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5 comments:
btw, it looks pretty f-in scary, if you ask me. hence my leveraging a bit of credit in the short term to make sure that I don't have to trade in real assets to obtain real assets. better to exchange a few thousand electronic 1s for a bit.
The concern I have with leveraging through credit cards is they are not fixed rate loans. So think this through carefully, because it is several steps. But the only way you can ensure that you will pay off those CC debts is to have full payment standing by. And if you have that, then why didn't you just pay in cash. If you do not have it standing by, then you will have to earn it. And as hyperinflation progresses, the carrying cost on the CC debt will skyrocket right along. At the same time, wages will lag hyperinflation.
Or you could not pay it. IMHO, you are an idiot if you are paying off any of your debts - especially to the TARP banks. Just default. I mean if it's OK for the bankers, it should be OK for us. It's all money created out of thin air after all. Why the heck should we pay interest on money created out of thin air? No sir - I ain't gonna be a victim of this Ponzi Scheme we call "financial system" today. Max out and default. Think of it as your own personal bailout. We are just getting back the money that the US Govt. took forcibly from us and gave to the bankers.
GG,
I must say that I have thought about that as a viable plan. I don't think I could do it (max out my credit with the specific intent of defaulting), but the more they keep bailing themselves out, the less I fault anyone who does.
FOFOA
sorry i missed this discussion....last year. well, as is pretty well documented here, i'm a student and haven't really entered what's left of the labor market just yet. thus, my goal was to utilize the bit of credit before they vaporized it. I usually pay my cards in full every month. that hasn't been happening as much these past two years :)
but i have no real assets to lose, and very few coins...so it was just a thought as to a means to protect myself in the short-medium term.
i also cannot blame anyone who might leverage the system against itself. but i also wouldn't think people should pay down their debts unless they have some serious assets to protect.
satya
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