Um, the whole credit line thingy...

Clearly fraudulent on its face! And ya know what? Who gives a damn! The banksters and authorities get away with multiples of this **** every damn day. But when the little guy does it, hoh hoh hoh, he gets caught and he's absolutely doomed for utter eternity.

Karl always pounded the table on this since before I was a member here; I think from what I've been reading on TF, most of us know by now that the "Law" is a farce. Not by nature, but by application.

The problem all boils down to government plain and simple. You either represent yourself and have real freedom, or YOU DO NOT.

The Greeks, along with the rest of us, will continue to learn -by necessity- the hard way. Hopefully in the end it's worth it, though.

Quote:

But when the little guy does it, hoh hoh hoh, he gets caught and he's absolutely doomed for utter eternity.

Next step, debtors prisons? (privatized of course, and with contracts hinging on "fill rate".) Hope your country's constitution prevents post-facto prosecution and is willing to grandfather old debts..

The bank knew they were trusting people to be fiscally responsible when they gave them credit cards. Nobody is forcing them to offer everyone a credit line. What's that they say? They can't re-inflate a consumptive bubble without dropping credit cards from helicopters? Too bad, they took on "the little guys" as counterparties now it's time to eat their own cooking.

Wanna put the losses back on the little guy via government debt? Let's see now, who is the counterparty to the government.. oh, right, the little guy again. See where this is going?

(edit)The fact of the matter is, you can't steal more from someone than they actually have. No amount of lending them money to pick back out of their pockets is going to get you more than 100% of what they actually have or can plausibly acquire.

Hi Karl (or anyone here)...

Just wondering if there is any truth to this... (your article brought this to my mind)

http://www.marketskeptics.com/2010/10/wh....

Thanks for all you do btw.

This morning they had someone on cnbs from Austria saying that the solution was a "unified banking system" WTF?

Then there is this news on credit default rates.

http://finance.yahoo.com/news/consumer-c....

@Peterm99,

Quite true regarding the EU, but I was referring to the USA.

Blurtman -

OK. I misunderstood what you meant.

How do you think that could be made to work for the US?

Petert, it's obvious by now the government wants a thriving black market in drugs and guns, but there are MANY possible reasons for that. To tie motive to any specific reason strikes me as conjectural. The facts look sound, but are largely noncontroversial, of course we're openly allowing the poppy industry in Afghanistan.. What corrupt government wouldn't rather be surrounded by happy criminals than by angry innocents? Your link is probably true, but this sort of thing is to be expected. All big central powers are going to become corrupt/desperate and do these kinds of things, now and forever. We can only hope for the decentralization of power that the monsters who walk among us might be smaller and less organized.

Depending on your persuasion, the problem of evil is either God's problem or it's an unintended consequence of being a species that achieved planetary dominance by either breaking or stealing everything we came across. Take your pick, but this still isn't getting solved permanently by mortals. No one is silly like a humanist is silly. I'm here cheering for Karl because an intellectual revolution of some kind might at least buy us a century give or take a few decades before we put ourselves back in the same position again.