michaelr

You have to get them to cut through the crap they watch on the Snews Channels, but yes it will make a difference.

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mjdsr

By the time they stop watching American Idol and Survivor, it may be too late.

michaelr

I agree, people need to get their priorities straight, sports, idol, the rest of it is a distraction. It is meant to be that way, they are being raped, therefore we are being raped. I am tired of it and getting pretty mad. You might have noticed that...

michaelr

Freddie & Fannie Unconstitutional Bail Out Using What?

mjdsr

I recently read an article about hyperinflation, and the author says it is inevitable. Am I wrong in stating that hyperinflation benefits debtors? It does reduce the value of the money they owe...so wouldn't hyperinflation make it easier to get out of debt? Just a thought that came across my mind.

michaelr

You are the second person on this thread to ask that, the answer is still no. They can't print their way out of this one.

michaelr

Trouble persists for some IndyMac customers

I will put this here, it's as good as place as any. What they are now doing is holding checks instead of cashing them, they are doing this so they can float. It is theft without question.

jaymrvn

The bottom line to the story is -
The blind will see debt for what it is,
the prisoners of debt will be freed,
the bankers’ debt money scam will be undone,
and Bill Gates’ Microsoft greed at the apex to the
debt pyramid of dollar imperialism will be exposed.

- - - - - - - -
I see that the latest report of the Federal Reserve Board shows that there was a staggering $25.6 trillion of credit market debt outstanding in the U.S. at the end of 1999—the total debt burden of the people of the U.S. having about doubled since 1990, and increased by $2.25 trillion in 1999 alone!
Now $2.25 trillion dollars—that is more than the value of all the gold and foreign currency reserves of all the countries in the world—in fact, at today’s gold price, that is more than twice the value of all the gold ever produced in the world. Or to bring it down to more personal terms, $2.25 trillion dollars of increased debt in the U.S. in one year works out at about $375 for every man, woman and child in the world, and nearly $8,500 for every man, woman and child in the United States.
In one year the per capita U.S. debt burden, including all household, enterprise and government debt increased by almost $8,500, to $95,000.
One has to ask, of course, where has that $2.25 trillion dollars of new debt in the U.S. credit market come from?
The easiest way to answer the question is to relate it to what happens when you ask your bank manager for a loan of say $100,000 and the bank agrees to that in return for the deeds of your house and, lets say, $100,000 of interest payments for the five year period of the loan.
Having agreed the terms of the loan, there is now some fancy fingerwork on a computer keyboard and that’s it! No depositors have been told that their money has been lent to you, because it hasn’t. The $100,000 loan to you, for which you have handed over the title deeds of your home, is new money in the economy and a new asset for the bank—part of its riches. Just like that!
And that $100,000 is going to be deposited in either the same bank or other banks in the banking system, to give the banks the right to lend yet again to other borrowers up to near enough the full amount of the new deposits—and then these new borrowers will deposit their loans in the banking system, giving the banks the right to lend yet again—and so on and so on and so on.
Of course, international regulations set by the Bank of International Settlements (B.I.S.) in Switzerland require that banks hold reserves of not less than 8 percent of loan assets; however, the necessary growth in capital adequacy to keep pace with the growth in loans, and hence money supply, is easily organised: in part by creaming off some of the interest that is charged to borrowers, and in part by the bank credit that comes back in the form of capital investment in the bank.
For, obviously, there are winners out there making money with the money that originated as debt money from the banks—which is to say, there are winners accumulating more of the money supply than they need or want to spend on goods and services—and these winners are ‘wisely’ investing some of their winnings back in banking. So once again there is a shortfall of money in society, unless there is more borrowing, with more assets pledged to the banks and other financial institutions.
Just think about it—how every mortgage contract supports a pyramid of more and more debt. And extend your thinking to take in the fact that the total debt owed on all owner-occupied housing in the United States is now well over $6 trillion, having grown by over $.6 trillion in 1999.
What that means is that $.6 trillion of ‘money’ has come into the economy in one year to boost the nation’s money supply—the nation’s means of exchange—the life blood of the U.S. economy—thanks to a great number of householders surrendering the deeds of at least $.6 trillion worth of housing to the banks and other financial institutions that make up the credit market!
Furthermore, with respect to the total mortgage debt of over $6 trillion, it means that the title deeds to over half the owner-occupied housing in the U.S. is now held by the banks and financial institutions that make up the credit market.
My estimate of a total equity value of under $12 trillion of all owner-occupied housing is based on figures in Housing Statistics of the United States (edited by Patrick Simmons, Bernan Press, 1997). My source is The Grip of Death, by Michael Rowbotham (published by Jon Carpenter, who, incidentally, have just brought out a second book by Michael Rowbotham on our debt enslavement called Goodbye America).
What we have to think about here is Michael Rowbotham's question in The Grip of Death, "Is it proper to rely upon housing debt to create the nation’s medium of exchange?" And the answer is clearly, "Hell no!"
It is really alarming to know that nearly all money in the economy is debt number money, created out of nothing essentially.
Apart from the rank injustice and stupidity of it, just imagine what would happen if all money on loan from the banks and other financial institutions that make up the credit market were to be repaid. Then the banks and so on would be out of business and there would only be the coins and notes issued by the government left in circulation as legal money tender—coins and dollar bills with a purchasing value of not much more than $1 trillion for a country needing at least twenty times that amount of money to keep going economically.
Here please note that the money supply of every country in the world today is dependent on banks and financial institutions taking ownership, essentially, of an ever-growing proportion of the housing stock—as well as holding I.O.Us in different forms against an ever-increasing proportion of the revenue of industry and commerce and government tax revenues.
When Sir Josiah Stamp, a director of the Bank of England in the 1920s, stopped to think about how banks make their money, he was so amazed, he wrote:
"Banking is conceived in iniquity and born in sin. Bankers own the earth. Take it away from them, but leave them the power to create money and with the flick of a pen (nowadays, with speedy fingers over a computer keyboard) they will create enough money to buy it back again. Take this great power away from them and all great fortunes like mine will disappear, and they ought to disappear, for this would be a happier world to live in. But if you want to continue (to be) the slaves of bankers and pay the cost of your own slavery, let them continue to create money and to control credit."
And this is what The Nobel laureate scientist Frederick Soddy had to say in the 1920s about how banks were making money then—(and please bear in mind that the banking system’s control of the world economy is now very much greater):
"The whole profit of the issuance of money has provided the capital of the great banking business as it exists today. Starting with nothing whatever of their own, they have got the whole world into their debt irredeemably, by a trick.
"This money comes into existence every time the banks ‘lend’ and disappears every time the debt is repaid to them. So that if industry tries to repay, the money of the nation disappears. This is what makes prosperity so ‘dangerous’ as it destroys money just when it is most needed and precipitates a slump.
"There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth.
"An honest money system is the only alternative."

Nerv14

he he more followers

We actualy could print out way out of this one, but by could, I mean that our debt problems would be over if we had hyperinflation.

But all of the other problems with hyperinflation would most likely make our debt problem right now seem like nothing!

So if you want to be "practical" then we can't print our way out of this problem, and still be alright.

anonnymous

I think we have already covered that. The question is if we were to do away with theFED what would take its place?

Right now I'm having amnesia and deja-vu at the same time.

I think I've forgotten this before.