Finance question

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June 28th, 2017 at 12:32:06 AM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 110
Posts: 11614
Quote: petroglyph
I don't recall where I first read it. This article from Yves Smith makes it seem like people are getting arrested for not paying private debt?


It's not illegal to be in debt anywhere in the US.
It's not a crime to be behind in payments or even
to default on a debt. All these people are being
arrested for not showing up in court when ordered,
which in some places is an arrestable offense.
If the court orders payments, and you miss those,
you can be arrested. They cannot throw you in
jail for owing money, that was abolished in the
19th century.
If you take a risk, you may lose. If you never take a risk, you will always lose.
June 28th, 2017 at 3:30:56 AM permalink
AZDuffman
Member since: Oct 24, 2012
Threads: 103
Posts: 6781
Quote: petroglyph


Joe 6 doesn't get to create all the money imaginable and loan it out at interest and determine he should be paid millions upon millions of dollars for his brilliance. Joe 6, has to make money the old fashioned way, mostly he has to trade his labor, his life, for the money to pay the interest to the banks. Joe doesn't have much influence with congress, so the rules aren't often in his favor.


This is a reason Bitcoin is so interesting. Limited supply, cannot just create the monetary unit. After 2008, loads of toxic debt was bought up by just saying, "HERE" with money created from thin air. What happens with a finite supply, where it must be earned one way or another?


Debtors prison's are making a comeback.


As EB said, not so much. Though they are in a way, for people trapped in the Hell that is Family Court.
The man who damns money has obtained it dishonorably; the man who respects it has earned it
June 28th, 2017 at 11:00:27 AM permalink
odiousgambit
Member since: Oct 28, 2012
Threads: 73
Posts: 1571
The kind of articles being linked are indeed pretty close to being "fake news"
The light at the end of the tunnel is often a freight train coming the other way! per Fleastiff
June 28th, 2017 at 11:14:02 AM permalink
Evenbob
Member since: Oct 24, 2012
Threads: 110
Posts: 11614
Quote: AZDuffman
Debtors prison's are making a comeback.

As EB said, not so much.


No cop will ever knock on your door
and haul you off to prison just because
you owe somebody money. There
are no debtors prisons.
If you take a risk, you may lose. If you never take a risk, you will always lose.
June 28th, 2017 at 12:46:33 PM permalink
petroglyph
Member since: Aug 3, 2014
Threads: 12
Posts: 2122
Quote: odiousgambit
The kind of articles being linked are indeed pretty close to being "fake news"
What isn't? Do you find them less credible than CNN?
Everyone gets thrown from the plane to maintain altitude
June 30th, 2017 at 9:57:15 AM permalink
odiousgambit
Member since: Oct 28, 2012
Threads: 73
Posts: 1571
Quote: petroglyph
What isn't? Do you find them less credible than CNN?


Not too much out there that doesn't get spin, I'll give you that.
The light at the end of the tunnel is often a freight train coming the other way! per Fleastiff
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