Any input or details, besides the US Debt Clock Posts on X?
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It could be argued that a large chunk of the population lacks the foresight to make sound financial decisions. The average IQ has been dropping for decades.
Banks prey on stupidity. Money changers have caused societal problems since antiquity.
This sector doesn't actually produce anything like food you can touch. They prey on others labor. Its sleazy.
Ideally we'd move to something like some Muslim countries have where they ban earning interest. I'm not well versed on this but I think the Saudis have this system in place.
Cash is the way! I recently saw a good explanation on this. If you pay your Barber $30, then they pay their grocer the same, and grocer pays their lawn service etc,etc,etc all in cash. That $30 always stays $30…. . If the same transactions are done with credit, every transaction takes 3-5% fee, therefore, after 30-50 transactions the same 30 dollars reduces to -0- in the consumers hand while the financial services gain $30. Before interest or membership fee’s. Brought to you by whom? Legislation.
Surcharging fee’s were a burden of the seller or the financial institution by law for the convenience prior to 2013. The changes created a whole new industry of processing. Think about this every time you swipe. It is not theft if you participate.