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Page added on January 5, 2016
Fork the Economy
I’ve given up on fixing the economy. The economy is not broken. It’s simply unjust. There’s a difference.
We have to stop looking at our economy as a broken system, but one that is working absolutely true to its original design. It’s time to be progressive — and this means initiating systemic changes.
For example, Bernie Sanders’ well-meaning calls to rein in the banking industry by restoring the Federal Reserve’s function as a “regulatory agency” reveals the Left’s inability to grasp the true causes for today’s financial woes. We are not witnessing capitalism gone wrong — an otherwise egalitarian currency system has not been corrupted by greedy bankers — but, rather, capitalism doing exactly what it was programmed to do from the beginning. To fix it, we would have to dig down to its most fundamental code, and rewrite it to serve people instead of power.
First off, the role of the Federal Reserve was never to serve as an “agency.” It’s not like the Environmental Protection Agency, which is charged with regulating corporate destruction of the natural world — however woefully it may be carrying out that purpose. Rather, the Fed is a private corporation — a banker’s bank owned by the banks — created to guarantee the value of currency. It was built to serve the dollar and maintain its value by fighting inflation. When the Fed is feeling magnanimous, it can also lend extra money into existence, in the hope that it will be invested in enterprises that employee people.
The actions of the Fed, however, are limited by the way our money, central currency, was designed to work. It was developed back before the Industrial Age, as a waning European aristocracy sought to stem the rise of the merchant middle class. Small merchants were getting rich for the first time since feudalism began, thanks to the spread of the peer-to-peer marketplace and its ingenious new currency system of grain receipts and market money.
Photo credit: epicharmus via Foter.com / CC BY.
At the beginning of the market day, a baker could put receipts for bread into circulation by purchasing his weekly supplies. Those receipts could be spent on other items until a receipt holder actually needed bread, and cashed it in. Other moneys were based on stored grain or hay. They were created not for savings or accumulation, but to promote transactions.
One by one, European monarchs outlawed these local currencies and implemented central currencies that could only be lent into existence, at interest. If a business wanted to use money, it would have to borrow it from the central bank, at interest. This new system helped the rich maintain their exclusivity over wealth. They could get richer simply by being rich.
The monetary system was designed not to help people create and exchange value, but rather to extract value from anyone hoping to transact. It was not designed to promote circulation, but to serve as a drag on circulation.
Making matters worse, central currency requires an economy to grow — and to do so faster and faster. If, for every $100,000 lent into circulation, $200,000 has to eventually be paid back, then where does the other $100,000 come from? Someone has to borrow or earn it.
Now this scheme works fine as long as the economy is growing — as the colonial powers were through their conquest of the world, and even America managed to do through corporate expansion in the decades following WWII. But our ability to grow has reached its limits. There are no more regions to conquer or developing nations to exploit. Efforts to escape into outer space notwithstanding, our planet has been stretched beyond its carrying capacity for additional extraction and growth.
We are moving toward an economic plateau; but, while a steady state economy of slow or no growth is good for people and planet, it is utterly incompatible with the money system on which our economy is still based.
Making matters worse, in the digital age, we have accelerated our stock markets with high frequency trading and our business landscape with steroidal startups and ruthless platform monopolies from Amazon to Uber. These companies are valued less for their ability to turn a profit than to get acquired or reach IPO — and pay up to the institutions who lent them their original capital.
No, charging the Fed with fixing the problems of capitalism is like asking an oil company to help get us off fossil fuels. That’s selling the wrong tool for the job.
As I’ve argued in my upcoming book, Throwing Rocks at the Google Bus, we are running a 21st Century digital economy on a 13th Century printing press-era operating system. The opportunity of a digital age and the sensibilities it brings is to reprogram money to favor transaction over accumulation — flow over growth.
Photo credit: 401(K) 2013 via Foter.com / CC BY-SA.
This means experimenting with new, frictionless forms of exchange — from local currencies that increase circulation 10-fold over bank-issued money to Bitcoin, which verifies transactions without the need for an expensive central authority. Already, we see successful implementations of alternative monetary systems not only in progressive coastal cities, but also former industrial cities of the steel belt. Online “favor banks” energize the exchange of goods and services in communities from austerity-paralyzed Greece to recession-devastated Lansing, Michigan. New, investor-proof co-ops — from window manufacturers in Chicago to software developers in New Zealand — consciously optimize for the flow of value through a network, rather than the extraction of value from it.
Platform cooperatives — such the driver-owned, ride-sharing platform Lazooz — utilize the blockchain to assess ownership based on the number of miles driven. Even if the company follows Uber toward driverless vehicles, at least its workers will share in the future earnings their labor has created.
What distinguishes these experiments from traditional Leftism is that they are not attempting to compensate for the inequities of our economic system after the fact. They are not redistributing the spoils of corporate capitalism, as top-down enacted policies would do. Rather, they mean to distribute the means of production and the tools for exchange more widely. From Benefit Corporations to local crowdfunding, the best efforts at forging more equitable financial instruments are characterized by a willingness to reprogram business, currency, and exchange from the inside out.
That’s why, as we embark on another election year, we must stop looking toward candidates to tweak one knob or the other on our existing economy or monetary system. Replacing the members of the Fed won’t change the basic nature of the Fed any more than an incrementally more progressive tax code will change the extractive nature of central currency.
What those who hope to rein in the banking industry must do instead is break its monopoly over value creation and exchange by fostering competitive currencies, alternative corporate structures, worker-ownership, and restored respect for land and labor instead of just capital. If we can’t join ’em, then let’s beat ’em at their own game. We can make our own economy and money, too.
After all, it is a free market.
102 Comments on "Fork the Economy"
MSN Fanboy on Wed, 6th Jan 2016 4:00 pm
Still attacking Davy are we, scum.
“Hey Davy, you bad, because… umm. you American and umm. all Americans bad because (insert generic reason here ((usually true)) )”
after some name calling…
“If only China had inherited the industrial fruit the world would be a better place”
Apneman, Gret T and Makati, look at each other lovingly over the fire
“Yeah, Davy you fucking bully” they chant manically
“China Amazing and is so much better at green tech then USA, THEY Pratically produce no greenhouse gases” says Makati
Davy Sighs,
Davy on Wed, 6th Jan 2016 4:05 pm
MSM, that is a good one. At least we have some here who don’t have their underwear pulled up way too tight causing groin and hemorrhoid issues. I welcome the humor.
GregT on Wed, 6th Jan 2016 4:45 pm
“I am in the minority and I am constantly subjected to naked personal attacks. ”
No Davy, you are not in the minority. You have pissed off three separate individuals, on multiple different occasions, for many different reasons. You have made your bed and now you get to sleep in it. My patience with you has long since run out. I’ve had enough of your BS.
Davy on Wed, 6th Jan 2016 4:54 pm
Greg, grow up and move on. Try saying something coherent for a change. Do you have no ideas to share? We know you are upset and bothered because your goon gang are not getting any traction with their puke. People are tiered of it but you can’t resist another swing. You are a pathetic little man. Man up and quit acting like a pussy. Quit wasting our time with your silly repetitive attacks.
twocats on Wed, 6th Jan 2016 4:57 pm
I figured these transgressions may have taken place in the past and it is an internet forum “thing” to fall into the personal attack mode. I try to never say something i wouldn’t say in person to someone but its hard when its not a straightforward conversation because as an individual voice you dont have a huge amount of control of the narrative direction like in a one on one. You know people change over time and it doesnt have to be a permanent thing. Our common bond is about energy and the need to live within limits. Whatever system can contribute to that endeavor – great. Most of the isms are founded on ideals of growth.
JuanP on Wed, 6th Jan 2016 5:50 pm
Practical “Also JuanP, weren’t you the one who was bragging about caviar with 1%ers..” And that was an exception to the rule. My one percenter lady host is an extremely nice British lady, who also happens to be a member at one of the organic community gardens I frequent and grows food with her hands. My parents taught me that when you visit someone’s house, you eat what you get served, you chew with your mouth closed, you don’t speak with your mouth full, and you say thank you. I have never in my life purchased caviar or champagne for myself, only as gifts for others. I don’t deny being a hypocrite, though, I believe we all are to some degree.
I take people one at a time and treat them as they treat me. Davy has earned his very well deserved treatment on this board because he is an arrogant, narcissistic prick.
JuanP on Wed, 6th Jan 2016 5:56 pm
Delusional Davy, the board’s American exceptionalist narcissistic one percenter is at it again calling someone a pussy. Projecting again? You are the pussy, Davy, as well as a delusional bully and a traitor to your own country and its people, and so is your thieving family.
JuanP on Wed, 6th Jan 2016 6:03 pm
MSN and Davy are hanging together in the playground. Birds of a feather flock together!
Msn, nobody here has a problem with other Americans on this board. It is Davy’s behavior that is a problem, not his frigging nationality. I couldn’t care less from what country a person comes, you are either nice or you are not. Davy is a delusional narcissistic prick.
Most people in the world dislike people like Davy because they are despicable. There are people like him in every country of the world. This is not about Davy being American, it is about his being a bully, so stop making false accusations.
Davy on Wed, 6th Jan 2016 6:08 pm
I am waiting on Mak to show up and we will have had a full taste of the complete Goon Gang Extravaganza. You guys are a piece of work! What a day! Juan is at it again. It is like a relay with them handing off the baton of bile.
Juan, we are interested in some ideas not your boring life of Champagne and caviar. Did your hernia heal up so you can kite serf. Sounds like an idyllic life for our 1%er South American alien. Got anything worth our time besides bile?
JuanP on Wed, 6th Jan 2016 6:12 pm
Twocats, This goes back years. Like you said, you missed most of it. Davy has systematically insulted and abused other members of this board that disagree with him without a break. Where I come from we call that bullying and I won’t condone it, regardless of what others may think. Newcomers to the forum can’t possibly understand where this is coming from and are talking out of ignorance of the argument involved.
JuanP on Wed, 6th Jan 2016 6:16 pm
Delusional Davy, you will keep getting insulted and disrespected in this forum every day and every night for the foreseeable future because of the way you have treated others. Man up and get used to it! I will probably insult you every day for the rest of your life on this forum. There is no rest for the wicked! This is a brave new forum!
JuanP on Wed, 6th Jan 2016 6:29 pm
Democracy and capitalism were always stupid, ignorant, unrealistic ideals, like all modern, man made economic and political systems. Human beings are too primitive, brutal, and selfish for these ideas to work for the benefit of the majority, but the majority lacks the capacity to understand this. We have a tribal mind. We are tribal apes.
These large civilized societies were always guaranteed to fail in time. Now the time has come.
twocats on Wed, 6th Jan 2016 6:37 pm
JuanP – yeah that makes sense: too much bad blood at this point. I’ve been reading the comments more closely for about 6 months, and maybe posting for 2, and in that time I’ve seen this Davy is a bastard theme pop up 3 to 5 times, and each time I couldn’t really tell what Davy’s transgression was, or it was some minor comment that had some maybe slightly coded language. I mean he throws in the phrase “1%er South American alien” just now and that’s very offensive and that’s not helping him, but we are now several sheets to the wind in this argument and it’s gotten out of control. In general at this point it seems like Davy is willing for the most part to be more civil (he said as much in the disappeared comments), but when you guys poke him, well, naturally, he responds. So I’m not necessarily excusing bad behavior, I’m just wondering if it’s worth all the effort. Is the goal to get him to leave the forum?
And a hopefully amusing anecdote, my dad recently experienced the “generalized anti-americanism” you find in some circles. He goes to see this old-timey band (Fats Waller, Jelly Roll Morton, etc), and there’s this group of Europeans and Americans, mostly Italians (my dad lived in Italy while in the Army and speaks Italian pretty well). My dad worked for the Defense Department most of his life, Liberal Democrat, 10% of income to United Way, general belief that America is a democracy and is a very good if not the best country, and so on. Well, he was shocked and angry when they just casually started characterizing Americans as this or that and it became a huge argument. Once I explained to him what was happening he was really surprised. I tried to explain to him that he can voice a counter-opinion, or politely request less generalizations, but that he should probably keep it to a minimum, that these opinions are often very strong. Oh well, the next set of oil production numbers will be out soon and we’ll be back to complaining about how stupid humans are and how we are careening into oblivion! Here’s hoping!! 😉
GregT on Wed, 6th Jan 2016 6:53 pm
For the record twocats,
JuanP and myself have stood up for Davy many times in the past, just like you are doing now. It turns out that we were both wrong.
Davy on Wed, 6th Jan 2016 7:07 pm
Twocats, this is not really about Americans. I am American critical. I am far more critical than most Americans many of whom have little understanding about what we discuss here. What is really going on with Mak, Greg, Ape, and Juan is control. This is all about control and turf ownership. This is about how anti-American this site should be and who is allowed to determine this.
For me this is about freedom to speak, a code of conduct, and human decency. Human decency is not using profanities like a drunken sailor. Decency is not attacking people immediately for offering an opposing view. Idea attacks are different they are what makes a group expand their understanding. Personal attacks and labeling are about reducing understanding so extremist can focus and massage the message to fit their agenda.
Boat on Wed, 6th Jan 2016 7:07 pm
GregT,
You, Jaun and the apeman, are extreme examples of reasoned discourse gone bad. Can’t read a chart, think that 2 months of downturn in an up year is a recession and on and on and on. It is fun though when ya’ll get excited. Keep up the good work.
Boat on Wed, 6th Jan 2016 7:09 pm
BTW,
Looks over the shoulder, anybody seen the crash yet? I keep sending in my monthly allotment to my mutual funds. You?
JuanP on Wed, 6th Jan 2016 7:20 pm
Twocats, I happen to be a one percenter South American alien, Davy knows this, and I don’t consider that insulting, it is the truth. The truth never insults, IMO. I am a Uruguayan permanent resident legal alien living in the USA. I could be an American citizen if I wanted to, but I chose not to become one, many legal aliens do the same thing.
You are correct in your asesment that Davy is trying to backpedal and be more civilized now that he has alienated so many board members that we don’t give him a break, but it is too late. This was years in the making. I repeatedly warned him to back off and he didn’t, now it is time for him to get a good dose of his own medicine and get bullied for a while.
I am perfectly aware of how annoying this is for new and old innocent board members and I chose to proceed ahead with my present course of action with full understanding of the negative consequences. I am not here to be popular or be liked, I am here seeking and sharing the truth to the best of my ability. I will defend the truth by any non physically violent means necessary.
makati1 on Wed, 6th Jan 2016 7:27 pm
twocats, I am one of the Ozark Redneck’s targets because I dared to point out that the US is the world’s biggest terrorist organization and the fact that proved it. Then I became a target for almost every accusation possible in his dictionary. I have not been called such things in my 71 years on this earth.
After a few dozen exchanges, I realized he is not rational on many subjects and decided to erase him as being a nothing, not worth my time. I read most of the other comments and learn a lot about the world from them. There are some really intelligent, experienced, rational people on here. He is not one of them.
But then, he may be just what my new Avatar says…
Davy on Wed, 6th Jan 2016 7:37 pm
My dear we do have a loon on our hands. Did you read Juan’s last paragraph and not want to puke! Juan, words are just as harmful as hands. You are just not mature enough to understand this. You are pandering to people that you are a good person when the facts show otherwise. You have routinely used very nasty behavior, language, and analogies. My best has to be your graphic picture of Jesus committing suicide. Many people are down on religion but talking about someone splattering grey matter on the wall is reaching in that department. This you did on Christmas day.
You routinely insult and speak in derogatory terms for anyone that is not of your anti-Western persuasion. You have made it clear you are a misanthropist. You have routinely said you do not care about other humans just yourself in regards to a collapse. You are a classic example of a psychopathic personality. Please tell us again how proud you are of yourself for having your nuts cut. This apparently makes you not responsible for overpopulation or something in your weird mind. Everyone else is to blame in Juan’s mind except him.
Davy on Wed, 6th Jan 2016 7:42 pm
Amen, folks, Mak showed up. Now the extravaganza can begin. Staring the Ape, GregT, JuanP, and Mak. This is the greatest show on earth so don’t miss it. Two Canadians, One Uruguayan, and one ex-American all united in hate for one country and one people. Popcorn, cold beer, Peanuts. Get your hate mail booklet here. Popcorn, cold beer……..peanuts.
JuanP on Wed, 6th Jan 2016 7:44 pm
Twocats, Thanks for the anecdote! People like your father make this country proud. I have American friends, very close ones. There are many Americans on this board I would be proud to call my friends, too. There are bad and good Americans, same as everywhere else.
My wife and I were the only non Americans at the New Year’s party we attended not one week ago. Most people held multiple nationalities. All the rest of the people there were American citizens and they were also British, Canadian, German, Ethiopian, Estonian, Israeli, Brazilian, and Thai. Different ages, sexes, races, religions, and nationalities, and political views. It was a great crowd and we had a blast! I don’t care about nationalities, sex, age, race, etc.. My main concern is with learning new stuff and trying to understand things better.
Davy is the one that keeps this whole “anti American” thing going n this forum because he is extremely biased where the USA is concerned, and not necessarily in a truly patriotic way.
Apneaman on Wed, 6th Jan 2016 8:05 pm
Boat, you and your mutual fund will probably be bailed in soon. Not a lot of working class investors these days.
Most Americans are one paycheck away from the street
“Approximately 63% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair, according to a survey released Wednesday of 1,000 adults by personal finance website Bankrate.com, up slightly from 62% last year. Faced with an emergency, they say they would raise the money by reducing spending elsewhere (23%), borrowing from family and/or friends (15%) or using credit cards to bridge the gap (15%).”
http://www.marketwatch.com/story/most-americans-are-one-paycheck-away-from-the-street-2016-01-06
Boat on Wed, 6th Jan 2016 8:09 pm
Mak,
After the death and destruction of WWII it was apparent the world needed a better leading country. The US is doing a fine job on the whole. Death and destruction are at a historical low. Of course this may come back to bite the world with climate change, but you can’t have it all.
Boat on Wed, 6th Jan 2016 8:15 pm
Apeman,
Not everyone can be a chief and earn good money but those who rise with hard work and brains can make it easy. Capitalism is only fair to those who can use it’s potential. So far it has been the most successful vehicle for for human well being yet. But anything ran by humans will always have problems, always has and will.
GregT on Wed, 6th Jan 2016 8:25 pm
“Two Canadians, One Uruguayan, and one ex-American all united in hate for one country and one people.”
You are a disgrace to your country and descent Americans everywhere Davy. A total and complete loser.
Apneaman on Wed, 6th Jan 2016 8:25 pm
Boat you are a total fucking retard.
Boat on Wed, 6th Jan 2016 8:30 pm
Apeman,
And your fat. Lol
Apneaman on Wed, 6th Jan 2016 8:34 pm
Did you back to the PVC plant boat? Sounds like you have been inhaling more brain altering fumes. Yep, I fat. What’s your point? Your stupid. I can always lose weight but you’ll be a retard for life.
Boat on Wed, 6th Jan 2016 8:40 pm
Apeman,
Where is the crash, the world collapse. Oh yea, you so smart. Lol Your world evolves around shyt that don’t happen year after year. At least come up with new cuss words. Work on your vocabulary.
GregT on Wed, 6th Jan 2016 8:40 pm
He does’t need to go back on the glue, the damage has already been done.
Boat on Wed, 6th Jan 2016 8:44 pm
I see you boys have moved to attacking poor Davy. Mostly ya’ll have the same crazy narrative and usually support each others nonsense. Did he forget the lube or something?
Apneaman on Wed, 6th Jan 2016 8:50 pm
We’re living it boat. It’s not a 90 minute Hollywood movie – it’s a process. More people getting thrown under the bus everyday. Personal collapse. You need to pretend that it’s because they don’t work hard enough. How did tens of millions in your country and many more in others suddenly lose their willingness to work within a decade? Even your heros are feeling the pain.
The World’s Five Richest People Lost $8.7 Billion in Monday’s Selloff
http://www.bloomberg.com/news/articles/2016-01-04/world-s-five-richest-lose-8-7-billion-in-year-s-trading-debut
Guess they weren’t working hard enough.
Davy on Wed, 6th Jan 2016 8:51 pm
Greg, you are so lame. You never have anything to say but redundant whining. Good things you have your gang to support you.
Apneaman on Wed, 6th Jan 2016 9:00 pm
Boat, were in a race to see which will be the final blow – The ape greed, corruption and stupidity in economics or the consequences of AGW and ecosystem destruction caused by ape greed, corruption and stupidity.
http://www.climatecentral.org/news/2015-wildfire-season-sets-ominous-record-19879
Climate change: Cereal harvests across the world ‘fall by 10% in 50 years’
Impact of droughts and heatwaves stronger in recent decades, especially in developed countries
http://www.independent.co.uk/environment/climate-change-cereal-harvests-across-the-world-fall-by-10-in-50-years-a6799666.html
Davy on Wed, 6th Jan 2016 9:03 pm
How about that Bric narrative. Another Chinese circuit breaker event. Yes, this happened a few days ago. Carnage in China equity markets!
http://www.zerohedge.com/news/2016-01-06/china-devalues-yuan-most-august-collapse-offshore-yuan-crashes-5-handles
Apneaman on Wed, 6th Jan 2016 9:14 pm
Boat, I thought you put all your faith in what the big conservative institutions say? They are not saying what you are saying.
World Bank issues ‘perfect storm’ warning for 2016
http://www.theguardian.com/business/2016/jan/06/world-bank-perfect-storm-warning-2016-slowdown-brics-economies?CMP=twt_gu
JPMorgan downgrades all but one emerging economy
https://www.rt.com/business/327876-jpmorgan-emerging-economies-downgrade/
Apneaman on Wed, 6th Jan 2016 9:16 pm
Chief economists at Canada’s big banks predict rocky year for economy
http://www.cbc.ca/news/business/economy-bank-economists-forecasts-1.3390415
Go Speed Racer on Wed, 6th Jan 2016 9:32 pm
How come this webpage says ’88 comments’ but I only see about 35 comments?
We must be in that Idiocracy movie.
Boat on Wed, 6th Jan 2016 9:35 pm
Apeman,
You are good at finding things that look negative for example the billionaires that lost a few bucks. But you never post when they make billions on a market swing. Your not capable of being objective like your not capable of controlling your temper and mouth.
Boat, I thought you put all your faith in what the big conservative institutions say? They are not saying what you are saying.
As usual your wrong. I try to read all the news I can from every angle and form my own opinion. From the wall street journal to zero unhinged, al jazera/rt crazies to the bbc. Mainly I look toward long term trends and know the world and markets are much more resilient than most think even though history stares them in the face. Oil for example runs in many year trends while doomers freak on any little geopolitical or market news.
makati1 on Wed, 6th Jan 2016 9:37 pm
Two for Boat:
” 2016 Theme #1: The Loss of Great Power Leverage”
“…As civil societies in the Mideast fall apart, the leverage of Great Powers* declines accordingly. When dictators and tiny elites lose their grip, a coup can only change those who have lost the leverage of control. A coup takes hours or days, but rebuilding a destroyed civil society takes decades…” (*US/NATO?)
“2016 Theme #2: the Hollow Shell of Democracy”
“…Democracy is now a travesty of a mockery of a sham, a hollow shell of PR and propaganda designed to confuse and distract the citizenry–the citizenry that is being crushed beneath the authoritarian* rule that has expanded to fill the hollow shell of formal democracy…” (*Fascism/dictatorship anyone?)
http://ricefarmer.blogspot.fr/
Nah, he will just say that the price of oil will go up if those are true. LOL
makati1 on Wed, 6th Jan 2016 9:40 pm
Go, the system now puts the first 50 in some other area. Always gotta mess with what works or there is no ‘progress’ I guess.
makati1 on Wed, 6th Jan 2016 9:43 pm
Boat, greed makes people blind to reality. Living off of those who still produce is nothing to brag about. And that system is soon to fail and never recover. Capitalism and Democracy are history. Greed killed both. You seem to be a perfect example of the killer, not the victim.
twocats on Wed, 6th Jan 2016 9:48 pm
Twocats, I happen to be a one percenter South American alien, Davy knows this, and I don’t consider that insulting, it is the truth. [juanp]
oh! haha that’s some funny shit because that would never fly where I’m from, calling someone an alien, even if an accurate word. Probably foreign national would be the term used, but I’m not sure.
Boat on Wed, 6th Jan 2016 9:49 pm
mak.
More of your garbage. I grew up and still am a blue collar worker. I have always owned cars and homes. Has nothing to do with greed or consumerism. I do my own house repairs ans many car repairs just for fun, I don’t have to. If I can borrow money cheaper than what I make on investments I would be stupid to not borrow money. Something you doomers have yet to figure out. Especially housing where it is cheaper to buy than to rent.
GregT on Wed, 6th Jan 2016 10:04 pm
“If I can borrow money cheaper than what I make on investments I would be stupid to not borrow money.”
10 stocks that led the S&P 500’s second big drop of 2016
http://www.marketwatch.com/story/10-stocks-leading-the-sp-500s-second-big-drop-of-2016-2016-01-06
So who’s paying you to borrow money Boat? Or are you really that stupid?
makati1 on Wed, 6th Jan 2016 10:10 pm
Boat, age does not indicate maturity or intelligence.
Ask the millions, put out on the street in the last few years, who lost their “bank owned” homes because of the contracting economy, what THEY thought when they borrowed? You are still drinking the banksters Koolaid by the gallons. Debt is NEVER good.
The house you are paying on(renting from the bank on a 20-30 year “rent to own” plan) is only worth what someone else will pay when you want to sell, not what the real estate agent told you or what you read in the financial news. When you want/need to sell there may be ZERO buyers at any price.
I assume that your other statements about your jobs, etc to be true so I congratulate you on your abilities and industriousness. But, I still think your idea of how to get rich, or at least have a comfortable future, is misguided and doomed to fail.
Are you prepping for a total collapse in the not too distant future? I hope so.
GregT on Wed, 6th Jan 2016 10:13 pm
“Especially housing where it is cheaper to buy than to rent.”
The bank owns your home Boat. Don’t believe me? Stop paying the ‘rent’ and see what happens.
Apneaman on Wed, 6th Jan 2016 10:37 pm
Thanks boat. Always good to be acknowledged for my research skills to provide solid evidence. Sorry you lost the argument again because of it. I can’t help it if it’s negative. The world’s going to shit – deal with it.
Davy on Thu, 7th Jan 2016 6:27 am
“Global Stocks Crash After Spiraling Chinese Devaluation Unleashes Worldwide Chaos And Selling”
http://www.zerohedge.com/news/2016-01-07/global-stocks-crash-after-spiraling-chinese-devaluation-unleashes-worldwide-chaos-an
“It’s a brutal start of the year, there’s just nowhere to hide on the market. This looks like a ripple effect from what happened back in August. It might continue for a few weeks, but given China’s central bank fire power, it shouldn’t last for more than that,” Alexandre Baradez, chief market analyst at IG France, says by phone.”
“The following chart courtesy of Holger Zschaepitz summarizes the utterly farcical nature of Chinese markets quite effectively (view chart)…..At that point the PBOC yuantervened…but it already too late: the damage had been done, and all in just 14 minutes of actual trading (net of the 15 minute trading halt).”
“As Bloomberg summarizes, China’s tolerance for a weaker yuan is being seen as evidence policy makers are struggling to revive an economy that’s the world’s biggest user of energy, metals and grains. Those concerns helped wipe $2.5 trillion off the value of global equities in the first six days of this year.”
“George Soros warned that markets are facing a crisis, while the World Bank cut its global growth forecasts for this year and next as China’s slowdown prolongs a commodity slump and contractions endure in Brazil and Russia. “China has a major adjustment problem,” Soros said Thursday at an economic forum in Colombo, Sri Lanka. “I would say it amounts to a crisis. When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008.”