Recently one of my Shakaama Live on youtube viewers asked me about the disparity between the rich and the poor and how my explanation about the Austrian Business Cycle could help people understand. Below fine my brief response to him.
The Problem
One of the key aspects of the founders of the fed was to make sure no one knew who actually founded it; take over public education so that everyone was dumbed down; and make people completely dependent on the banking system.
Before, people nor businesses took out loans. AT ALL! For any reason! Imagine for one second, no car loan; no home loan; no school loan! If you wanted it, you saved and bought it.
Fast forward about 50 years after the creation of the Federal Reserve Bank, no one saved any more. Everyone was now in debt.
This is what happened. It’s not just about abolishing the Fed, it’s about returning the American way of life. Remember the saying “pull yourself up by your own boot straps”. That’s because if you wanted something, you worked hard, saved your money and got it. THEN, no one could take it away from you; not your land; not your car; not your furniture. There was no repo man. He didn’t exist. There was no such thing as credit. Credit was for rich people, and i mean the filthy rich people.
As wall street became more and more successful at their game of putting people in debt, the middle class began to slip into poverty. Imagine people with no self restraint. Why save when you can buy on credit, when you can take out a loan. When you take out a loan and buy on credit, not only do you not own the thing, you also owe all your money to someone else. You are basically working for them. People throw around the words “modern day slavery”, but it’s actually true.
The Solution
The first lesson any of these get rich quick people tell you or those motivational speakers say is “get out of debt first”. Why? Because then you own yourself. They say, pay off your credit cards, pay off your loans. That’s the first step. Now, if even the motivational speakers all agree on this, it should dawn on people what’s going on. To a man they all agree on this notion. And, this is from nearly every monitary speaker, or economic salesman with a book. They know that at the very least, if their plan to market whatever they are personally selling, they will be 70% ahead of the game if they get everyone out of debt that they are selling to.
Mine you I am not calling any of those people wrong or am I lambasting them. I’m simply saying that whatever their formula is -> over there, they know that <- over here you have to get out of debt just to start to get ahead. So if even the best and worst of the bunch, even the charlatans agree on this simple principle and they are not tin foil hat, conspiracy theorist, abolish the fed, libertarians, there must be something at the core foundation of sound money that says, get out and stay out of debt.
Even in the old testament, and a lot of my Jewish friends ascribe to this, never put yourself in debt to anyone. In fact this is repeated in the new testament where it basically says, go pay off all your debts first then come to your brother or father or enemy and have a reasonable discussion among equals. Once again you see that notion of the the disparity between rich and poor stripped away, simply by paying off your debts. Even some versions of the Lord’s Prayer has it as saying “forgive us out debts as we forgive our debtors“. You might be reading this and be atheist, but the wise man takes advice from every possible wise source, even if he doesn’t believe in the source. Good advice can be found in fools at times. [don’t prejudice yourself against something simple because you don’t like the package]
Get out of debt and stay out of debt. Throw away and destroy all credit cards.
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In case you’ve heard it and didn’t understand or have been living under a rock, in terms of financial news, not that everyone pays attention to financial news, the tiny nation of Cyprus is doing something unprecedented. They are stealing depositors money.
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