How loans appeared in our life
There were three dominant social groups: the palace, the temples, and the landowner communities. All were based on customary law. Hammurabi’s laws, for example, were not a written code title loans caldwell idaho.
Studying, I discovered that to explain the origin of debt and trade, interest rates, profits, and land ownership, I had to describe a society quite different from ours. I had to go beyond the debt issue and study the social context.
Michael Hudson No, central banks have exactly the opposite objective to the interests of the debtors. Central banks work for commercial banks and their creditors. In 1913 in the United States, the Federal Reserve separated from the Treasury to transfer monetary management from the Treasury in Washington to the private banks in New York City and other commercial centers.
Central banks are the antithesis of the old palaces, because they represent the interests of creditors. They act as lobbyists for the banks. In reality, Alan Greenspan was a Wall Street lobbyist at the head of the Federal Reserve. His job was to bail out the banks and make the banks solvent, even when it impoverished their clients, even when the banks were making fraudulent loans like junk mortgages.
“The Money Plan is not a get rich quick scheme, it is a lifetime organization program for your financial life which should lead to wealth independence.”
~Steven Lee- 1Thou shalt not worship thy investment adviser, for if she was so smart she would be retired by now.
- 2Thou shalt not covet what thou art not willing to work for.
- 3Thou shalt not compromise principles just to reap a sum of money.
