Can I print my own money, backed by nothing to pay off my mortgage? It has value because I say it does, really it does.
Can I print my own money, backed by nothing to pay off my mortgage? It has value because I say it does, really it does.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!" - Benjamin Franklin
"Every member of the State ought diligently to read and to study the constitution of his country ... by knowing their rights, they will sooner perceive when they are violated and be the better prepared to defend and assert them."
~Chief-Justice John Jay, 1777
U.S. Constitution
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Last edited by specsaregood; 04-14-2012 at 10:34 PM.
It should belong to whoever owns it.Originally Posted by specsaregood
In a truly free market with sound currency circulating, and banks that actually lend their own assets, I would agree. This scenario presents a conundrum, however, as there are no clean hands. We have a privatized/collectivized/socialized currency, a form of socialism in the monetary system itself, which already dictates that if you cannot pay for the house that the bank provided a collectivized fiction for you to finance, the bank then becomes the owner and recipient of unearned wealth. Banks are not owed free houses either.
Do banks provide a service?
"Government is not the solution to our problem; government is the problem."
Ronald Reagan, 1981
They entered into the contracts with their own free will. End of story.
I honestly cannot believe we are having this discussion on RPFs, but how would it be right for people to keep a house that they did not pay for? How are houses different than investments gone sour because of the crap pulled by the government, Wall Street and the FED? What about all the lost savings of people fleeced by the debasement of the currency and artificially low interest rates? What about the people who have been paying higher rent because of the same. What about....
But yet, some here want to give special favor to mortgage holders. Sounds way too much like the favors that our government is so fond of handing out to special interests.
Last edited by LibertyEagle; 04-14-2012 at 06:14 PM.
"We do have some differences and our approaches will be different, but that makes him his own person. I mean why should he [Rand] be a clone and do everything and think just exactly as I have. I think it's an opportunity to be independent minded. We are about 99% the same on issues." "People Try To Drive Wedges Between Rand And Me." --Ron Paul
http://www.youtube.com/watch?&v=pB5JgzBVHN0
Agreed.
"We do have some differences and our approaches will be different, but that makes him his own person. I mean why should he [Rand] be a clone and do everything and think just exactly as I have. I think it's an opportunity to be independent minded. We are about 99% the same on issues." "People Try To Drive Wedges Between Rand And Me." --Ron Paul
http://www.youtube.com/watch?&v=pB5JgzBVHN0
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Last edited by specsaregood; 04-14-2012 at 10:33 PM.
They didn't forgive loans they revalued them. One, was outstanding mortgages over 110% of present value, and the other were mortgages pegged to foreign currencies. People from iceland have confirmed this as well.
My Youtube Channel:Heaverred
It doesn't matter one bit whether they knew or not, they made a CHOICE so they MUST take responsibility for it & not screw up the savers by consuming more than they've produced
It's irrelevant in this context, money isn't capital, it's PURCHASING-POWER than savers create within the economy, that's the real capital & that capital & economic resources were consumed to build those houses so it's only meet that the borrowers produce goods/services to that extent & repay that purchasing-power back into the system
OF COURSE, if someone makes a stupid, uninformed decision then they must deal with the consequences, that's what PERSONAL RESPONSIBILITY is about, not about asking a dole from government at the expense of others!
It's irrelevant, what money is or isn't, it's the resources that they consumed at the expense of the savers that's what I'm talking about
Yes, governments & toilet-paper-money is already screwing the savers but that doesn't justify the borrowers screwing the savers
You're arguing for free houses or at least underpriced house so consider where it puts you
Freedom & free market capitalism is first & foremost about CHOICE & PERSONAL RESPONSIBILITY, it'll never exist in societies where people aren't willing to take responsibility for their actions period
Sure, & that also includes the borrowers who took on more debt than they were capable of paying back
Again, they made a CHOICE, they should pay for it
Nobody forced them to take the loans, they CHOSE to take them because they believe in the institutionalized idea of freeloading & free lunch
Again, if borrowers won't borrow then banks can't lend, it's pretty simply!
Last edited by Paul Or Nothing II; 04-15-2012 at 03:17 AM.
There is enormous inertia — a tyranny of the status quo — in private and especially governmental arrangements. Only a crisis — actual or perceived — produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes politically inevitable
- Milton Friedman
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