Universal Default Forces Many Into Bankruptcy

Another gouge out of the average persons pocket. While I sympathize with them, I wish people would stop using credit and debit cards. It's a sad story but people are only living beyond their means when they use them. Live within your means and you won't have those problems.





---
These days, if you are not confused, you are not thinking clearly. Mrs. Irene Peters

a "GOUGE"???<br />
FAR MORE THAN A GOUGE! <br />
This is the stuff of legend<br />
This is the story of money lenders and usery<br />
This is the story told of a perhaps mythical being and upturned tables in a temple<br />
<br />
Law in, Nefarious &#8220;Collusion&#8221; backs &#8220;THEE&#8221; confidence game of confidence games.<br />
<br />
The Bar, the Pulpit and the Press Nefariously combine To Cry up an usurpt Pow&#8217;r and stamp it Right Devine. 1695<br />
Do you understand?<br />
Are you 'getting' this?<br />
<br />
Take notice: this response was predicated by the phrase &#8220;I wish people would stop using credit and debit cards. It's a sad story but people are only living beyond their means when they use them. Live within your means and you won't have those problems.&#8221;<br />
<br />
Credit, a concept devised by exceptionally clever bankers, is the wellspring of economic control world wide, hence the BIS, IMP World Bank, et al<br />
<br />
Before any rationale discussion can take place there must be a common knowledge of the topic.<br />
This is rarely the case while speaking of money because few understand what money is.<br />
Money, as it exists today, is the cleverest confidence game ever invented.<br />
Fractional reserve systems create &#8216;money&#8217; (read, debt instrument) as a book keeping entry. <br />
Paper money has only agreement to &#8216;back&#8217; it. There is no precious metal to support this debt instrument. This is only &#8216;agreement&#8217; that supports it.<br />
<br />
If I grow marijuana I have by my efforts produced a tangible commodity. (lest leave the legality of that commodity until later to discuss.)<br />
<br />
The printing, images and characters on paper, of money produces a substance that only agreement holds as value.<br />
<br />
The expression, &#8216;living beyond ones means&#8221; is a misnomer in a debt instrument system.<br />
Economies based on fiat dollars give little other option than debt dollars as a &#8220;legal&#8221; means of exchange. <br />
<br />
Barter as a means of exchange became written into law by &#8216;elected law makers&#8217;, in support of bankers, as a means of taxation (another incredible confidence game) by which the state, an instrument of control also based on common agreement and cleverly now identified as &#8216;democracy&#8217; (another confidence game , by the way) in some jurisdictions as a state of freedom.<br />
It is not! <br />
Walking around with a pocket full on pieces of paper whose only &#8216;value&#8217; is set by central banking and held in obedience abeyance by &#8220;laws&#8221; those we elect and have given our power to rule us is an agreed upon insanity.<br />
(please read and comprehend the information at &#8220;The irresistible rise of global anti-capitalism&#8221; <a href="http://artactivism.members.gn.apc.org/stories.htm">http://artactivism.members.gn.apc.org/stories.htm</a>)<br />
<br />
I leave this to you as a means of study for further discussion<br />
David<br />
<br />
<br />
<br />
<br />
<br />
<a href="http://www.myvesta.org/history/history_money.htm">http://www.myvesta.org/history/history_money.htm</a><br />
The history of credit and debt <br />
Money credit and debt <br />
What is money?<br />
<br />
Money is nothing more than a way for people to exchange labour. <br />
<br />
Paper money can be thought of as a ticket entitling the holder to a certain amount of someone else's hard work. <br />
<br />
While man lived a savage existence in history, he was not able to perform all functions necessary to break out of the routine of kill, eat, grow, harvest, without the skills gained from the labor of another. <br />
<br />
Barter is the simplest form of trading labor, but it is inherently inefficient. If you cannot easily locate someone with the exact item you want, you are out of luck. (I wonder if I can find someone to trade a chicken for this Web page?) <br />
<br />
Before paper money (which is nothing more than debt) was created, we had hard money and we had a hard time giving it up. <br />
<br />
For something to serve as money it had to be: <br />
Desirable - Precious metals are more desirable than. You can compress more value into a relatively small package with gold and silver. <br />
Portable - It can't be too heavy. You don't see coins made from iron, do you? <br />
Divisible - You have to be able to divide it up into smaller portions without considerable work. Spanish pieces of eight were often cut into bits. Two bits equaled a quarter of a dollar. "Two bits, four bits, six bits, a dollar, all for ______ stand up and holler." <br />
Durable - Don't have to replace it often. It won't easily wear and tarnish. <br />
So What is Credit?<br />
<br />
Credit is a method of exchange of labor in lieu of money. <br />
<br />
If you earn $20,080 dollars a year ($10/hr.) and want to buy a car worth $30,000, you would need to work 3,000 hours to pay for it (actually about 3,900 hours because you have to pay all your taxes and deductions off the top). <br />
<br />
Rather than wait until you have gathered the necessary money by working the hours, you can pledge your future labor as a guarantee towards that obligation and get the car now. Your history of how you honor those types of obligations is your "credit rating." <br />
<br />
It could be said that credit is simply a state of mind that all will honor their obligations. <br />
What is Debt?<br />
<br />
Debt is what you create from a credit transaction and are obligated to pay back. <br />
<br />
Credit and debt walk hand in hand. However, the levels of credit and debt are often not equal. <br />
<br />
If you purchase a rare painting with debt and it rises in value, the present value will be more than the debt. You will have earned extra credit (current sales price - debt = credit). <br />
<br />
However, if you purchase, say a mobile home, it will be worth less when you try to sell it than your debt against the home. You will be the proud owner of debt (current sales price - debt = debt). <br />
Why Do I Need Confidence for Credit?<br />
<br />
The largest factor in the continued extension of credit is confidence. Without confidence by consumers in the economy and producers in consumers, credit will dry up. Have you heard on the news about the Consumer Confidence Survey? That's what it is all about. <br />
<br />
So if credit is used in place of money, what else is also used? Bank checks are. The difference is they are not pledges of future labor but for labor stored in your bank account. <br />
<br />
What about the credit card, is that like a check? No. Much like a bank check is used to exchange stored labor, a credit card is used as a tool to exchange present and/or future labor. A credit card is nothing more than a mechanism to do this - a financial tool. <br />
<br />
If you write a check for the purchase and do not carry the balance on the card, the credit card has merely been a tool to conduct the transaction. Nothing more, nothing less. <br />
<br />
What about people who say that having a credit card made them spend more? It didn't. Overspending is not caused by the tool. It is caused by the desire for things that bring us pleasure, often to compensate for issues in other parts of our lives. What causes problems is the over-pledging of future labor for a term that cannot be met. For example: You pledge 3,900 hours within five years to pay for a car, but in combination with your other credit pledges (vacations, clothes, dining out, etc.) you cannot possibly work enough hours or gather enough money to satisfy your debt before it is due. That's what gets people in trouble. <br />
<br />
So why don't I put all of my money in my mattress it until I need it? That doesn't help either. If everyone stashed their money, it would lead to a stagnation of production and work for the exchange of, guess what, money. Money keeps us busy and active as a society. Without a steady level of activity our economy would be nothing but periods of starts and stops. Credit helps to level it all out. It is not desirable for our country or individuals to be completely debt-free if we want to keep the economy stable. <br />
Money Equals Debt. What?<br />
<br />
The paper money we use today is debt, government debt. <br />
<br />
The government used to maintain sufficient amounts of Spanish dollars, gold and silver on deposit to provide collateral for our paper money (in latter days, just gold and silver was held). In theory, that meant that if the government printed one million dollar bills to put into circulation, they had to have one million dollars worth of gold or silver on deposit to cover those notes. <br />
<br />
Governments no longer hold deposits of precious metals as collateral for their currency. The paper money you carry is nothing more than a governmental promise to pay you back, a promissory note. <br />
<br />
Look at the top of a $1 bill. It says it is a "Federal Reserve Note" and states, "This note is legal tender for all debts, public and private." <br />
<br />
It used to say at the top "Silver Certificate. This certificate is legal tender for all debts public and private." It was redeemable for an actual amount of silver. Other larger denominations were backed with gold as "gold certificates."<br />
<br />
<br />
<br />
<br />
<br />
<br />
<p>---<br>Real education must ultimately be limited to men who insist on knowing, the rest is mere sheep-herding. <br />
Ezra Pound

I don't think universal default is legal in Canada. The story is from West Virginia. Shocking and inflammatory as the poster is, this thread is a red herring.

That being said, I think banks make money off of people's weaknesses. The problem is a lack of financial education, it's just not taught in schools at any decent levels. The most I was taught in high school was how to write a cheque. This country is dying for more money education. Some people forget that credit cards are optional, and the contracts are rarely read or understood. It's truly rare for someone to be "forced" into debt. A contract is a voluntary thing. Most people really don't understand the concept of compound interest, so how are they to understand a credit card contract?

I think our school systems have failed our country in this regard.

school is now in session, bro<br />
<a href="http://www.conspiracyplanet.com/channel.cfm?channelid=130&contentid=2623&page=2">http://www.conspiracyplanet.com/channel.cfm?channelid=130&contentid=2623&page=2</a><p>---<br>Real education must ultimately be limited to men who insist on knowing, the rest is mere sheep-herding. <br />
Ezra Pound

Interesting read, though it has little to do with specifically regarding universal default in the US. And it has nothing to do with that practice in Canada, if it even exists!

I see you're still true to form, cutting and pasting barely relevant material anywhere you can. Some days I think you're a cleverly written script that googles key words in the conversation, and then auto pastes them into the conversation along with a generic witty comment. I know you're really not, but if you replaced yourself that way, I think it would take some time before anyone noticed.

Hmm that just gave me an idea!

"Hmm that just gave me an idea! "

You're going to replace Dio with a very small shell script?

While 'Universal Default' may not be in Canada yet, the whole reason Vive has an 'Eye on Uncle Sam' category is that what happens down south eventually has some bearing on us. With the power of the Credit lobby, I wouldn't be surprised if credit card debt were to be placed in the same class as tax debt WRT bankrupcy.

Credit cards lenders are the only instuitiution in history that can change the agreed purchase price of an item after the sale, and you have absolutely no recourse.


---
"I think it's important to always carry enough technology to restart civilization, should it be necessary." Mark Tilden

&#8220;Interesting read, though it has little to do with specifically regarding universal default in the US. And it has nothing to do with that practice in Canada, if it even exists!&#8221;

One must be able to see the connection SL
Plus realise the BIS is at the head of it all.
The Uncle Sam Icon is to give notice the article falls under the &#8220;Eye on Uncle Sam&#8221; category

&#8220;I see you're still true to form, cutting and pasting barely relevant material anywhere you can.&#8217;
How observant! But of course I am true to ( my) form and as to the relevance-see above

&#8220;Some days I think&#8230;&#8221;
Quite true! And other day then? You do not?

&#8220;Hmm that just gave me an idea! &#8220;

Fantastic! Shall we, the readership , now expect &#8220;Your&#8221; contributions to follow your idea?
That will be refreshing


---
Real education must ultimately be limited to men who insist on knowing, the rest is mere sheep-herding.
Ezra Pound