Finance question

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.

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.

The kind of articles being linked are indeed pretty close to being "fake news"

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.

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?

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.