3 ms·
All debt, whether public or private that is not paid off by the same generation is a scam on the next generation and beyond, a very unfair one. For this reason,
by OutOfHere 8mo ago
All debt, whether public or private that is not paid off by the same generation is a scam on the next generation and beyond, a very unfair one. For this reason, debts shouldn't be allowed to exist for more than thirty years, and should not be allowed to be paid off by a new debt. So what should happen if a debt is not paid off in this time? It should be subject to foreclosure and/or bankruptcy proceedings, irrespective of whether the borrowers want to continue with the debt.
- bryanlarsen 8mo agoAll money is debt. Do you want an economy without money?
- greyface- 8mo ago> All money is debt. This is true for currently popular monies, but is not inherently true. Is a gold coin a debt instrument?
- Eddy_Viscosity2 8mo ago> Is a gold coin a debt instrument? It is if you lend or borrow it or use it as collateral.
- OutOfHere 8mo agoSo no, not all gold coins are debt.
- Eddy_Viscosity2 8mo agoOr yes, some gold coins are debt.
- M95D 8mo agoForbid the "yes", keep the "no".
- OutOfHere 8mo agoThat's nonsense; it is obsolete government propaganda. Just the type of money that you are shamelessly used to is debt based. Money rooted in precious metals, also some cryptocurrencies, is in no way debt based. And yes I can spend them.
- senectus1 8mo agopaying off with new debt is paying off... Debt cycling and consolidation is absolutely a valid way to handle your debt.
- OutOfHere 8mo agoIt's legally valid, but it carries with it all the problems of long term debt, which is the point. There is a reason why one can't pay off a credit card with another credit card.
- usefulcat 8mo ago> There is a reason why one can't pay off a credit card with another credit card. Isn't that exactly what a credit card balance transfer is? https://en.wikipedia.org/wiki/Credit_card_balance_transfer https://en.wikipedia.org/wiki/Credit_card_balance_transfer
- senectus1 8mo agoin the corporate space this is super common and makes a lot of sense.. you sell debt at one rate, find a better rate deal that lets you pay it off later and trade one less favorable debt for the new better terms debt. the company I work for has always done this very successfully.. is now a multi billion dollar multi national.
- OutOfHere 8mo agoYes, debt refinancing is common for corporations. It doesn't however excuse an indefinite debt. I maintain that a debt held for more than a generation (30 years) is a forecast sign of failure to come.
- uticus 8mo agoSo, obviously a contentious subject. But I appreciate the link for the government's official view (at this time) if for nothing else. And it's not just a quick one-liner, there's a lot of detail here.