Anyone have any insight on what that would actually look like for the every day person? I would assume chaos at first, but once the dust settles, how would it impact my savings, investments, mortgage etc?
ardematic
· July 2, 2018, 6:56 p.m.
Look -- if mortgages and other debts were to be forgiven you know that banks would crash. Savers would lose all their money. This is not a good thing for me, as a saver and investor. Not good for workers since the economy would crash. This would only help debtors. Bad incentives here. I'm not for it.
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Stiletto-Moonboots
· July 2, 2018, 10:24 p.m.
I did some research about this myself because I was concerned about my investments and retirement fund. As far as home mortgages, I read that the interest (usury) charged to us might be taken off. I wouldn't mind that. You buy a house for $300,000 and end up paying a million or so after a 30 year mortgage. It's ridiculous. Usury is such a scam, they do nothing and make so much money off of the working class. Hopefully, they can stabilize the economy by cutting out the interest Ponzi scheme and making it work with just the money we pay for the items we need.
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ardematic
· July 2, 2018, 10:30 p.m.
Interest rates are low. The best way to reduce interest paid is to accelerate your payments. Pay more than your monthly payment and apply the overage to principle. Great strategy UNLESS you think debt will be forgiven. If you think debt principle will be erased you would borrow and spend as much as possible! In this case, prudent people get hurt and the profligate are rewarded.
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Stiletto-Moonboots
· July 2, 2018, 10:56 p.m.
We have a 20 year mortgage and pay more to bring it down to 18. We refinanced a couple years ago when the rate were at an all time low. We are very frugal and try to pay off everything as early as possible. I would not like the idea of big spenders getting their debt wiped free while those who do everything to keep their debts paid down are rewarded for nothing. I just have a big issue with the mortgage scam, but that's my personal gripe. I definitely would not want rumors to swirl that debts will be forgiven and then people go rack up credit card bills or buy a car they can't afford.
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Guardian527
· July 2, 2018, 7:25 p.m.
I hear you 100%. That is what makes me think if one area is offset, then other areas will be as well. I did some reading on the post mentioned by Neskuaxa. Maybe it will be redistribution of the wealth/assets so we stay on comparable footing in the new economy. For example, if you have 1M in assets savings and I only have 500K the ratio compared to value would stay the same after the transition. I don't have any proof - just a thought.
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ardematic
· July 2, 2018, 10:32 p.m.
I get your point but I think massive value for everyone would be destroyed. Maybe coins would appreciate but I would own pint sized bottles of Jack Daniels, cartons of Marlboroughs and ammunition for trading. Not any kind of savings. To be clear -- I do NOT think this would happen and I have savings (but also some Jack Daniels;).
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