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Old 10-21-2012, 07:08 PM  
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Greenville, SC
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I just think that an economy that is that reliant on debt is BOUND FOR FAILURE. It makes success artificial. It reminds me of a commercial I saw some time ago... There was a guy standing there in front of his huge house with a fancy car. He said something about being up to his eyeballs in debt. The appearance of success. Artificial.

I would by far prefer to have middle of the road stuff(or less) and not be in so much debt.

The bible says something about the borrower being the slave of the lender.. In other words, it's a bad idea.
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Old 10-22-2012, 10:48 AM  
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The real problem seems to be the perception of debt, that being that the government owes us something. If we can get enough people believing that (or get the unresolved debt large enough) we can move right into communism or at least socialism. Amazingly (and sadly) even many educated people believe in this concept and that is why Obama has a chance of being re-elected in spite of his lies and dismal record.
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We live in an age where a pure credit money is used – a fiat money, that has been created by stripping money substitutes of their backing by money proper and imposing 'legal tender' laws. This means that certain conventions have to be followed by the official engines of inflation, the central banks, if they want to be successful in their vain (and dangerous) endeavor to create what they term a 'stable money' (in reality, 'stability' is held to be an arbitrarily chosen decline in money's purchasing power of 2% per year. This neither represents 'stability', nor is it even possible to realize such a plan. The purchasing power of money certainly exists, but it cannot be measured).

These conventions need to be adhered to in order to hold 'inflation expectations' in check. As long as a critical mass of individual actors in the economy remains convinced that the central bank is indeed capable of guaranteeing a fairly 'stable value of money', it is unlikely that they will react to inflationary policy by trying to quickly get rid of their cash balances in the expectation that its purchasing power will rapidly decline. As a rule, it takes a long time for people to abandon this misguided faith, but when they finally do, we often get to observe a discontinuous, sudden change in the money relation. http://www.zerohedge.com/news/2012-1...overnment-debt
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Old 10-22-2012, 06:14 PM  
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Kent, Ohio
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Originally Posted by Eddie_T View Post
The real problem seems to be the perception of debt, that being that the government owes us something. If we can get enough people believing that (or get the unresolved debt large enough) we can move right into communism or at least socialism. Amazingly (and sadly) even many educated people believe in this concept and that is why Obama has a chance of being re-elected in spite of his lies and dismal record.
Please continue, governor.
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