Vegas » 14 Jun 2022, 11:32 am » wrote: ↑ This is a complicated question because each person has their own lifestyle. Therefore, generalizing is the only way to answer this. On one hand, most of America needs banks to buy homes and cars. The average American cannot pull out 400k at any time from his wallet and buy a house or a car. We depend on banks to put us in debt, so we can live somewhere and have a means to get to work...so we can continue to live somewhere. Most Americans cannot survive unless a bank puts them in debt. At the same time, that is a **** life. That is hardly freedom. I am not sure how we can say we live in a 'free country' if we are under the rule of institutions that determines our future. What if there were no banks? It's a hypothetical question that I would love to entertain. Would most of America be homeless with no cars to get to work? In the beginning, of course life would be hell. However, as time goes on, in the long run, would things work itself out, thereby resulting in a better life?
Monderegal » 14 Jun 2022, 11:55 am » wrote: ↑ I think you are talking about a cycle of money. Just about every business borrows to fund their initial operations. With modern banking laws, you even have the opportunity to fail given bankruptcy proceedings. They used to throw you into prison if you couldn't pay your debts. Look at the Bastille in France. An angry mob stormed the prison for those who couldn't pay their debts. That sparked the French Revolution and is commemorated as Bastille Day in France.
Therefore there is the argument that business would be a much harder thing to come by if entrepreneurs couldn't borrow funds to start their operations. You also couldn't probably afford a house unless you already had a lot of wealth. Also, investing and having a 401k to begin with would also probably be impossible without investment banks. Stocks and bonds are wealth creating instruments for buyers and wealth producing for the companies that need them to fund new projects and grow as a company.
The need to go back in time is probably the answer to your question. The economy depends on something called the present value of money where a dollar today is worth less than a dollar in the future. The economy needs those future dollars and there are ways to be in the positive with investments than be in the negative with debt instruments like credit cards. It's not wise to spend more than you make and invest what you set aside. That can make banks useful for you instead of against you. I always thought they should teach this financial literacy in high school instead of supply and demand economics.
Some people live on dilapidated property that costs next to nothing and make gradual improvements out of pocket. Their lives are like living a 20 year long camping trip where they might even have to shower at where they work during the week for a living.Vegas » 14 Jun 2022, 11:32 am » wrote: ↑ This is a complicated question because each person has their own lifestyle. Therefore, generalizing is the only way to answer this. On one hand, most of America needs banks to buy homes and cars. The average American cannot pull out 400k at any time from his wallet and buy a house or a car. We depend on banks to put us in debt, so we can live somewhere and have a means to get to work...so we can continue to live somewhere. Most Americans cannot survive unless a bank puts them in debt. At the same time, that is a **** life. That is hardly freedom. I am not sure how we can say we live in a 'free country' if we are under the rule of institutions that determines our future. What if there were no banks? It's a hypothetical question that I would love to entertain. Would most of America be homeless with no cars to get to work? In the beginning, of course life would be hell. However, as time goes on, in the long run, would things work itself out, thereby resulting in a better life?
GHETTOBLASTER » 14 Jun 2022, 12:15 pm » wrote: ↑ During my life I have bought 3 things on credit.
A house that I sold a year later for a slight profit.
2 cars [2nd owner] that I paid off within a year by working as much OT as I could get.
Ever since I only buy things out of pocket.
I used to use banks when they paid 5% for CDs.
I keep a small account open just to pay bills with.
what would life be like without human beings of type cast character mentalities? Just a planet filled with homo sapien ancestries not pretending life is more than evolving here now leaving next generations inheriting denial, mayhem, madness, misery because nobody can define actual balance.Vegas » 14 Jun 2022, 11:32 am » wrote: ↑ This is a complicated question because each person has their own lifestyle. Therefore, generalizing is the only way to answer this. On one hand, most of America needs banks to buy homes and cars. The average American cannot pull out 400k at any time from his wallet and buy a house or a car. We depend on banks to put us in debt, so we can live somewhere and have a means to get to work...so we can continue to live somewhere. Most Americans cannot survive unless a bank puts them in debt. At the same time, that is a **** life. That is hardly freedom. I am not sure how we can say we live in a 'free country' if we are under the rule of institutions that determines our future. What if there were no banks? It's a hypothetical question that I would love to entertain. Would most of America be homeless with no cars to get to work? In the beginning, of course life would be hell. However, as time goes on, in the long run, would things work itself out, thereby resulting in a better life?
the irony about banking is persons embezzle other people's time with money, and everyone's time is wasted making money living at pretending real isn't real life but a staged reality.
Would you like to here something shocking about me? I have never EVER had a credit card! and I am NOT rich by any means.GHETTOBLASTER » 14 Jun 2022, 12:15 pm » wrote: ↑ During my life I have bought 3 things on credit.
A house that I sold a year later for a slight profit.
2 cars [2nd owner] that I paid off within a year by working as much OT as I could get.
Ever since I only buy things out of pocket.
I used to use banks when they paid 5% for CDs.
I keep a small account open just to pay bills with.
That's the way to be..!sootedupCyndi » 14 Jun 2022, 1:17 pm » wrote: ↑ Would you like to here something shocking about me? I have never EVER had a credit card! and I am NOT rich by any means.
The only thing i ever used a bank for was paying bills. Like electric-internet etc. i like to fly under the radar.
ooo oops..
once I had a small car loan. i bought a fairly new pontiac Sunbird
it took me 5 years to pay it off. at 170 a month and the loan was NOT that much!
sootedupCyndi » 14 Jun 2022, 1:17 pm » wrote: ↑ Would you like to here something shocking about me? I have never EVER had a credit card! and I am NOT rich by any means.
The only thing i ever used a bank for was paying bills. Like electric-internet etc. i like to fly under the radar.
ooo oops..
once I had a small car loan. i bought a fairly new pontiac Sunbird
it took me 5 years to pay it off. at 170 a month and the loan was NOT that much!
bwahahaha.. we are all poor up here.. so we live by our wits.GHETTOBLASTER » 14 Jun 2022, 1:22 pm » wrote: ↑ That's the way to be..!
Many years ago..[maybe more than 20 years ago] I heard that the average household in the USA has $15,000 of credit card debt and the least amount of equity in home loans than any other generation.
I wonder what those numbers are now...?