Tuesday, October 28, 2008

This makes me sad, and angry (BJ Lawson)

BJ Lawson on the unforgiving banks who themselves just got bailed out:

I received the following email tonight:

Please pray for my family. I got word today that [large national bank that got itself bailed out] declined my well-documented plea for a mortgage restructure. I had numerous state and non-profit organizations working to help me get the terms of the predatory loan normalized so we can afford to stay in our home. I cannot bear to tell my children and am praying for a miracle even yet…

Here’s why I am sad, and angry: this bank created the money to lend to this person out of NOTHING. There was no value created by the bank — the bank simply has an unconstitutional monopoly on the ability to create money out of nothing.

Yet the bank has the gall to refuse a restructuring for this debt, while We the People let our administration bail out this bank (among others) at the cost of hundreds of billions of dollars borrowed from this very same banking system!

Oh, and now this bank can take this family’s home.

Is that right?

No, it is despicably wrong.

How did we get to the point where we accept “money” that is a token of debt instead of wealth? How did we get to the point where we accept a monopoly on money that is lent into circulation based upon the borrower’s promise to pay it back with interest?

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