of the DJIA. Stocks took off like a rocket in 1982, coincidentally (Hah!) a year after bonds bottomed and the credit bubble began to inflate in earnest. It's a mountain...and it is but a small slice of what will evaporate when this Debt Volcano finally erupts in earnest.

It must happen. It will happen. No one knows what will occur when a debt-addicted system, running nearly 40 years now, blows up and all the industry, jobs, plans, expectations, etc. that depend on that debt-addicted system evaporate. The dislocations should be nearly Biblical.

Blogger Shimshon February 13, 2020 4:43 PM  

In a sane world, the pension obligations would take precedence over external creditors, regardless of how the owners and bankers conspired to structure the debt. Instead the bankers make off like literal bandits as their debt takes precedence and other obligations shed.

Blogger dc.sunsets February 13, 2020 4:51 PM  

Everyone, for at least 40 (if not 60) years has lived in a completely artificial system whose purpose was to addict us all to the vice of living beyond our means.

You could say the same about the idiotic encouragement to sexual hedonism, to drug use, to gambling...all of the stuff we used to have laws against, as a means of trying to help shore up our human frailties. Now, people are encouraged to RUIN themselves, and debt is only a part of it.

Tradition and Christianity used to offer people a means to not have to learn every lesson the hard way.

Will Joe (and especially Jane) Citizen awaken to this reality? Dismantling our peonage and taking control of our political system away from the Con Artists are fronts in a WAR, a war it's long past due for us to fight.

Blogger Meanoldbasterd February 13, 2020 4:55 PM  

Is there a simple way to describe "debt pushes,the demand curve up" for normies? Thank you in advance.

Blogger Shimshon February 13, 2020 4:55 PM  

"Just for grins. I think (think!) that what you are talking about is a shemita."

Spergy McSperatron, you are technically correct. Nonetheless, the colloquial understanding of the term "jubilee" is sufficient to justify its usage in the case.

Blogger Meanoldbasterd February 13, 2020 4:59 PM  

The best I can do with my 1990s macro econ is that debt makes prices rise AND the amount of a good demanded rise (although much less) until the debt creation is removed and the artificial demand for, whatever, collapses, and prices must necessarily ALSO collapse, but much further.... Leading to a deflationary depression....
Example: huge lots of unsold trucks going for pennies or large numbers of Mcmansions for sale for pennies on the dollar, but no one has any money to buy anything.

Blogger The Pitchfork Rebel February 13, 2020 5:16 PM  

"as was told to me on twitter after retweeting a post about how millenials age 30 have an average net worth of -$2k, living paycheck to paycheck is called "bad planning"."

"If the average is a couple thousand in debt across a specific age there is something going on besides a couple people poorly planning their lives."

The two are not mutually exclusive.

Many millenials have been saddled with irrational amounts of debt because they were imbued by the idea that a college degree-any college degree- is the sine qua non of a happy and prosperous life. I was once assigned to audit a student loan "assistance agency"(and this was fifteen years ago) and it was shocking to see borrowers with high five and low six figure balances, who attended non-descript liberal arts colleges where you can easily infer that that they didn't get engineering or other high earnings potential job. Many were frequent flyers on the deferment and forbearance programs.

That having been said, millenials have a different attitude about money and life than ANY prior generation. They didn't give us the $6 half caf soy latte, but they sure embraced them. Millenials are driving the abandonment of beer for beverages like bubble gum vodka. It was millennials that stood in line outside Apple stores for the latest I-Gizmo. They are also driving international travel.

https://www.theatlantic.com/international/archive/2014/06/how-millennials-are-changing-international-travel/373007/

Are they stereotyped? Yes. But most stereotypes have an element of truth.

Complaining that "boomers" are "tone deaf" isn't going to help you. Being 2 grand in the whole is hardly insuperable. I was a spendthrift in my 20's and I was worse off than -2K. I stopped going out every weekend, brown-bagged it, bought a used rather than new car. In short, I learned what was a necessity and a what was a nicety. By 33, I was out of debt and putting money in the 401K. I turned in one cheap SOB.

By the way, I'm typing this on a five year old laptop I bought for $200 without an operating system. It runs just fine with Linux and an SSD. I'm so tight with money now I leave scratches in pennies. I could easily buy a high end MacBook,Surface or Chromebook, buy why should I give people that hate me money to track my activities, as boring as they are.

Blogger Dan in Georgia February 13, 2020 5:25 PM  

The National Debt being cancelled is going to be spectacular.

Blogger Lazarus February 13, 2020 5:29 PM  

Steve Keen: Peoples Q.E.

Quantitative easing for the people?

Blogger Servant February 13, 2020 5:33 PM  

People who speak against jubilee because they paid off their student loans or what have you are fucking disgusting. Outside a mortgage I've got slated to be paid off in less than five years I'm debt free, and have been for almost a decade. Jubilee is a necessity.

There is a city that exists purely because of transaction fees. Disgusting.

Blogger Ian1418 February 13, 2020 5:41 PM  

Richard Holmes quit trying to be a smart boy. No one likes a smart boy.

Blogger Up from the pond February 13, 2020 5:44 PM  

There are any number of inflation calculators available on the net.

Next time a Boomer talks about "poor planning" and "dumb kids," direct him to an inflation calculator. Ask him to plug in his hourly pay in year 1976 or whenever and see what it would be in year 2020.

If the Boomer in question has a three-digit IQ, his mouth will shut for a little while.

Blogger CM February 13, 2020 5:49 PM  

As was told to me on twitter after retweeting a post about how millenials age 30 have an average net worth of -$2k, living paycheck to paycheck is called "bad planning". The tone deafness of boomers is astonishing. If the average is a couple thousand in debt across a specific age there is something going on besides a couple people poorly planning their lives.

That argument doesn't work. I tried. It has marginal support among the early pro-Trump group, but the late pro-Trump group is deaf to this.

Blogger CM February 13, 2020 6:06 PM  

People who speak against jubilee because they paid off their student loans or what have you are fucking disgusting. Outside a mortgage I've got slated to be paid off in less than five years I'm debt free, and have been for almost a decade. Jubilee is a necessity

I've been pointing out that there is no better path to socialism than what we are doing right now.

Karl Marx was right :p

Blogger LES February 13, 2020 6:08 PM  

I understand the reasoning for forgiving student loan debt. What about future student loan debt?

Blogger Richard Holmes February 13, 2020 6:18 PM  

Richard Holmes quit trying to be a smart boy. No one likes a smart boy. - Ian1418

I wasn't. I also wasn't advocating I was correct. Jubilee isn't wrong. It's just that there is more to it. An american Jubilee should have more to it. I am all for it. When Vox Day first brought this idea up, my first thought was how unfair. But like most of VD's ideas that I disagreed with I did some research and a little more thought I came to agree with him and didn't even have to argue with anyone. It's a great idea if not a great necessity.

As for smart boy, naw. I am a blue collar dumbass ignoramus that knows a few things about not much.

Blogger Ominous Cowherd February 13, 2020 6:21 PM  

I've been completely debt free for about a decade now. It stinks that irresponsible fools might get off easy. It'll stink even worse if they don't.

As Vox says, it can't be paid back, so all that's left is to manage the damage. I'd rather punish the predatory lenders than the fools they duped.

Blogger Al K. Annossow February 13, 2020 6:55 PM  

swiftfoxmark2 wrote:Usury turns all investment into a long-term Ponzi scheme.
Another Ponzi scheme is Social Security. Like GDP, it helps drive increasing immigration and misguided incentives, e.g. the debt driven economy. If we could measure our economic well-being on something more akin to median purchasing power per person rather than GDP and inflation and stock market, we would have a better handle on what we've done and where we want to go. Hard decisions and re-orientations towards measures and incentives that are better suited for a modern society need to be made; and the sooner, the better. But too many people (actually too few) are profiting from the current systems and even from the smokescreens that keep them in place.

Blogger Doktor Jeep February 13, 2020 7:09 PM  

Yes, I ate a huge shit sandwich because I didn't want student debt.
Yes I paid off all credit card bills by the end of 2009 and got rid of them.
No, I'm not going to be a boomer about this and be like "I got mine!" then prevent others from getting theirs.
And considering who owns and makes money off all that debt, well as my late great dad would say:"Fuck 'em".
Sometimes you have to make a pro civilization move that is not going to be fair, even to yourself. And everybody screaming about fairness: I got at least 50 things to show you that you have yet to scream unfairness about. It's like when gun banners want to "save lives" but then are all for abortions and giving teenagers dangerous tranny drugs - over 6000 dead from that BTW- or even pro-lifers who get mindlessly onboard with neocon war expiditions amounting to dropping bombs on more people and starving them with embargoes. Nobody really wants to save lives, and nobody really gives a shit about fairness. The liberal living in the gentrified block is still going to report the black guy. The conservative complaining about taxes is still going to take that EITC and let people who don't have kids in school still get property taxed to pay for it. I don't want to hear about saving lives and I don't want to hear about fairness.

Blogger SciVo February 13, 2020 7:16 PM  

@Meanoldbasterd:

Is there a simple way to describe "debt pushes,the demand curve up" for normies? Thank you in advance.

Sure. Banks do not actually keep the money that we deposit with them in a safe, or at least not all of it. They loan some of it out, called "fractional reserve banking."

They do this on the assumption that their creditors (you and I) will not all demand our money back at the same time.

But this money is effectively IOUs for work. So when someone goes to a bank and takes out a loan, then he can demand work that he hasn't earned yet.

If he had to earn those IOUs first, then they would come from someone with demand for his work. But when they come from a bank, new demand is created out of thin air. There's more spenders on the market than there would be otherwise, so prices get bid up.

So then if you were trying to do things the slow and responsible way, only cashing in IOUs that you had already earned, all of a sudden, people are demanding more IOUs for their work than what you can get for yours. So you have to go to the bank for a loan too, and it spirals from there.

You are probably already aware of how women entering the workforce raised the price of land to where it takes two incomes to qualify for a loan for as much land as you used to be able to borrow for on one income. It's like that, but even more basic and primal, since it's what caused people to have to borrow in the first place.

Blogger Fozzy Bear February 13, 2020 7:20 PM  

Jose Miguel wrote:In ancient Egypt the Pharaoh enslaved everyone through usury. The bankers attempt to do so here and now will likely result in imperial dissolution instead of a unified imperial state, with some successor states under bankster control and others not.

I think you need to re-read the story, with a particular focus on Genesis 41 and 47. Joseph was "lord of all Egypt", without whom "shall no man lift up his hand or foot in all the land of Egypt."

Joseph prophesied in the name of the Lord that he would let the Egyptian people store their surplus food in their cities. When the people came for the food Joseph had instead taken from them - against the Word of God himself, without payment for his theft, and without Pharaoh's direct knowledge - It was Joseph who took all the food and land of Egypt and Canaan, and enslaved their people, then instituted the first income tax to make the Eqyptians keep paying forever.

Then, four chapters later, for no reason at all...

Blogger tublecane February 13, 2020 7:41 PM  

People can't be trusted with borrowing, anymore than gambling or sex or drugs. But it would be another thing if it resulted in actual slavery, which doesn't exist outside the criminal underworld. That's a form of moral hazard, too, which we get from modren coddling.

Speaking of gangsters, if it weren't for easy money bank coffers would run dry more often. We damn these banksters with one hand and give them allowance with the other.

Blogger bodenlose Schweinerei February 13, 2020 8:01 PM  

The idea of actually OWNING a home outright never entered into their heads

The county tax assessor sez "Sure , you "own" it, just as long as you keeping paying us our protection monies!"

millenials have a different attitude about money and life than ANY prior generation

The real issue with millenials, and even the much ballyhooed Gen Z, is a great many of them don't want any difficult or dirty jobs. They want to be "internet influencers" and "esports athletes" and other non-jobs that only exist in "post-industrial" credit bubble wastelands, i.e. to sit on their assess and earn cake.

the creditors will eventually own everything

And at that point, does anyone believe their perfect credit rating and freedom from debt will amount to jack squat? If they ever do manage to force us all to go 'cashless', your precious debtlessness will likely become an indicator of criminality, you filthy lot of economic terrorists!

Blogger Akulkis February 13, 2020 8:09 PM  

"In ancient Egypt the Pharaoh enslaved everyone through usury."

I'll give you one guess as to (((who))) was advising the Pharaoh on such matters.

Blogger Akulkis February 13, 2020 8:17 PM  

@23 "Is there a simple way to describe "debt pushes,the demand curve up" for normies? Thank you in advance."

Yes. Easily obtained loans means sellers jack up the prices of EVERYTHING (not just the things being purchased by loans, but everything else gets jacked up, too, because the borrowers now have more dollars to bid up the price of everything else, too, including necessities like food).

Blogger CM February 13, 2020 8:21 PM  

Lol. They Should've Gone Back.

Blogger Azimus February 13, 2020 8:23 PM  

VD:
without a periodic debt jubilee, either a) the creditors will eventually own everything or b) the entire economic system will collapse.


Interesting. Only a few ways to clear debt - bankruptcy/jubilee, economic collapse, or war.

Only one of these options does not put the crushing burden on the common people.

Blogger Akulkis February 13, 2020 8:25 PM  

"Example: huge lots of unsold trucks going for pennies or large numbers of Mcmansions for sale for pennies on the dollar, *BECAUSE* no one has any money to buy anything."

There, fixed it for you,

And this fixed version tells you exactly why Jefferson wrote that the biggest threat to the people of the united States would NEVER be a foreign power, but bankers, through their currency manipulations. And what is all of this easy credit other than the first half of a currency manipulation ploy (inflate the money supply before crashing the money supply, thereby giving an excuse to take all the land as collateral.. See Joseph and the 7 years of plenty followed by the 7 years of famine, which he used as an excuse to confiscate, in the name of the Pharaoh, all the livestock and lands of the people of Egypt.

And in the next mention of Egypt, we are told that ALL THE HEBREWS in Egypt are in bondage.

What's strange is how not a single Sunday School teacher or pastor has ever made the connection between these two stories (Joseph concocting a way to impoverish the people of Egypt in his desire to curry favor with the Pharoah) and the entire premise and set-up for the book of Exodus.

Blogger Doktor Jeep February 13, 2020 8:27 PM  

I think it's a good question. How does one explain all this without getting too dialectic?
Right now it seems like the only chance jubilee has of even being discussed openly is if we changed the spelling to "jewbilee" so people would be afraid to be against it.

Blogger anders February 13, 2020 8:29 PM  

one major issue...money is backed by debt if all debt was cancelled money would cease to exist.

Blogger The Pitchfork Rebel February 13, 2020 8:32 PM  

@34

Unless student loan forgiveness involves colleges and universities disgorging some share of their ill-gotten gain and forcing them jettison the "studies" departments, 52 diversity provosts and all of the rest of the apparatus that indoctrinates rather educates, then the economic disorder continues and the call will be to make college "free".

College debt is the symptom of a problem, not the problem.

https://www.campusreform.org/?ID=14374

Blogger Newscaper312 February 13, 2020 8:44 PM  

@39 SciVo

"Banks do not actually keep the money that we deposit with them in a safe, or at least not all of it. They loan some of it out, called "fractional reserve banking.""

Not quite right, actually worse than that - the 'fractional' means the opposite: the only have to have in reserves a fraction of what they can loan out. In loaning they create a debt for which they are owed, for money they never entirley had in the first place to offer for borrowing. In effect the loan creates some money out of thin air.

Blogger RedJack February 13, 2020 8:49 PM  

Life isn't fair.

I paid my loans back. Took a long time.

But I had the ability to do. A young couple with $500K of student loan debt are crippled for life. They will be never able to have half the life I do, which is less than my grandfather did.

Blogger Vaughan Williams February 13, 2020 8:51 PM  

Debt Jubilee necessary. Just because someone has debt, doesn't mean they were the ones irresponsible. Medical bills, etc. The legal system makes you responsible for half of your spouses debts in a divorce, yet during the marriage doesn't give you any way to prevent spouse from incurring said debts, or from punishing the vulture bankers who are continually offering such debt. Ask me how I know. Or don't. String the bankers up from the lamp posts, angels in heaven will smile.

Blogger RedJack February 13, 2020 8:55 PM  

dc.sunsets. Long time no see.

You nailed it.

Was in Vegas for work about a month ago. Spent the night in Tropicana Avenue.

I was sickened. From the rental car shuttle to the Hampton Inn I stayed at, it was all selling the sizzle. Lots of interesting engineering stuff, but I kept thinking "What are they actually selling?"

The same thing J Lo was selling.

Flew out on the red eye, and the sad broken people shuffling into the terminal were quite the contrast. One man was weeping on the tram "what will I tell my family!" Another just stared ahead, and on the flight out told me "I came here to win enough to pay off my house. Now my wife is divorcing me".

Selling a lie. Selling a dream. Each sale is a choice, but the guilt isn't just on the buyer.

Blogger Vaughan Williams February 13, 2020 8:57 PM  

@40 Fozzy, it isn't just the debt system; with the Grand Solar Minimum coming up shortly, if not already begun, various major players have been buying up the food stocks and squirreling them away. Alois Irlmaier foretold a great inflation in the future; I think the powers behind the scenes are rubbing their hands planning to repeat what Joseph did in Egypt.

So, to anyone who likes role playing games: role play yourself as an average Egyptian citizen at the beginning of the 7 years of plenty. What would you have done, what could you have done, to not be one of those who ended up as a slave? Would you be able to spare your whole family? How about your neighborhood, full of complacent boomers who don't heed warnings?

If you've already wargamed this out, please do share. I think we have at least a couple years of plenty before things go bang, but not many.

Blogger John Bradley February 13, 2020 9:00 PM  

Karl Marx was right :p

Though it's not so much a case of "capitalists selling communists the rope they'll use to hang us" -- more along the lines of "socialists lending us the money to buy rope from cheap-labor communists, which we'll then use to hang ourselves".

'Cause modern-day 'Capitalism' (in the West) seems to have precious little to do with actual production, and more to do with financial parasitism and destruction of the nation.

Can't wait for the iRope 12 to be announced. I hear it's even ropey-er that last year's model!

Blogger Ingot9455 February 13, 2020 9:21 PM  

@34 The colleges are going to have to charge a going rate that doesn't include loans.
We know they can do it. They probably don't even have to fire all their diversity consultants, although it would be bonus. They make loads of money from foreign students and people paying the full ride and investments from their endowments and begging from alumni.

Blogger Jack Amok February 13, 2020 9:30 PM  

I understand the reasoning for forgiving student loan debt. What about future student loan debt?

If we forgive a big boatload of student debt today, how eager do you think banks will be to loan out more of it tomorrow?

Is there a simple way to describe "debt pushes,the demand curve up" for normies? Thank you in advance.

Imagine how much the average house would cost if people had to pay cash for them.

Blogger Akulkis February 13, 2020 9:45 PM  

And the really scummy move by Joseph was, when his brothers came to buy food from the Egytian storehouses, he secretly returned their money in a bag amongst the grain (presumably so that no Egyptian could see that he was giving away THEIR grain to his brothers for free... i.e. stealing the Egyptian's grain. The same people who had let him come settle in their land).

Blogger maniacprovost February 13, 2020 9:48 PM  

living paycheck to paycheck is called "bad planning". The tone deafness of boomers is astonishing. If the average is a couple thousand in debt across a specific age there is something going on besides a couple people poorly planning their lives.

About 35% of people live paycheck to paycheck, across all income groups up to around 250,000 per year. It's planning. Some people plan to spend their entire paycheck. Some plan to spend less.

I don't see why, if the debt will not be paid back, we need to "forgive" it. Forgiving debt that we"re not parties to is tortious interference, innit? We merely need to mind our own business and not use our government to enforce the collections.

For those of you with normal IQ, my suggestion is the same as forgiving debt, but works better for the accountants.

Blogger Raker_T February 13, 2020 10:45 PM  

Richard Holmes, I appreciated the information, it's been quite awhile since I read those passages. Life can be demanding, sort of like 'choose your battles', one must choose which thing he will contemplate. Maybe next week I'll get around to discerning the finer differences between a complaint of smart boy, and one of mansplaining.

Blogger An Orthodox Christian February 13, 2020 10:54 PM  

I've not noticed it in Scripture, is there any record of the God-given Jubilee ever being temporally honored? "Temporally" because those who call upon the Name of Jesus have an eternal, spiritual Jubilee.

Blogger Jake February 13, 2020 11:21 PM  

Ashes make good soil amendment.

Blogger Korbin Ransley February 13, 2020 11:23 PM  

@40. ...

From Genesis: Chapter 41

33.) Now therefore let Pharaoh look out a man discreet and wise, and set him over the land of Egypt. 34.) Let Pharaoh do this, and let him appoint officers over the land, and take up the fifth part of the land of Egypt in the seven plenteous years. 35.) And let them gather all the food of those good years that come, and lay up corn under the hand of Pharaoh, and let them keep food in the cities. 36.) And that food shall be for store to the land against the seven years of famine, which shall be in the land of Egypt; that the land perish not through the famine.

Joseph Given Charge of Egypt

37.) And the thing was good in the eyes of Pharaoh, and in the eyes of all his servants.

38.) And Pharaoh said unto his servants, Can we find such a one as this is, a man in whom the Spirit of God is? 39.) And Pharaoh said unto Joseph, Forasmuch as God hath shewed thee all this, there is none so discreet and wise as thou art:

This is Usury? C'mon guys. Joseph told Pharaoh his dreams meant seven years of plenty followed by seven years of famine, and advised they store food. They sold the food to the people during the famine and when folks ran out of money they sold cattle and land. The Pharoah not (((Grabblers))) ended up with holdings and produce from those holdings. An Anti-Western globalist would be attacked for this type of "interpretation" of a piece of modern media or current event.

Blogger Bobiojimbo February 13, 2020 11:27 PM  

@1 God doesn't believe in fairness nor equality. Go read your Bible.

Blogger Akulkis February 14, 2020 12:32 AM  

"one major issue...money is backed by debt if all debt was cancelled money would cease to exist."

Really?

Precious metal coins are debt?

Go back to the kiddie rides.

Blogger Akulkis February 14, 2020 12:54 AM  

"This is Usury? C'mon guys. Joseph told Pharaoh his dreams meant seven years of plenty followed by seven years of famine, and advised they store food. They sold the food to the people during the famine and when folks ran out of money they sold cattle and land. The Pharoah not (((Grabblers))) ended up with holdings and produce from those holdings. An Anti-Western globalist would be attacked for this type of "interpretation" of a piece of modern media or current event."

The reason the storehouses were overflowing was because the Pharoah, at Joseph's suggestion, had been taxed very heavily. Morally, it was the FARMER'S OWN GRAIN in those government storehouses. Then, when they came to get it out, they had to give up EVERYTHING they owned... first
all of their money, then all of their livestock, then their lands, then their houses.

Why was this evil?

Because Joseph was screwing the Egyptian people out of their rightful properties and posessions to curry favor with the Pharaoh.

You see this throughout the old Testament, time and time again. Then you see it in modern times, too. For example, Charmain Mao's infamous 5 closest advisors -- every single one of them Jewish, screwed the Chinese people in the 1950's far worse than any Chinese emperor ever dared.

Blogger Rakshasa February 14, 2020 1:38 AM  

Sadly we seem to always get a jubilee for the rich, never for the poor.

Blogger Vaughan Williams February 14, 2020 2:39 AM  

@67 where can I read more about Mao's 5 closest advisors and the screwing they did? Is there a conveniently packaged book or internet article, or would it involve doing a lot of web searching and dot connecting?

Blogger FUBARwest February 14, 2020 5:03 AM  

+1 Made me chuckle

Blogger Azure Amaranthine February 14, 2020 5:14 AM  

"But it would be another thing if it resulted in actual slavery"

There are other chains than physical with metal shackles.

"one major issue...money is backed by debt if all debt was cancelled money would cease to exist."

Here's a hint, it already doesn't exist. It's just that you and a lot of others think really hard that it does. There's real money out there, but your USD isn't in that category.

"Not quite right, actually worse than that - the 'fractional' means the opposite: the only have to have in reserves a fraction of what they can loan out."

This. You're already in bullshit wonderland by the time it starts being called fractional reserve. Say they have ten dollars in deposit. If the required fraction is 10%, they can now fabricate ninety dollars of digital "money" and proceed to collect interest on that 90%.

How sane, consistent, and ethical right? Make any normal, halfway honest person go "what the actual f***, you've gotta be shitting me" when someone tells them about that little trick.

Extracting more from you than they invested in you is just the first trick. The next one is investing dross in you and yanking back gold, and that's not even close to the last one.

"If you've already wargamed this out, please do share."

If it goes that far south, small communal self sufficiency with difficult to acquire necessities laid up in stock, and the ability to present a visibly hardened target. "I don't have to outrun the bear, I just have to outrun the soft targets."

"Imagine how much the average house would cost if people had to pay cash for them."

Somewhere between a quarter and a third in most areas would be my guess. Some really remote areas might be 70% while some really gridlocked areas would probably be 10% or less.

They are, of course, already trying to get ahead of the game on that by selling to foreigners. China has a lot of millionaires looking to avoid China risks and taxes. I haven't thought about how to punish those sellers, but it has to be done. Maybe allow their children or just any enterprising local young folk in general an expedited inheritance from them by way of woodchipper, compost bin, and county hall.

Let's look at how our adversaries get things like that happening. Do they put tons of effort into making it legal? No. They draw up a set of tactics, rules, and warnings by which Joe average guy can get it done regardless legality, then get that information into his hands along with a list of benefits to him for making it happen.

"I don't see why, if the debt will not be paid back, we need to "forgive" it. Forgiving debt that we"re not parties to is tortious interference, innit? We merely need to mind our own business and not use our government to enforce the collections.

For those of you with normal IQ, my suggestion is the same as forgiving debt, but works better for the accountants."


Because it's a slave collar and chains by any other name and those slaves will be made to work harder than you, allowing the slavemaster to undercut and overbid you.

No, it's not tortious interference. Are you drunk?

'Tain't us using the government to enforce collection, it's the collectors themselves, that's why forgiveness, which disallows their collection.

Accountants are part of the crew who need to get f***ed.


Akulkis, it is plainly written that the Hebrews were enslaved because their population size and growth scared the Egyptians. As for how dearly Joseph sold the grain, it is also recorded that the people were allowed to work the land in return for 20% of the produce, the same as had been gathered for the years before the famine. We also do not know whether the extra gathered before the famine was taken like a tax, or purchased.

So, your interpretation reads both more and less than is there.

Blogger dc.sunsets February 14, 2020 9:46 AM  

Debt was THE main ingredient of economic "growth" these past 40 years. It was the mortar that built skyscrapers and hospitals, universities, bridges, airplanes, ships and roads. It created these things by displacing the organic economic choices people WOULD have made. An analogy might be that instead of a modest home that the homeowner could afford to maintain, debt enabled construction of a 5000 ft^2 mansion, but it cannot be maintained forever and when maintenance ceases, the mansion falls and instead of having a modest house, when denouement of this debt-folly comes, nothing it built remains.

Debt forms the foundation of every expectation for future cash flows, from pensions, medicare/medicaid and life insurance to the bank accounts on which next week's payroll depends. That's YOUR paycheck.

We live in Idiocracy, where the Idiots have built entire cities out of houses of cards. All that holds it together is complacency, trust and an inability of most human minds to grasp high level abstractions (e.g., "what is a trillion of something?") The last 40 years' credit bubble is a MONUMENT to herding behavior in humans.

It's a vast Jenga tower, and simply "forgiving some debt" is akin to pulling a single, critical support from under the entire thing. Debt forgiveness is impossible, because it constitutes a CHOICE to crash the tower itself. No one (or committee or political constituency) will act to do this.

This train will roll until it reaches a bridge that it's too obese to cross. There's no stopping and no turning back. Future history isn't a long, uninterrupted series of new iPhone versions.

No orderly jubilee is possible as I see it. All I see is chaos when this insanity ends and people are swept up in a rage akin to the French Revolution (and Diversity, Inc. has shuffled us all together just in time for us to realize how much we loathe "others.") I think the high number of gun sales in the USA is just a signal that people unconsciously know what's coming...and they're terrified.

Blogger dc.sunsets February 14, 2020 9:49 AM  

@66 Precious metals coins are NOT money. Not now they aren't. Could they be in the future? Sure, it's one of a number of possible paths ahead when fiat money is thoroughly discredited and abandoned.

In the meantime, if there's a dislocation, do you imagine paying for gasoline with a 1/10th oz gold coin or a pre-1964 silver dime?

Good luck with that. If things are that f'd up, you'd get more gas with a box of CCI mini-mags.

Blogger OneWingedShark February 14, 2020 10:00 AM  

Wraithburn wrote:As was told to me on twitter after retweeting a post about how millenials age 30 have an average net worth of -$2k, living paycheck to paycheck is called "bad planning". The tone deafness of boomers is astonishing. If the average is a couple thousand in debt across a specific age there is something going on besides a couple people poorly planning their lives.
I think a lot of older people have no idea how bad the 2008 collapse hit Millennials. This was just as they were starting their professional lives (after getting a degree) and *Bam!* everything goes to shit. — And it was about this time, too, that the ridiculous ATSs began to be used: you know, where you have to upload your resume and then fill out all the information that was on the resume. — ANYONE who says that it's easy to get a job and disparages Millenials because they find it hard to find employment is someone who either has not had to look for new employment in the last 10–15 years, or has life handed to them on a silver platter (which they will no doubt call "pulling themselves up by their bootstraps").

David Ray Milton wrote:If you want to understand why millennials want to seize the means of production, etc, it’s not just because they are historically ignorant. It’s bc of debt. A Bernie style revolution, however retarded and self-defeating, gives M’s and Z’s hope that maybe someday they’ll just get to own a home.

I’m all in for the GE, and he’ll have no problem crushing whatever the Dems offer up as a sacrifice. But in my opinion, the GE needs to do a better job at communicating to us youngin’s about how his fight over trade and immigration directly relate to wealth. And yes, he could convert huge swaths of Bernie Boys if he would just advocate for student debt forgiveness. But, the GE Achilles heel are the Israelites, so...

The big problems I see are Debt and Injustice… and the latter is a big part of what makes the former so hurtful: the injustice of not allowing the student-debt to be discharged by bankruptcy is a good illustration, especially when you consider the Boomers were the ones who took advantage of it then closed/locked the door behind them are the same ones decrying any sort of mercy (debt-forgiveness).

Israel may be Trump's Achilles heel, but the one thing he's pants-on-head retarded about is his crowing about "the best economy ever" when it's obvious that things are not well here: how could they be when there are common "5 years experience REQUIRED" [STEM] job-postings and a continual howling about "STEM shortage"/"we need more H1Bs!!"? — His failure to drop the hammer on the obvious H1B fraud (which are literally RICO-actionable) is both puzzling and infuriating. I mean what good is "the best economy ever" when all of your people are displaced and divorced from it?

At some point "bad optics" is just an excuse to not act. Would it be "bad optics" to call up the army and besiege the "sanctuary cities", letting citizens leave and arresting+deporting foreigners and arresting for Treason and Sedition the mayor, city-council, CoP, and police? — Perhaps, I think it would actually be FAR more popular than most would guess, but even if it's unpopular we simply cannot ignore the invasion… not without disappearing from history as a people.

Blogger OneWingedShark February 14, 2020 10:00 AM  

Ominous Cowherd wrote:I'd rather punish the predatory lenders than the fools they duped.
There's a really simple way to do this. It has to do with certain laws that are somewhat forgotten and the longstanding notion in jurisprudence that the fruit of fraud can never be legitimate.

anders wrote:one major issue...money is backed by debt if all debt was cancelled money would cease to exist.
Money doesn't have to be backed by debt. Take a look at the Constitution: there's a reason why the States (and thereby FedGov) are prohibited from making anything other than gold or silver coinage the "Tender in Payment of Debts" — their inherent value is completely divorced from debt.

Blogger Statix February 14, 2020 11:01 AM  

McClatchy is the parent company of the Kansas City Star, the rag that just recently smeared campus conservative Jaden McNeil as a "white nationalist."

Michelle Malkin is saying that not a single lawyer she's met is willing to represent McNeil and defend him from the "Open Borders Inc. defamation campaign," implying that they don't want to face the career consequences of defending America-First nationalists.

https://t.me/MichelleMalkin/674

Is she right about this, or is she not talking to the right people?

Blogger Akulkis February 14, 2020 4:13 PM  

@69

I first came across it when doing some photographic research (I was checking the veracity of the claim that there were photos of Herman Goering in drag... conclusion: Images exist, but might be photoshopped. I should look into it again).

Anyways, I came across some studio-photographs of Mao and his cabal. In each of 3 group photographs, the 5 men positioned closest to the seated Mao (flanked on each side by 2, and one standing directly behind him) were distinctly NOT asian. Clicked around through the photos to find out who these men, more trusted than the Chinese in his entourage, all had names ending in -ein and -berg. A couple are noted for changing their names from their birth names to Chinese names.

It's the same old pattern we see going all the way back to Joseph...

Anyways, search engines are your friend.

Mao Jewish Advisors brings up a number of Jewish sources which proclaim the fact. jewishjournal.com, forward.com (Whenever you see "Forward", it's Jewish communism. "Preved" (forward in Russian) was all over Communist posters in the Soviet Union).

The names are:
(https://jewishjournal.com/news/world/179731/)

Jacob Schiff
(A cousin of Congressman Bug-eyes the Persecutor), funded Mao, funded the 1948 revolution, and also funded the Japanese invasion. Note that all three were attacks on the Chinese Nationalist government (in exile in Taiwan)

Sidney Rittenberg

Jakob Rosenfeld

Israel Epstein

David Crook


Interesting. All of the studio photos of them together taken in the early 1950's have been completely scrubbed off the internet. There is ONE photo still not scrubbed, showing Sidney Rittenberg standing next to Mao in a street, (https://forward.com/schmooze/159051/a-jew-in-maos-china/) and some other images which are either casual or posed impromptu (http://mkomah2.blogspot.com/2011/06/jews-in-china.html)


TL;DR: Wally, what's a search engine?

Blogger Akulkis February 14, 2020 4:18 PM  

"it is also recorded that the people were allowed to work the land in return for 20% of the produce, "

So, they were turned from landowners to sharecroppers.

Blogger Akulkis February 14, 2020 4:26 PM  

"Precious metals coins are NOT money. Not now they aren't. Could they be in the future? Sure, it's one of a number of possible paths ahead when fiat money is thoroughly discredited and abandoned."

Precious metals are ALWAYS money, regardless of what some crazy cripple in a wheelchair, or his fiat-paper-pushing bankster friends say.

Proof?

Go into any car dealership, or to realtor's office, indicate one of the products for sale, show an marked ounce of gold, and ask whoever you come across how many of those you will need to buy the product.

You will ALWAYS get an answer, as gold is universally accepted, just like cigarettes (or, I understand lately, ramen noodle packages) are a commonly accepted unit of exchange in prisons.

Blogger Akulkis February 14, 2020 5:03 PM  

I thought those names didn't look completely right. David Crook stood out as one which I didn't remember reading before.

"Frank Coe, Israel Epstein, Elsie Fairfax-Cholmely, and Solomon Adler"

(https://www.blakkpepper.com/2016/05/jews-behind-the-rise-to-power-of-mao-tse-tung-in-china-who-murdered-80-million-countrymen/)


Coe and Adler I remember from my original discovery of the photographs, along with Rittenberg, Rosenfeld and Epstein.

Blogger Akulkis February 14, 2020 5:22 PM  

Anti-JewishMarxist from India has a lot of good stuff about the Marxist Jews in China and India

http://ajitvadakayil.blogspot.com/2013/08/

This page is LONG, but lots of good info.

Blogger John Rockwell February 15, 2020 12:11 AM  

@Akulis

Its a mystery why God didnt confront Joseph for his sin like he did David and other people if they do wrong.

Blogger John Rockwell February 15, 2020 12:14 AM  

@Alkulis

When the Hyksos were thrown out of power the following Pharoah enslaved the Hebrews.

The Hyksos didnt have any problems incorporatin Hebrews its only when the native egyptian dynasty came back.

Blogger Korbin Ransley February 15, 2020 12:40 AM  

@76 From what I've seen and heard there should be a number of people willing, and able to help. But finding them may not be easy. Factionalism, E-Drama, and concerns about optics may not make things any easier.

Read recently the Kansas City Star is filing for bankruptcy...

@Chat What might be some solutions Westerners can pursue or steps individuals can take to deal with this banking, and debt situation ??

Starting off spreading the word is great, and so is prepping. Certain Jews and Muslims eschew Usury or they at least try to address, and mitigate this stuff. More Westerners, and Pro West folks can do that too.

Blogger Vaughan Williams February 15, 2020 2:35 AM  

@81 Thank you Akulkis. Interesting how they are trying to wipe this bit of history out!

Blogger JamesB.BKK February 15, 2020 4:52 AM  

Average turnover is about 8 years. Boomers spun up into higher asset classes doing serial sales and acquiring multiple properties using high amounts of leverage though with some retardation due to divorces, property divisions. Not sure about the title of the linked article. There is a graph showing an increase in home ownership tenure. https://www.housingwire.com/articles/48946-homeowners-are-staying-put-just-not-for-as-long-as-before/

Blogger JamesB.BKK February 15, 2020 5:04 AM  

It is official govt policy of both parties upon penalty of restrictions on business growth through so-called regulation that credit be extended to high risk borrowers even after the 2007-08 collapse.

That is from a quasi cargo culture belief that the markers of competency and effort - home ownership and degrees - can if doled out through EZ credit create competency and effort. Wrongheaded and wrong. And damaging to those that get themselves saddled with the debt pursuing these things. The policy is also to fuel the debt train that levitates asset prices which left the station years ago under the greats due in large part to the first reason.

Blogger JamesB.BKK February 15, 2020 5:11 AM  

Credit cards are highway robbery? How can that be?

If one gets a tank of gas on agreed terms on which he can always decline, if he does not repay his financing of the purchase it is he that is getting away with property while depriving his financier of the benefit of the agreed bargain. It is not robbery. It is default. But the aggrieved person in the failed exchange can not be the person that got what he wanted up front on a mere promise to repay while the other has only a claim against him in need of enforcement to be paid. The interest is not due until the expiration of the agreed grace period. One may borrow money on a credit card without paying any interest at all.

Blogger Azure Amaranthine February 18, 2020 4:21 PM  

"if he does not repay his financing of the purchase it is he that is getting away with property while depriving his financier of the benefit of the agreed bargain. It is not robbery. It is default."

Bullshit on both counts. He's not "getting away" with anything. The money was lent, not stolen. Second, there is no default. It was intended that many of these lenders would not pay back before the first interest iteration. It's literally required that some of them not. If all of them did, credit card companies would not be viable businesses.

The lender here lends with the expectation that not all will be repaid within that time. He requires for his income that it not be repaid within that time.

"Aggrieved" my ass. "Failed exchange" my ass. Cut the wormtonguery.

"One may borrow money on a credit card without paying any interest at all."

Irrelevant, because if everyone did that, there would be no credit cards.

Blogger JamesB.BKK February 18, 2020 6:19 PM  

He's not "getting away" with anything. The money was lent, not stolen. Second, there is no default.

You missed at least one nuance in your haste. He is getting away with a broken promise to repay if he does not repay. Are you easy with broken promises and sometimes outright fraud? A lender is fully satisfied to receive his principal and (agreed) interest rather than to pursue deadbeats. That he knows there may be deadbeats in his borrower pool does not mean he desires this.

Cut the worm tonguery.

Do you have a list of your unapproved words and phrases, you brute?

Irrelevant, because if everyone did that, there would be no credit cards.

The stove is always there. It is often hot. This is widely known even among small children. One does not have to touch it.

Blogger Azure Amaranthine February 19, 2020 6:16 AM  

" He is getting away with a broken promise to repay if he does not repay."

No such promise was made, and you are wormtonguing again. Corrected: "He is getting away with extra interest charged to him if he does not repay within the contractual interest grace period, however he is still within the terms of the contract."

"Are you easy with broken promises and sometimes outright fraud?"

No such thing occurs in the scenario we are discussing.

"A lender is fully satisfied to receive his principal and (agreed) interest rather than to pursue deadbeats. That he knows there may be deadbeats in his borrower pool does not mean he desires this."

You were trying to correct someone about credit agencies and credit cards specifically. You could not possibly be more wrong with regard to them.

"Do you have a list of your unapproved words and phrases, you brute?"

No, a filter. Any word used for something it does not mean, or to imply something it does not mean, or to cast baseless doubts, you idiot.

"One does not have to touch it."

Irrelevant.

I'm done wasting time on you. You're either too stupid, too naive, or too invested to be able to think with even a modicum of clarity. It doesn't matter which.

Blogger JamesB.BKK February 20, 2020 3:58 AM  

Comin' in hot again. I reacted to the (figurative) claim of "highway robbery" and then suggested a fact set up for analysis. You just here made up what I did to attack your other thing.

Noted that you could have said "too stupid, too naive, or too invested, or any combination of these ...." Thank you for the uncharacteristic charitable take. Where I in the same sentence say "if he does not repay" you are not allowed to become all exercised and claim he did or would or did not promise to repay. A contract to repay contains a promise to repay within an appointed time. The grace period point is an irrelevancy. Talk about yer absence of clarity.

Bankruptcy is a solution for the debtor that you purport to stand up for. Unless he has taken a corruptly excluded student loan.

NB: Jubilees or whatever the correct term (see other comment here) for debt destruction in the manner discussed would be are in the cited law, thus putting creditors on prior notice, having fixed or at perhaps scheduled periodicity. They are not sprung on people / entities comprising collections of people and their pooled capital from time to time at the whim of politicians and their ever more grasping voting blocks (but maybe associated with some uprising against creditors generally). If there would be any such springing it should differentiate between productive or good debt that finances creation and abundance and destructive debt that finances what are casino operations and leveraged skims and strip mining of balance sheets.

Blogger Azure Amaranthine February 20, 2020 1:21 PM  

"A contract to repay contains a promise to repay within an appointed time. The grace period point is an irrelevancy. Talk about yer absence of clarity."

Both naive and foolish then. You haven't the faintest idea what you're talking about and yet continue writing. The grace period and specified interest are part of the contract. The borrower has neither cheated nor wronged anyone. The lender has a predatory contract and business model. The end.

Blogger JamesB.BKK February 21, 2020 3:55 AM  

That some are incompetent with or use dangerously a type of tool (risks of which are obvious or sensibly disclosed) is not a justification for removing access to such tool by those that are or do not.

Blogger JamesB.BKK February 21, 2020 3:57 AM  

Guy getting a tank of gas he promised to pay for but didn't sounds more like a thief than the guy he willingly obtained financing for its acquisition from based solely on the former's promise to repay.

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