Debt

[chogath]

Im already in debt.. since I cant find work. And cost of living keeps going up.

[YanTheMan]

Debt is for poor people

[BADecker]

Anybody who has borrowed money from a legal lending institution (bank, savings and loan) is NOT in debt. THAT debt is a lie. It is a creation of new money. There is no borrowing done.

"Creation of new money" or not, it is still a debt...if you're a moral and ethical person, you pay back what you borrow.

As a creation of new money, it is not a debt. Can't pay back something you haven't borrowed. Try paying it back all you want. It is impossible, since it was never borrowed.

If you vouched (ie. signed a contract to pay back a certain amount of money at a given interest rate) to re-pay this "creation of new money", you have the ethical (and legal) obligation to honor your word.

The thing you signed is a contract. Standard contract law says that something you signed without realizing what the terms are - without a full meeting of the minds - is a null and void contract. In the case of the loan system, there is fraud involved, because they have intentionally changed the legal meanings of words so that you think that you really have a loan going. Fraud makes any contract null and void.

In addition to this, it can be shown by bank ledger records that the bank took your promissory note or loan document, stamped it like it was a check, opened an account in your name, deposited the promissory note/loan document into the account, withdrew the amount from the same account but in the form of cash or a bank check, and gave the cash or a bank check to you.

You thought it was a loan from them. But it wasn't. It was you giving them the money that you created by your signature, and then them returning the money to you. If there was a loan, it was for the short time that they held it before they returned it to you. You loaned it to them; they paid it back to you; not the other way around.

It is all deception on the part of the banks and the money system.

[TaunSew]

No debt.  Most debt is mortgages, medical, student loans or shopping frenzy related.

The man I listen to on the radio for money advice did not own real estate until his 40s.

[drmundo]

Debt is for poor people

Yeah, but you cant avoid it.

[Omikifuse]

Would be quite stupid to take loan for something and then invest money into things like is bitcoin today.

Rule: never afford what you can't lose
Fact: if you borrow money, it is because you don't have the money.
Consequence: lose the money would be something not really affordable.

Therefore, borrow money to put on BTC is bad, today, yesterday or tomorrow.

[spazzdla]

Debt is for poor people

Yeah, but you cant avoid it.

Yes you can.. I am 29.. with zero debt.  I do not have a house but I have a bunch of Fiat.. :S.. PM's and crypto.  Oh and a car lol but it's just a car.

[bitsmichel]

I am one of the few Americans without debt 

[drmundo]

Debt is for poor people

Yeah, but you cant avoid it.

Yes you can.. I am 29.. with zero debt.  I do not have a house but I have a bunch of Fiat.. :S.. PM's and crypto.  Oh and a car lol but it's just a car.

you must not live in california then. it depends on the state.

[tins]

Anybody who has borrowed money from a legal lending institution (bank, savings and loan) is NOT in debt. THAT debt is a lie. It is a creation of new money. There is no borrowing done.

"Creation of new money" or not, it is still a debt...if you're a moral and ethical person, you pay back what you borrow.

As a creation of new money, it is not a debt. Can't pay back something you haven't borrowed. Try paying it back all you want. It is impossible, since it was never borrowed.

If you vouched (ie. signed a contract to pay back a certain amount of money at a given interest rate) to re-pay this "creation of new money", you have the ethical (and legal) obligation to honor your word.

The thing you signed is a contract. Standard contract law says that something you signed without realizing what the terms are - without a full meeting of the minds - is a null and void contract. In the case of the loan system, there is fraud involved, because they have intentionally changed the legal meanings of words so that you think that you really have a loan going. Fraud makes any contract null and void.

If you go into this loan planning on using this fraud to get out of paying your debt, you'd be correct- it is fraud, but not on their end, Mr. BADecker.

[BADecker]

Anybody who has borrowed money from a legal lending institution (bank, savings and loan) is NOT in debt. THAT debt is a lie. It is a creation of new money. There is no borrowing done.

"Creation of new money" or not, it is still a debt...if you're a moral and ethical person, you pay back what you borrow.

As a creation of new money, it is not a debt. Can't pay back something you haven't borrowed. Try paying it back all you want. It is impossible, since it was never borrowed.

If you vouched (ie. signed a contract to pay back a certain amount of money at a given interest rate) to re-pay this "creation of new money", you have the ethical (and legal) obligation to honor your word.

The thing you signed is a contract. Standard contract law says that something you signed without realizing what the terms are - without a full meeting of the minds - is a null and void contract. In the case of the loan system, there is fraud involved, because they have intentionally changed the legal meanings of words so that you think that you really have a loan going. Fraud makes any contract null and void.

If you go into this loan planning on using this fraud to get out of paying your debt, you'd be correct- it is fraud, but not on their end, Mr. BADecker.

I was talking about people who go innocently into a loan, taking it at face value, then finding out later.

However, since the banks know it is fraudulent on their part (often only bank presidents and higher ups know this), and since you are simply using the process to create more money for yourself - a thing which would have happened in the loan anyway - there just might be no fraud involved. After all, the banking system is not harmed if you don't pay it back. They never loaned anything. They did not lose.

The loss comes to all the people who use the USD. It is in the form of diminished value of every last FERN. But the whole system is set up this way. So, if you "borrow" with the idea of not paying back, you just might be acting acceptably, even though you might have to press the issue in court.

Although I have written the above, I DO have questions about the morality of it.