ColossalContrarian wrote:Credit will be associated with everything we need and do in the US. Low FICO means you don't pay your bills.
If you don't pay your bills you should be forced to work off your debt. I see a future with indebted people being treated far differently than those with a savings and good credit score.
ColossalContrarian wrote: Credit will be associated with everything we need and do in the US. Low FICO means you don't pay your bills.
ColossalContrarian wrote:I see a future with indebted people being treated far differently than those with a savings and good credit score.
ColossalContrarian wrote:If you don't pay your bills you should be forced to work off your debt.
nobodypanic wrote:ColossalContrarian wrote: Credit will be associated with everything we need and do in the US. Low FICO means you don't pay your bills.
it's already like that.ColossalContrarian wrote:I see a future with indebted people being treated far differently than those with a savings and good credit score.
who are you rip van winkle? it's already like that.
--i'd like to see someone try and force the majority of the population into forced labor to pay off their debts. yeah sure, that'll happen.
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bottom line: we need a system that doesn't operate on debt.
Tyler_JC wrote:It's nice to be able to sit on your high horse and talk
ColossalContrarian wrote:It would be nice is to hear from someone who has poor credit and how their daily life is.
What do they need to do differently because their FICO score gets in the way in various parts of life?
Maybe it doesn’t make a difference because they pay cash all the time. I’m just curious to know if having poor credit effects people’s daily life.
ColossalContrarian wrote:the nice thing about credit scores is that you can see who is reliable and who isn't
alpha480v wrote:Screw the fico score. I pay cash for what I need, and if I can't afford it, we buy used or we go without. If I pay for something in full then I don't owe anyone anything. My credit score is crap and I could care less.
nobodypanic wrote:alpha480v wrote:Screw the fico score. I pay cash for what I need, and if I can't afford it, we buy used or we go without. If I pay for something in full then I don't owe anyone anything. My credit score is crap and I could care less.
god bless you sir. i salute you.
Ilargi: It’s not really that hard: in the last few decades, credit has been seen, treated and used as money, as always during economic expansions. In fact, lately an insane amount of it has been used as such.
Now that is over, and the only way to purchase anything will soon be with money, which means cash, gold or silver, because credit will disappear. This will shake our societies to the core, like a quake measuring 9 on the Richter scale.
Wherever you look in our neck of the world, credit finances everything. Without an open credit line, 99% of businesses and governments simply cannot function. WIthout credit, home sales will become extinct, as will new car sales.
But during the sharpest contraction in US money supply in history, the president of the Federal Reserve, the secretary of the Treasury, and all the media are still incessantly talking about inflation -and stagflation- as the biggest problems in the economy.
However, looking at the numbers of the crunching credit and money supply, one thing is obvious: no matter how one defines inflation, the sharpest contraction in history cannot possibly exist alongside inflation. It is impossible.
It's so ridiculous, it is utter nonsense to even suggest it. In any and all serious economic models and schools, it’s 100% evident that this sort of contraction shouts DE-flation. And they know it.
So why do the very people like Bernanke and Paulson, who have access to better data and counsel than anyone else, continue bleating out about what they know to be a lie?
For one thing, because it allows them to make people accept increasing government expenditures, while at the same time depressing wages.
After all, higher wages would lead to inflation, or so is the argument that nobody dares question. And the government needs hundreds of billion extra, if only to fight inflation. And save the bankers without whom society would presumably collapse.
Second, it diverts people's attention away from where they are really losing money. Let them focus on $4 gas, and forget the 30% loss -with more to come- in home values, and the $1.5 trillion doled out, in their names and on their tab, to the financial industry. Just repeat the inflation mantra every day, and they'll forget about what's far more hurtful. Till it's too late.
Inflation is not a few temporary price rises. It’s a money and credit supply that expands relative to what can be purchased with it.
With individuals losing $20-30.000 per year on the value of their homes, banks too broke to write loans, companies losing trillions of dollars in writedowns and falling share prices, and various levels of governments losing money from tax revenues, investments and bonds sales, there is no expansion. Quite the opposite.
What makes the lie so easy is that people have been brought up with the concept of inflation, and what it may lead to. Nobody today has any idea what deflation will mean. Well, that is about to change.
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