We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
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Politicians love it, because they can pay for votes today, and the next generation can worry about it after they have retired. I can buy a boat today, and hope I keep my job so I can pay it off over the next five years. Or I could buy a tiny 1 BR condo in NY, and pay if off over 15 years while taking an interest deduction from my crippling federal, state, and city income taxes. Businesses need it, in fact, require it, for investment purposes, in the hopes that they can grow. Banks love it, because they can lend the money and profit from the interest. Students love it: they can go to school now, and hope to pay off their loans in the future. Christmas shoppers love it, of course, because Santa is credit.
In the end, using credit makes people, and governments, debt slaves, slaves to bond markets and slaves to banks who offered the loans. This is annoying to debtors, who have already enjoyed spending the money and are peeved, if not in trouble, because they owe it. The bond market now controls the global economy, not because "it" wants to, but because of governments and people willingly, freely, democratically, taking on debt to pay the bills instead of taxing the heck out of the people who work. Borrowing is all voluntary, the loans are from one's neighbors, - and it is a big house of cards.
I was raised by parents who refused to ever go into debt. They viewed it as a temptation for the weak. They never even had a credit card. They saved for 15 years to buy a modest house, and never viewed it as an investment. They made it home, and live there now while the trees they had planted become enormous, dwarfing their home. They have hardly ever gone anywhere, or had much fun or adventure as I think of it, but they love their church and their little town where everybody knows them. A simple life. In my adult life, I have learned to take out loans for no reason, and to pay them back after a few months, just to have a good credit rating. A good credit rating, today, is like a grade in reality living. Someday, I might want to use some credit, but today I do not. I use credit cards as if cash, to keep my rating perfect.
I might need a loan, someday.
Easy money is dangerous. Living within your means, whether as a family or as a government, is just no darn fun. There's always a good excuse or rationale for taking on more debt. I fear that the world will soon see the economic consequences of excessive debt in which everybody has borrowed from his neighbor, and his neighbor from him. A bank, after all, contains nothing but one's neighbor's money, leveraged.
"I'll gladly pay you Tuesday for a hamburger today":
Back in Black
Our national fascination with holiday shopping is once again at 'all in' mode. Black Friday has passed, Cyber Monday is upon us. Cyber Monday was originally a fictional concept, with online retailers suggesting for years that the Monday after
Our national fascination with holiday shopping is once again at 'all in' mode. Black Friday has passed, Cyber Monday is upon us. Cyber Monday was originally a fictional concept, with online retailers suggesting for years that the Monday after
Tracked: Dec 13, 08:46