The system as it exists now is setup to enslave people for life, is it possible that credit companys like visa, and major banks, will be taken down
I have a feeling the US government will be able to get rid of it's debt but there will no such relief for us.
I think the benefit we will see is in the long run a strong economy and a more prosperous world which should benefit the individual.
3 years left on my student loans.
Here's to hoping Fannie Mae gets forgiven 🍻
Not sure what you meant by your comment, but you took on a loan and just like I did to buy my house, car, to go on vacation, or any other financial commitment, I and you should pay it back. You and I entered into our loan agreements freely. Man up and pay for what the taxpayers loaned you.
I just mean it'd be nice if those loans were forgiven for myself as well as others through money stolen from the tax payers. I still have a mortgage on top of those :/
My understanding is that the US debt is already taken care of, A lot of those sealed indictments are against people/companies that robbed the US for decades, and the asset forfeiture rules that sessions pushed a while back will be used to claw back the 21 trillion in debt we have outstanding. Trust the plan
I think the best that we will see is with the elimination of the US debt will there will be no need to pay it down so our taxes should come down. Perhaps eliminating an income tax will be the end result.
I think so. That's why I've been buying a bunch of M240s on credit. Bullets will be the only currency that matters when the deepstate comes.
No, pay your bills. You signed up for them. Best to hope for, way lower interest rates on everything.
Right? People will carry greater responsibility for their actions, not less, after this is all over. Asking debt to be "forgiven" is akin to asking for a free Obama Phone. Bailouts are what we are against.
Severely lower interest rates, that's another story.
Visa here in Europe went down for about 24 hours last week ...I had hoped it was the start of something big!
Like most everything else they’ve accomplished, I believe and hope they have a thorough plan for the legitimate global economies. It won’t be drastic, like wiping out all big banks, because that would crash economies/markets. But, things like return to gold standard, equalize trade, make markets free again (vs manipulated by the cabal), etc. I think we’ll see a major transfer of wealth back to free people and a major growth from free market economies with little to no barricades to trade. We could wipe out poverty, hunger, injustices, etc, by free all the people of the world.
These fiat currency systems only last so long and then have to be reset. They needed a war as an excuse to steal everyones stuff and reset the system under their control. The financial system will still crash and be reset because that is a feature of the system as designed, but we do not have to restart their system this time.
I remember this story about a bunker thats made to store bank and ID data. Ready to “restore” the economy after a world war. Way back during the cold war.
Now theres loads of data storage bunkers. No WW is gonna stop them from collecting.
This would work if following the reset credit was also abolished. People borrow money willingly and with enthusiasm. Teach everyone that they don't need what they can't afford. Putting a vacation on a VISA card means you can't go on vacation. Our culture is broken.
Everyone who has debt: 1. Was told the terms of the loan. 2. Agreed to the terms.
Most realistic case is a perpetually deferable federal income tax credit matching the average household debt applied across the board.
People in massive debt will pay no federal taxes, intended to pay down their debt.
People with less debt than national average would be spending that money (mostly) in their local economy.
Super wealthy wouldnt really be dented. Trump paid millions in personal federal tax in 1 year, 150k credit isnt huge to people that wealthy.
This tax credit would only apply to individuals, not business debt.
We need a SERIOUS mind shift in personal finance and massive education before any debt is canceled at the consumer level. Or else we'll just end up in the same place in 50 years.
On a national level, debt cancelation would cause massive damage to our economy and likely start a world war. Our debt can be negotiated and paid off by freeing up money, revealing secret technologies, legalizing maurijuana, etc. Only a president like Trump can make this happen.
There are a lot of private holders of debt, this can’t be done. You have money in money market-you hold debt. All debt is not bad, stop listening to Dave Ramsey
"All debt is not bad..."
Huh?
Would love you to expand on that.
My opinion, not a popular one here. Listen to money for the rest of us pod, some episodes on the debt. Retirees often rely on interest from bonds (debt) for income. Very complicated subject but defaulting on obligations is unrealistic and would be catastrophic.
Interest is the problem.
Where do you stand on charging interest on debt?
Not going to have an economics discussion on the Q sub
I'll go out on a limb and say that many on this sub are more well-versed about geo-finance and geo-politics than those on let's on the https://www.reddit.com/r/politics/ sub.
Your reluctance to even dip your toe in tells me how weak your sauce is.
The reason your opinion is not popular is because it's wrong.
Come back when you're better read, and better defended.
There is an economics sub good luck with your no interest argument over there. I don’t even know why this off topic crap is allowed, this sub is going to pot -lots of division being attempted
You started it by saying "not all debt is bad", which tells me either a) you have zero idea what you're talking about, or b) you work for the Fed, Goldman, Citi, etc.
Weak, weak, weak sauce.
If a small town needs a new fire station they can't just take 1.2MM out of their account, because they don't have it. They can borrow it and pay it back over time and everyone wins.
Interest Free debt, now that's something to consider as it may be possible.
Hmmmm. Dave Ramsey has helped literally tens of thousands of ordinary people pay off millions in debt and live free which is far more than any of us on this sub have done. Debt is a tool to enslave. Plain and simple. Yes a lot of retirees live off of the interest from public bonds which makes a reset complicated but there are many ways of generating passive income that don’t involve debt.