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Where did the debt come from?

 
Anonymous Coward
User ID: 1011606
France
11/13/2012 04:03 AM
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Re: Where did the debt come from?
Money is created based on debt. Without debt, no money. Debt is the base of the current monetary system. And that's why crash is inevitable.
Anonymous Coward
User ID: 27655230
United Kingdom
11/13/2012 04:24 AM
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Re: Where did the debt come from?
Try the Gramm-Leach-Bliley Act which gave incredible amount of power to banks over the people and expanded the Community Reinvestment Act. Since of course, people have a "right" to own a home, then they also have a "right" to get a loan to pay for the home (which would then mean the banks own the homes, but don't tell anyone).

Anyway, the banks were allowed to just hand out loans to anybody who wanted a loan without any accountability. Of course, nobody actually payed their loans, and a few years (and wars) later we have massive debt as a nation.

That's just for one source of debt and the bailout. The rest comes from simply spending more than you take in. That new federally funded public school that popped up in the inner city with graduation rates under 20%? That's debt.
 Quoting: Zedakah


that's a very good post. rockon
Anonymous Coward
User ID: 1011606
France
11/13/2012 04:30 AM
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Re: Where did the debt come from?
Try the Gramm-Leach-Bliley Act which gave incredible amount of power to banks over the people and expanded the Community Reinvestment Act. Since of course, people have a "right" to own a home, then they also have a "right" to get a loan to pay for the home (which would then mean the banks own the homes, but don't tell anyone).

Anyway, the banks were allowed to just hand out loans to anybody who wanted a loan without any accountability. Of course, nobody actually payed their loans, and a few years (and wars) later we have massive debt as a nation.

That's just for one source of debt and the bailout. The rest comes from simply spending more than you take in. That new federally funded public school that popped up in the inner city with graduation rates under 20%? That's debt.
 Quoting: Zedakah


that's a very good post. rockon
 Quoting: Anonymous Coward 27655230


Not so good he didn't mention the main cause of debt in the US : Federal reserve act. That's the ONLY true cause of debt.
Hypertiger

User ID: 12277324
Canada
11/13/2012 04:32 AM
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Re: Where did the debt come from?
Presidents are installed.

The neocons were installed to do what they did and set up Obama.

The saviour that can sing the masses back to sleep again.

That is part of the equation you all are not factoring in.

The blow off of the new economy Y2K bubble was used to help fund the system up to this point.

That too.

The weird way the set up is though...US consumers are encouraged to get into ever grater amounts of debt to supply the global trade system with demand.

Because all the others are set up to sustain their economic zones by supplying the demand.

Basically once US consumers could no longer supply the US dollars that were being used to bid up Greek bonds.

the yield rates shot up and collapsed greece.

the enitre EU was being sustained by the US consumer from 1944-2008.

Well it still required support from the USA...but can't get it because US consumers...or slaves.

reached their maximum potential to supply the demands of the global trade system for inflation...so now the global trade system is being supplied with deflation.

that due to how the system transfers power between economic zones has the top zones living off the bottom.

The deflation is being exported to places line Greece and Iceland in order to sustain the zones higher in the hierarchy.

Iran is being cut off because massive amounts of US dollars were used to sustain Iran...and now that US consumers are unable to keep Iran inflated.

It's a great time to impose sanctions...and redirect monetary flows to somewhere else on earth to manipulate events.

and you all will think everything is under control.

A controlled collapse.
Anonymous Coward
User ID: 27655230
United Kingdom
11/13/2012 04:35 AM
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Re: Where did the debt come from?
Try the Gramm-Leach-Bliley Act which gave incredible amount of power to banks over the people and expanded the Community Reinvestment Act. Since of course, people have a "right" to own a home, then they also have a "right" to get a loan to pay for the home (which would then mean the banks own the homes, but don't tell anyone).

Anyway, the banks were allowed to just hand out loans to anybody who wanted a loan without any accountability. Of course, nobody actually payed their loans, and a few years (and wars) later we have massive debt as a nation.

That's just for one source of debt and the bailout. The rest comes from simply spending more than you take in. That new federally funded public school that popped up in the inner city with graduation rates under 20%? That's debt.
 Quoting: Zedakah


that's a very good post. rockon
 Quoting: Anonymous Coward 27655230


Not so good he didn't mention the main cause of debt in the US : Federal reserve act. That's the ONLY true cause of debt.
 Quoting: Anonymous Coward 1011606


I think that at this level your info is a given though to be fair. You can't mention every level in every post.
Fractional Reserve banking, Basel, Dodd-Frank, metal backed, act etc etc
Anonymous Coward
User ID: 27655230
United Kingdom
11/13/2012 04:36 AM
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Re: Where did the debt come from?
Try the Gramm-Leach-Bliley Act which gave incredible amount of power to banks over the people and expanded the Community Reinvestment Act. Since of course, people have a "right" to own a home, then they also have a "right" to get a loan to pay for the home (which would then mean the banks own the homes, but don't tell anyone).

Anyway, the banks were allowed to just hand out loans to anybody who wanted a loan without any accountability. Of course, nobody actually payed their loans, and a few years (and wars) later we have massive debt as a nation.

That's just for one source of debt and the bailout. The rest comes from simply spending more than you take in. That new federally funded public school that popped up in the inner city with graduation rates under 20%? That's debt.
 Quoting: Zedakah


that's a very good post. rockon
 Quoting: Anonymous Coward 27655230


Not so good he didn't mention the main cause of debt in the US : Federal reserve act. That's the ONLY true cause of debt.
 Quoting: Anonymous Coward 1011606


I think that at this level your info is a given though to be fair. You can't mention every level in every post.
Fractional Reserve banking, Basel, Dodd-Frank, metal backed, act etc etc
 Quoting: Anonymous Coward 27655230


after posting that last reply, i agree that the fed reserve act of 1913 (iirc?) was the most important change to the financial system yes...
alexisj9

User ID: 1376880
United Kingdom
11/13/2012 04:44 AM

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Re: Where did the debt come from?
Borrowing for things that the money wasn't there for, but for what I wouldn't know, as I do not know much about American history.
Hypertiger

User ID: 12277324
Canada
11/13/2012 04:55 AM
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Re: Where did the debt come from?
The cause of debt is the choice to take more than you give to sustain your existence.

It's the easy choice in relation to the hard choice to make.

Which is to share equally.

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