Worker & Community Struggles and Protests Madrid Police "Dumbfounded" After Amazon Called The Cops On Striking Workers 22:31 Nov 27 0 comments George Soros’ Open Society Foundation unmasked in a major leak 22:31 Aug 24 1 comments Shell in court over major Corrib gas refinery flaring events. 23:32 Jul 28 0 comments Eddie Hobbs: Largest act of larceny against Irish people 23:22 Jun 02 0 comments CHASE Fundraising Events Calendar for June 23:10 Jun 01 0 comments more >>Blog Feeds
Anti-EmpireNorth Korea Increases Aid to Russia, Mos... Tue Nov 19, 2024 12:29 | Marko Marjanovi? Trump Assembles a War Cabinet Sat Nov 16, 2024 10:29 | Marko Marjanovi? Slavgrinder Ramps Up Into Overdrive Tue Nov 12, 2024 10:29 | Marko Marjanovi? ?Existential? Culling to Continue on Com... Mon Nov 11, 2024 10:28 | Marko Marjanovi? US to Deploy Military Contractors to Ukr... Sun Nov 10, 2024 02:37 | Field Empty
The SakerA bird's eye view of the vineyard
Alternative Copy of thesaker.is site is available Thu May 25, 2023 14:38 | Ice-Saker-V6bKu3nz
The Saker blog is now frozen Tue Feb 28, 2023 23:55 | The Saker
What do you make of the Russia and China Partnership? Tue Feb 28, 2023 16:26 | The Saker
Moveable Feast Cafe 2023/02/27 ? Open Thread Mon Feb 27, 2023 19:00 | cafe-uploader
The stage is set for Hybrid World War III Mon Feb 27, 2023 15:50 | The Saker
Public InquiryInterested in maladministration. Estd. 2005RTEs Sarah McInerney ? Fianna Fail?supporter? Anthony Joe Duffy is dishonest and untrustworthy Anthony Robert Watt complaint: Time for decision by SIPO Anthony RTE in breach of its own editorial principles Anthony Waiting for SIPO Anthony
Voltaire NetworkVoltaire, international editionVoltaire, International Newsletter N?113 Fri Dec 20, 2024 10:42 | en Pentagon could create a second Kurdish state Fri Dec 20, 2024 10:31 | en How Washington and Ankara Changed the Regime in Damascus , by Thierry Meyssan Tue Dec 17, 2024 06:58 | en Statement by President Bashar al-Assad on the Circumstances Leading to his Depar... Mon Dec 16, 2024 13:26 | en Voltaire, International Newsletter N?112 Fri Dec 13, 2024 15:34 | en |
Ireland’s Home Mortgage Crisis: No Debt Relief.
international |
worker & community struggles and protests |
opinion/analysis
Sunday March 17, 2013 21:34 by Caoimhghin Ó Croidheáin - Artist
The Destruction of Savings and Pensions We are living in a society where the combination of fractional-reserve banking (lending out multiples of deposits) helped along by quantitative easing (printing almost unlimited quantities of money) based on fiat currencies (money without intrinsic value) has created exponential growth for the world’s financial elites. This led to unprecedented bubbles in the property market as banks made it easy for people to borrow more money than they would have been allowed in the past when a conservative banker guideline for a home buyer was to have a two to two and a half times mortgage-to-salary ratio. In contrast to these methods for almost unlimited sources of (false) wealth conjured up by financial elites, workers (borrowers) have only one source – wages – which are going into decline due to government cutbacks and increased taxes. Yet despite this obvious anomaly, whereby the banks get bailouts with even more money, borrowers are expected to pay back, and in full, under threat of repossession, every single cent of the flawed money lent to them to pay exorbitant house prices inflated by excessive lending in the first place. |
View Full Comment Text
save preference
Comments (7 of 7)