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Sat May 2, 2015, 01:03 PM

Death of the interest rate.

It is time for the death of the interest rate. The tool of the wealthy to ensure modern day debt slavery and it is obscene.

The banking system is corrupt and rigged to keep money flowing to the super wealthy. The interest rate is the key. The super wealthy and their banks borrow money from our Government through a central bank that is privately owned as well. And in actuality the Federal Reserve is printing our money not the congress as the constitution demands but thats another topic. Those are federal reserve notes not treasury notes in your pocket.

So the super wealthy borrow this money from the federal reserve at a ridiculously low rate. 1%. Then they turn around and lend it out to the people at 12%. Just so these people can buy basic needs. So they are lending us our money from our government so we can buy a shelter food transportation. And they are making obscene profits in the process. How this is not seen as truly corrupt by the people i have never understood.

If we dont want to get rid of the interest rate completely because it may be a big shock to the economy then we need to implement usury laws that limit the amount the super rich can charge us for borrowing our money. I'd say inflation plus 1%.

Ultimately a system without interest rates would be ideal. Interest rates create fake wealth. The money that came from that interest rate did not exist before that interest rate was charged. When a bank charges interest it is creating money. This ultimately is money based on debt. So we have a fiat debt based currency. This is a very fragile economy indeed.

Banks should charge fees for their services and people should pay back what they borrow. But there shouldnt be this middle man that is borrowing low and lending high. It truly is an exploitation of people's need and the time for exploiting for profit is over.

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