1. Debt is how the rich get their livelihoods. How are they supposed
to pay for their fancy yachts without it? Forget the yachts, they wouldn't even get their caviar and will have to go hungry without debt. Are they supposed to starve or worse - get a job?
that working and middle class people can figure out how to purchase motor vehicles and homes. Wipe out mortgages and secured car loans, and see what happens to construction and manufacturing jobs.
3. Unfortunate for anyone who hasn't got a mortgage yet, though, if you're going to ban them
The people who have started a mortgage get the house completely; while those who haven't are told they must continue to pay rent until they've saved enough to buy a house in cash.
4. That's not as hard as it used to be. One pretty little house in our neighborhood, with a huge lot,
Just sold for less than 26k. It's only 1000 sf, but plenty for two and quite a decent(historic) little neighborhood in central phoenix. That house sold for well over 100k 6 or 7 years ago...
It was all set up this way from the get-go. Banks don't create wealth. They create debt and then sell that debt to a buyer who repays the debt plus interest. That's how banks make money, interest on the debt...but they never create a dime of wealth.
It was all over for England when they established the Bank of England.
It was all over for US when we established the Federal Reserve (which is a corporation made up of banks).
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