🚀 go-pugleaf

Eunometic wrote:
> On Sep 28, 12:44 pm, "Sekula" <b...@hotmail.com> wrote:
>> The US and Europe are sinking in debt. Who do THEY owe all this
>> money too? Can't be 3rd world nations. China? You tell me.
>
> Goldman-Sachs and other corrupting cabals.
>
> In essence the financial sector was deregulated, they paid for this,
> so that a financial elite could put us into debt so as to enrich them.
>
> The more they lend you, the more you bid up the housing maket, the
> more you have to borrow to outbid the couple next to you.  A shitload
> of immigration helps the prices to go up even more.
>
> You end up in debt, effectively a debt slave.
>
> Now the tax payer is expected to bail out the banks bad investment.
> Someone walks of with the money.
>
> I bet you find much of the Greek debt is Greek millionaires buying
> foreign buisinesses.
>
> Most of icelands debts, (10 times its GDP) were just icelandic
> businessmen borrowing from icelanding banks which had borrowed from
> overseas banks to buy foreign businesses.
>
>
> Default is the way forward.

Part of the assets of a bank is your mortgage and
loan collateral.

Chinese banking interests foreclosing on bankdebts and
taking posession of your house/car/furniture to be auctioned
off in a Zero credit environment at severely deflated `collapsed market`
 prices with the mint printing off dollars like toilet paper to try and
keep the place pumping.

Having a good paying job is no real protection iether.
As I saw in the early 90's,when a crashing property market devalues
property used as  colateral on a loan and the market value of the colateral
drops below the loan, the bank will require more or sufficient colateral.
to insure their loan or they havethe option of foreclosing.

So without missing a payment, you are vulnerable to have your collateral
sold at auction in a desperate market in a mortgagee sale.

Bankcard was introduced to Australia in about 1975.