Your debt is someone else's asset.

[the other mike]

Or something like that.

Here's a quick summary.

 

[Toddsterpatriot]

Taylor is a co-founder of the Debt Collective, the nation’s first debtors’ union.

LOL!

 

[justinacolmena]

ended up fucked for life by a lifetime adjudication instead

Or something like that.

How important is it for one human to have another human adjudicated and served mentally ill, his or her lifetime's working potential and ability to repay debts destroyed?

Otherwise, say, some construction worker borrows money and builds houses, condominiums, whatever, pays off the loans and has plenty to profit himself.

If you borrow money, you should build up assets with it, pay it off and benefit yourself with the use of it in the meantime.

 

[sparky]

~S~

 

[justinacolmena]

Taylor is a co-founder of the Debt Collective, the nation’s first debtors’ union.

LOL!

Of course there are fraudsters and white collar criminals out to collect false debts — but these are borrow-and-spend consumers not interested in building up wealth of their own.

 

[sparky]

Of course there are fraudsters and white collar criminals out to collect false debts — but these are borrow-and-spend consumers not interested in building up wealth of their own.

worse are those betting on one's failure, to build their wealth up

~S~

 

[Captain Caveman]

Or something like that.

Here's a quick summary.

It's how the double entry of book keeping works

 

[rupol2000]

View attachment 574776

~S~

Derivatives have nothing to do with it, this applies to any financial securities, including ordinary money. And in fact, all financial securities are derivatives, because they are always covered by obligations.

 

[Toddsterpatriot]

Derivatives have nothing to do with it, this applies to any financial securities, including ordinary money. And in fact, all financial securities are derivatives, because they are always covered by obligations.

And in fact, all financial securities are derivatives,

That's not true.

because they are always covered by obligations.

That's not true.

 

[rupol2000]

And in fact, all financial securities are derivatives,

That's not true.

because they are always covered by obligations.

That's not true.

That's not true.

 

[sparky]

ordinary money

well Rup, the sad news is $$$ as you might have once known it, really isn't $$$ anymore

such are the failure of fiats.....

~S~

 

[justoffal]

Or something like that.

Here's a quick summary.

There are a few good points in that video....but most of it is bullshit.
Yes there is an oppressive debt industry here in the US but we also have a population of poorly trained humans who throw themselves into debt willingly expecting other people to bail them out of it. The Idea that a college professor who has valuable keys to useful knowledge should just donate his OR her entire life to others for nothing is childish at best and socially catastrophic at worst. Probably both. Debt is a reminder that life requires work and effort. If you sit in a vehicle that has no gas...or no battery charge...do you go out and protest when it doesn't move?

How to you solve this problem? With work....you add the gas or you charge the vehicle. How do you do this? You get the gasoline from who? Somebody who is obligate to simply give it away? Nope.... You plug your vehicle into a charger that is paid for by who? You? If not you then who is paying for the use of it? ........

NO..... this philosophy is bullshit because it does not match real world conditions.
It always sounds good to make victims of the indebted masses.....but it is more accurate to examine why they are in debt.
Sure some of it is criminal oppression....but MOST OF IT IS LACK OF RESPONSIBLE LIFE HABITS AND INTELLIGENT ASSET MANAGEMENT.

If we go back to the video and the illustration of people swimming in a sea of debt....we ask the question....how did they get there?
The answer is

THEY JUMPED IN.

NUFF SAID

JO

 

[justoffal]

And in fact, all financial securities are derivatives,

That's not true.

because they are always covered by obligations.

That's not true.

It's not true but it probably should be true.

This is why bartering was successful in its own limited way. The value of everything was always there in front of you. If you wanted fruit from a farmer and you were a fisherman the farmer would take a basket of fish for a basket of fruit in return. Not a basket of rocks or a basket of cow manure. This in fact is what fiat does to people. It hides the value of the transactions and effectively eliminates the obligations that should rightfully be in place.

JO

 

[the other mike]

I think the Marxist professor is correct about how it works.
(oh oh - he said the M word)

 

[the other mike]

I think the Marxist professor is correct about how it works.

He lost me after 38:00 bringing up Trump and the unvaccinated.
Up to then he was pretty spot on.