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The private control of credit is the modern form of slavery. Options
Daemon
Posted: Sunday, May 3, 2009 12:00:00 AM
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The private control of credit is the modern form of slavery.

Upton Sinclair (1878-1968)
twain
Posted: Sunday, May 3, 2009 6:23:11 AM

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The dangeourous effects of capitalism, and on the other hand and for other reasons, of communism too. We just need equality and respect for each other.

It is difficult to get a man to understand something when his salary depends upon his not understanding it (Upton Sinclair)
nw3bk3y
Posted: Sunday, May 3, 2009 8:10:49 AM

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This is because almost anyone wishing to embark on a major business venture needs some form of credit. Until that credit is paid off, the work of the borrower belongs to the creditor.

“Tell me and I'll forget; show me and I may remember; involve me and I'll understand.” -- Chinese proverb
Bob
Posted: Sunday, May 3, 2009 10:53:07 AM
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"The private control of credit is the modern form of slavery."
That is one of the most idiotic statements ever. Straight out of the Communist Manifesto. The country is rapidly heading socialist with Obama in office. The idiot is too stupid to learn from history! Communism and Socialism DO NOT WORK as proved time and time again! Socialism works only until you run out of other people's money.
fred
Posted: Sunday, May 3, 2009 1:03:37 PM

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I wonder when private control of credit started?

"Supposin' I was to go to work and learn how to... to read writin'. Well, how'd I know that the feller that... that wrote the writin' was a writin' the writin' right? See it could be that he wrote the writin' all wrong. Here I'd be just a readin' wrong writin', don't ya see? You probably been doin' it your whole life, just a readin' wrong writin' and not even knowin‘ it." Festus
KentFlanagan
Posted: Sunday, May 3, 2009 3:14:50 PM

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Sorry, Bob, but Upton Sinclair did not write the Communist Manifesto. But Sinclair was a socialist of the first rank and a muckraking journalist. And we could use a journalist of his caliber today to root out the details of the greed of our Wall Street financiers, whose excesses rival even those of the robber barons of Sinclair's era. Capitalism, like Communism, has its dark side.
dd
Posted: Sunday, May 3, 2009 9:52:38 PM
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The guy has coined the phrase - I cannot see anything wrong with it, unless it is grossly taken out of the content that I don't know about.
To me it means that modern private creditor owns you (the owner/slave relationship) via slightly different means. Instead of direct ownership of your body to get the results of your work he owns results of your work. It is a bit stretched, but the phrase has its own merits.
Think about analogies between your morgage or credit card sales pitch and the way how the slaves were captured in the wilds and lured into the slave ship. Nothing to do with all the "isms" or big business.
Bob
Posted: Sunday, May 3, 2009 11:53:35 PM
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dd wrote:
The guy has coined the phrase - I cannot see anything wrong with it, unless it is grossly taken out of the content that I don't know about.
To me it means that modern private creditor owns you (the owner/slave relationship) via slightly different means. Instead of direct ownership of your body to get the results of your work he owns results of your work. It is a bit stretched, but the phrase has its own merits.
Think about analogies between your morgage or credit card sales pitch and the way how the slaves were captured in the wilds and lured into the slave ship. Nothing to do with all the "isms" or big business.


Rubbish! Credit is a tool like any other power tool. Misuse it and you lose a finger. Without credit we would still be clubbing buffalo with a stick for supper. Credit is a commodity like nails or ball bearings. I would be working at McDonalds if credit was not available to me to finance business ventures. I have paid 18 3/4% on borrowed money and still made it work in my favor by a huge margin. Nobody 'owned' me or did I ever even think I was a 'slave' I went to the lender and begged for the loans, I was very confident I could make it work and interest was just another business expense. You gotta be one of those bleeding heart liberals that does not believe in individual spirit and achievement. 'The man' is always trying to put you down! BS, every successful society was built on individuals taking a chance and borrowing money to try a new venture.
If you are 'owned' by anyone it is because you are weak and need someone to 'own' you because you can't make it on your own!Boo hoo!
nick
Posted: Monday, May 4, 2009 11:53:46 AM
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Bob, I think you are substituting the topic of the discussion which is about who should have the power to create money. Personal responsibility or socialism, liberalism or conservatism have nothing to do with it. If you or me decide to print money we will be jailed for counterfeiting. If we decide to hack a bank computer and issue a money transfer out of thin air it will be a wire fraud. However when a group of private citizens who happened to own large banks issue trillions of dollars out of nothing and lend it to everyone including the government, that's OK somehow? To me it sounds like theft on a grand scale.
fred
Posted: Monday, May 4, 2009 11:59:07 AM

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What is the difference between lending and creating money?

"Supposin' I was to go to work and learn how to... to read writin'. Well, how'd I know that the feller that... that wrote the writin' was a writin' the writin' right? See it could be that he wrote the writin' all wrong. Here I'd be just a readin' wrong writin', don't ya see? You probably been doin' it your whole life, just a readin' wrong writin' and not even knowin‘ it." Festus
nick
Posted: Wednesday, May 6, 2009 9:56:42 AM
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Bob, you are correct, the banks themselves cannot create new money. However The Federal Reserve can and does. And the Fed is federal by its name only, it is a private institution created by the banks. The government does not control The Fed, if it needs money it just borrows from the Fed and pays interest. This is the most devilish form of theft ever invented.

"Auto mechanic, or dentist or hooker" deserve every penny they earn because they serve the consumer and provide real service in a free market (well, there are some complications with the dentist, strickly speaking). A large portion of the financial industry produces no value whatsoever, it is just cancer of the economy. Remember Enron? Those guys produced nothing, they just traded electricity creating artificial shortages and inserting themselves between the producers and the consumers of energy. After their collapse the price of electricity went down and blackouts all but disappeared. Same with all these derivatives, swaps, short trading, currency exchange markups, and hundreds of other inventions by the investment banks, they have nothing to do with providing capital for the industry or serving the needs of real investors. It is cancer, plain and simple. As to the banks being highly regulated it is a myth that the banks support. If it were true we would not be in a mess we are in right now
fred
Posted: Wednesday, May 6, 2009 11:50:57 AM

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nick wrote:
Bob, you are correct, the banks themselves cannot create new money. However The Federal Reserve can and does. And the Fed is federal by its name only, it is a private institution created by the banks. The government does not control The Fed, if it needs money it just borrows from the Fed and pays interest. This is the most devilish form of theft ever invented.

"Auto mechanic, or dentist or hooker" deserve every penny they earn because they serve the consumer and provide real service in a free market (well, there are some complications with the dentist, strickly speaking).



Ya, you have to watch those dentists. They'll knock you out, steal your wallet, and give you all kinds of sexually transmitted diseases. But, that's what they went to dental school to learn.



"Supposin' I was to go to work and learn how to... to read writin'. Well, how'd I know that the feller that... that wrote the writin' was a writin' the writin' right? See it could be that he wrote the writin' all wrong. Here I'd be just a readin' wrong writin', don't ya see? You probably been doin' it your whole life, just a readin' wrong writin' and not even knowin‘ it." Festus
vr091073
Posted: Wednesday, May 6, 2009 12:20:15 PM

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nick wrote:
Bob, you are correct, the banks themselves cannot create new money. However The Federal Reserve can and does. And the Fed is federal by its name only, it is a private institution created by the banks. The government does not control The Fed, if it needs money it just borrows from the Fed and pays interest. This is the most devilish form of theft ever invented.


Right on. You may care to check out the following:
http://www.halexandria.org/dward297.htm

It makes for quite a chilling read.




"There is not a truth existing which I fear or would wish unknown to the whole world." -- Thomas Jefferson to Henry Lee, 1826. ME 16:179
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