It seems like a new banking system backed by something tangible again like how it was in the 1800's and prior would be a good move but would those of us in debt still be in debt to the banks? If not, how would our debts magically be absolved?
Example, say you owe money on your car and you have a ton of outstanding debt to a bank or credit lender. How exactly does implementing a new system of banking nullify this? Can't the bank still say "Since the USD is defunct, now you owe us the "New US Treasury Certificate" equivalent of that amount"?
I just can't quite put 2 and 2 together how the new currency would be debt free without older debts being absolved first.
You didn't know about interest when you borrowed it? That's the only reason a lender will offer anyone a loan.
Yes I know there is interest but like I have discussed with my mom, she buys a car no for the same price she bought her house in the late 70s. One she has 6 yrs to pay off and the other she had 30. She is like how to we pay one debt off so much quicker but they want to drag the other out
If they were the same price it would be in her "interest" to pay off the house first.
You do realize I said she bought her house in the 70s and it’s been paid off but compared to car prices now for $75-80,000
I agree. People keep acting as if they've been forced against their will to take out credit with high-interest rates.
Credit is a privilege. Not a right. I think people have really forgotten that, and think they're being treated unfairly by being charged interest.