Anyone for this: Wonga charge the poor over 5000% interest for - TopicsExpress



          

Anyone for this: Wonga charge the poor over 5000% interest for a loan The Bank of England charges the rich 0% interest for a loan When banks make huge mistakes with the money they borrowed for nothing, that is when they speculate with their free money and invest it in worthless baubles, only to then plead poverty because they own only worthless baubles we purchase the baubles from them, make them our property and give them more free money. They take the profits, we take the debt. Thats how 0% interest rates and quantitative easing works. For the poor when they borrow from Wonga out of desperation if anything at all interrupts their ability to pay, which is highly likely because they are poor, then their costs for borrowing rocket and make the repayments almost impossible. In many cases creditors take ownership of debtors goods and housing when they become bankrupt. So what do these contrary treatments of the rich and poor mean? They mean that society supports cheap money and welfare for the rich, with incredibly dear money and punishments for the poor. Unsurprisingly the rich become far richer and the poor become far poorer. A modest proposal for discussion then (stolen from Max Keiser) and I dont know where this goes in terms of doability so its a genuine debate: I propose that the rich are charged high interests for borrowing and have high punishments for payment failures, while the poor have access to almost free money with very light admonishments for payment problems. By these capitalist means shall we rebalance the wealth in society and close the gap between rich and poor. By these same means will we reward hard work and investment while punishing beligerence and poor investment. What say you Bankies?
Posted on: Fri, 01 Aug 2014 21:02:14 +0000

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