A Nation in Debt Going Deeper Into Debt to Encourage More Debt...

God, Mylot just ate my whole response. Here's more or less what I said though; Amen, ParaTed! Thank you for saying what some of us have been for most of this year. I think you mighta liked Thomas Jefferson had you been alive during his time, he didn't have very many nice things to say about banks and he too defined debt as a kind of slavery. This problem goes so deeply though, it's probably one of the biggest problems we have economically in that it doesn't just have the effect of being able to destroy people but it can destroy the whole nation too. And another thing: Why can't they just forgive a whole lot of debt? I mean what this economy needs right now more than anything, it seems, is a clean slate! And assuredly, it wouldn't bother those banks in huge ways what with them going to the spa all the time. I mean we ARE giving them money, why not do this while we're at it? Oh, I wouldn't mind if they put on limitations and conditions to this, a little debt forgiveness is better than none at all and would probably help more than this crap they've been pulling.

Hey ParaTed2k,You make some good points, but there willalways be enough money for the bailouts, etc....when they need more, they'll just create more. It devalues our currency, but it's a band-aid for the problems. The movie Zeitgeist Addendum does an escellent job of explaining it all. It can be found at www.zeitgeistmovie.com The movie also offers an interesting vision of a possible future. Happy Thanksgiving and... Happy MyLotting!

I can never understand why borrowing money except in rare cases to get into a house or a business, is a good idea and even for a house it is bad because you spend twenty or more years to pay for it all and it costs more then it would have been if you had the money to pay in the first place. Yet with that, people are charging things and paying only the minimum balance. So what was a temporary setback, where one could pay it off within a year, is dragged on and it is almost like a mortgage but without the benefits. I also cannot understand why our Canadian dollar is low compared with the American dollar that I heard is mostly based on paper. Does it mean our Canadian dollar is based on tissue paper?

The subject matter of the discussion is a matured content and every citizen of each country to ponder and decide how we have get rid of debt of an indivual, a family and a country as a whole. Borrowing is not a bad thing. But one must ensure, as to how the borrowed money is being utilised. If the money is used for productive purpose, then there will not be any problem. If otherwise, the problem cropup. This theem is applicable to industry and country too. unfortunately some people in the Government comfortably forget this for cheap popularity or for other things which know better. There deeds sooner or latter have direct impact on business, trade, industry and people of the country.

I fully agree with your sentiment, Ted. That's what I really don't understand. Our government has already been in debt (to whom exactly?), and now our banks are in debt, and in turn our people, so where is all of this money coming from? Just like the old folks used to say, "Money doesn't just grow on trees." Sometimes I wish we could go back to the barter system. I realize this would mean great sacrifices for everyone, but out of great sacrifices comes great growth.

I partly agree with you. Say, you want to buy a home and you are having only 30% of money in hand at the same time you don't want to waste money by paying rental. Bank are ready to provide home loans. In this case, loan is important. You are paying EMI what you will pay as a rental. After 10 or 15 years you will have one asset with you. If you are paying the same amount for 10 years, will you have own house? Persons should think about personal loan only. All dept are not useless.