Financial Information
-
-
#3 written by N. Cognito 1 year ago
What you have to understand is that since the United States left the gold standard and moved to the Federal Reserve Bank system, consumer debt is the only thing that provides value to our money. Where it was once backed by precious metals, the fiat money now printed on demand only carries the value of debt, just as bonds always did. If the debts go down, so does the value.
Basically our money, instead of being worth an equivalent amount of silver or gold as it used to be, is backed by nothing more than a very large stack of IOU’s.
-
#4 written by Wilkow Conservative 1 year ago
The biggest problem with credit cards, mortgages, and most major problems in this country is lack of personal responsibility. It seems that the idea of personal responsibility and someone even if it need be the government will bail me out if I screw up. From what I have personally seen and what I hear from day to day I do not believe that there are any schools or parents in this country teaching their children personal responsibility and that even most adults have forgotten what personal responsibility is. If we went back to a society where we were each responsible for our own actions and had to live with the consequences no matter how terrible those consequences than we might learn to use a little common sense when making decisions and not get into situations we know we can’t afford. I am 33 yars old and have been in the first house of my adult life for 9 months and i only rent because I know I can’t afford to buy and refuse to get into a situation I can’t afford. I have wlaked out of more car dealerships than I can count because they are not able to get me car payments that I can afford and i refuse to pay even 1 penny over what I figure I can afford even though I can find pennies galore walking down the street. I have thrown out all but 1 credit card offer I have ever received and that card only has a 300 dollar limit because I refuse the credit advances I am offered to avoid getting into a situation I cannot afford. I can do all this and I know that even I am not as personally resposible as I should be. If we all could take it upon ourselves to do what we know we should then we all could live a happier stress free life.
- Comment Feed for this Post
The government will not bail out the average person . But, watch out for the debtors prisons or labor camps.