the stinking enigma Posted November 11, 2017 Share Posted November 11, 2017 if you die in debt you win. basic ecomomics Link to comment Share on other sites More sharing options...
Neil Down Posted November 11, 2017 Share Posted November 11, 2017 2 hours ago, the stinking enigma said: if you die in debt you win. basic ecomomics You may wish to raise you aspirations... Link to comment Share on other sites More sharing options...
the stinking enigma Posted November 11, 2017 Share Posted November 11, 2017 Are you suggesting i fake my own death? Link to comment Share on other sites More sharing options...
gerrydandridge Posted November 11, 2017 Share Posted November 11, 2017 If people understood how credit cards / loans / mortgages actually came about then they probably would get quite upset. Banks don’t loan you anything, briefly it works something like this: 1: you sign an agreement. 2: The bank takes this agreement and it becomes a promissory note (your promise to pay), this note is treated as cash for accounting purposes and the bank then create (from thin air) legal tender with a few presses of a computer keyboard. 3: It passes this legal tender to you in the guise of a loan and says you have to pay it back with interest. Remember the money never existed prior to your signing of the agreement / note, they don't get the money from their pockets in any way, so who is the real lender, yes it’s you, as the money would never have existed without your signature, you brought it into existence not the bank...So it looks like the bank play a classic bait and switch fraud on you and call you the debtor and them the lender. So not only do they offer no consideration or any disclosure on this deceitful contract, they have the nerve to charge interest on money that you created. Another one to think about is why do they call your payments to them RE-payments? what normally comes to mind when you put RE in front of a word, could you possibly have already paid the loan off with your signature and be foolishly repaying again? They simply facilitate your own line of credit and tell you that they lent you something, but obviously to lend something you have to have possession of it in the first place! Still think after shopping around that those modest interest rates are good! Link to comment Share on other sites More sharing options...
pongo Posted November 11, 2017 Share Posted November 11, 2017 17 minutes ago, gerrydandridge said: If people understood how credit cards / loans / mortgages actually came about then they probably would get quite upset. Banks don’t loan you anything, briefly it works something like this: 1: you sign an agreement. 2: The bank takes this agreement and it becomes a promissory note (your promise to pay), this note is treated as cash for accounting purposes and the bank then create (from thin air) legal tender with a few presses of a computer keyboard. 3: It passes this legal tender to you in the guise of a loan and says you have to pay it back with interest. Remember the money never existed prior to your signing of the agreement / note, they don't get the money from their pockets in any way, so who is the real lender, yes it’s you, as the money would never have existed without your signature, you brought it into existence not the bank...So it looks like the bank play a classic bait and switch fraud on you and call you the debtor and them the lender. So not only do they offer no consideration or any disclosure on this deceitful contract, they have the nerve to charge interest on money that you created. Another one to think about is why do they call your payments to them RE-payments? what normally comes to mind when you put RE in front of a word, could you possibly have already paid the loan off with your signature and be foolishly repaying again? They simply facilitate your own line of credit and tell you that they lent you something, but obviously to lend something you have to have possession of it in the first place! Still think after shopping around that those modest interest rates are good! This is not how credit cards work. Arguably some of what you have written does broadly reflect some of what is involved with conventional banking. Not the weird wordplay stuff obviously. Link to comment Share on other sites More sharing options...
gerrydandridge Posted November 11, 2017 Share Posted November 11, 2017 When you apply for a credit card you will sign an agreement, this agreement is still turned into a financial instrument/promissory note which creates the funds, these funds are forwarded to you at the point of each transaction from the pool of credit that you created, the bank gives none of its own funds up in the creation of your credit. As an added bonus ask the bank / credit card company to send you a certified copy of the original agreement, they cannot as they sell it / securitize it, does this give you an idea on how they unlawfully profit from you by not disclosing that you create the funds in the first place and also the immense value of your signature.. Anyone doubting that they lend you nothing...from the bank of England’s own publication on page 3 “Commercial banks create money, in the form of bank deposits, by making new loans. When a bank makes a loan, for example to someone taking out a mortgage to buy a house, it does not typically do so by giving them thousands of pounds worth of banknotes. Instead, it credits their bank account with a bank deposit of the size of the mortgage. At that moment, new money is created. For this reason, some economists have referred to bank deposits as ‘fountain pen money’, created at the stroke of bankers’ pens when they approve loans.” Well there you have it, from the horses mouth, all money comes into existence as debt...Your credit agreement is the bank deposit that is then given back to you in the guise of a loan... Here is the link to the document if interested... http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneycreation.pdf Link to comment Share on other sites More sharing options...
Bobbie Bobster Posted November 11, 2017 Share Posted November 11, 2017 Disappointing lack of CAPS in gerry's posts thses days. Not one single instance of NAME. Link to comment Share on other sites More sharing options...
pongo Posted November 11, 2017 Share Posted November 11, 2017 I have linked to that Bank of England document myself previously Gerry. It's a great read. The genius of modern money. Money is effectively unlimited - which rather undermines those who believe in the household budget model of economics. Your two posts above are a mixture of fact and fiction however. Link to comment Share on other sites More sharing options...
gerrydandridge Posted November 11, 2017 Share Posted November 11, 2017 Firstly money is not unlimited, you need to understand what defines money as you are confusing fiat currency and legal tender with money, money has to be a store of value and the first 2 clearly are not, so the notes in your pocket that you call money are not actually money, how can they be when they clearly say on them "I promise to pay the bearer on demand the sum of "...you have not paid anything just discharged a debt. When you say "The genius of modern money", are you referring to the genius of the very fraud and how people have been deceived, or do you actually think its a good mechanism? What part in my posts are fiction please?.....would love to hear from a banker or a lawyer. Also could a Lawyer say that any contract formed in the above manner is not fraudulent and thus null and void ab initio? Link to comment Share on other sites More sharing options...
Tarne Posted November 11, 2017 Share Posted November 11, 2017 1 hour ago, Bobbie Bobster said: Disappointing lack of CAPS in gerry's posts thses days. Not one single instance of NAME. Oh god I remember that. Whatever happen to him? Link to comment Share on other sites More sharing options...
Rhumsaa Posted November 11, 2017 Author Share Posted November 11, 2017 20 hours ago, Bobbie Bobster said: I blame those pesky overzealous compliance people could be anyone mate, it's a very common look job Link to comment Share on other sites More sharing options...
Rhumsaa Posted November 11, 2017 Author Share Posted November 11, 2017 On 10/11/2017 at 1:10 PM, Neil Down said: Try saving up until you can afford it... nothing personal but this is one of my bug bears about forums etc I'm travelling to South America and I want a reserve safety net credit card for an emergency. So there's my reason for looking at one and really it's none of your business. This thread is asking for info on credit cards people have found, it's not a request for opinion on my financial affairs or planning. Thanks Link to comment Share on other sites More sharing options...
Neil Down Posted November 11, 2017 Share Posted November 11, 2017 40 minutes ago, Rhumsaa said: nothing personal but this is one of my bug bears about forums etc I'm travelling to South America and I want a reserve safety net credit card for an emergency. So there's my reason for looking at one and really it's none of your business. This thread is asking for info on credit cards people have found, it's not a request for opinion on my financial affairs or planning. Thanks Stop being so touchy Link to comment Share on other sites More sharing options...
doc.fixit Posted November 11, 2017 Share Posted November 11, 2017 .......I have Lloyds and M and S..........no probs! Link to comment Share on other sites More sharing options...
Rhumsaa Posted November 11, 2017 Author Share Posted November 11, 2017 Just now, Neil Down said: Stop being so touchy thought I was being quite reasonable in my response tbh Link to comment Share on other sites More sharing options...
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