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Re: Global economic collapse for dummies.....

By: Cactus Flower in ALEA | Recommend this post (0)
Thu, 07 Jun 12 12:11 AM | 51 view(s)
Boardmark this board | The Trust Matrix 		Msg. 08350 of 54959
(This msg. is a reply to 08349 by clo)
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Hi clo,

I'm not going to defend the way credit card operators function!!

Sure, there are bad actors in the system. That's why I favour a layer of market control and remediation. I don't expect everyone to behave equitably or even legally. There's a reason for the existence of laws and I support the concept of a Consumer Protection Agency. I don't think the markets are always right. That's just a slogan.

Even so, I disagree with doma's critique of the fiat currency system and the use of debt for certain purposes and the usefulness of a central bank which is able to act as the lender of last resort (compare with the problems in Europe in which the ECB has its hands tied).


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The above is a reply to the following message:
Re: Global economic collapse for dummies.....
By: clo in ALEA
Wed, 06 Jun 12 11:58 PM 		Msg. 08349 of 54959

Hi folks, been scanning the posts.

'Debt' can act as a form of slavery when the rules are altered AFTER the fact.
Many banks raised 'interest rates' on old debt/accounts. Instead of saying on any new debts the rate would change, they included the old debt.

Happened to a sister. Credit card raised her interest rate, made the monthly interest payments about all she could pay, leaving the balance in limbo.
They gave her a choice, she could pay it off or accept the higher rate...

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