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0 sats \ 13 replies \ @SimpleStacker OP 4h \ parent \ on: Rant: If you think 50 year mortgages is debt slavery, you don't understand money econ
The relevant comparison is that I would be willing to exchange my hard work of 30/50 years for a home.
It just so happens that the seller of the home wants these worthless papers... and somehow the bank is willing to give me these worthless papers. And, somehow, even more strangely, the bank is willing to say, "Just give us these papers back in 50 years, plus a few more."
But the truth is, no bank would actually offer that. Because even they know how worthless these papers will be in 50 years. The only reason they would accept it is because gov't says "we'll buy it from you!", and then implicitly, "Oh and if things go badly, the taxpayers will bail us out."
So: just to be clear-- I don't support these 50 year mortgages, as policy. Since it is just more gov't distortions of the market.
I am only saying that if you believe dollars are trash, then you should also believe dollar denominated debt is trash. So why should I feel enslaved if all I need to give back is trash?
How many times I have to post this image from a central bank website?
They say clearly how they create money out of nothing. You, with your own signature, you are creating those money.
Then comes the question: if you can create money with just your signature, why do you work hard anymore?
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Actually, that's exactly my point. Because of how fiat gets created out of nothing, in 50 years the mortgage payment on a 50-year mortgage will be worth almost zero labor hours of work. Probably can pay the whole monthly payment with less than a day's work. By taking the 50 year mortgage you are getting in on the game, despite not having direct access to the money printer.
I'm not saying I like this system, or support it. I actually want to get rid of it, which is why I support Bitcoin. Getting rid of these games would create a more free and just economic system.
But it is also the reality. And the money printing is going to happen whether I like it or not. I would not fault someone for taking advantage of the system where they can. I also would not fault anyone for opting out of the system and just walking away. Both are options.
More important is that you see the system for what it is and recognize its unjust nature
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in 50 years the mortgage payment on a 50-year mortgage will be worth almost zero labor hours of work.
So you agree that you worked for nothing. So why did you spend that energy (for nothing) in the first place?
You are literally supporting the fiat system that you despise so hard...
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Is renting with full rights for 100 years. I do not want to buy it but also I am not an invader.
Is all based on natural law, mutual respect.
A bitcoiner (a creditor) do not have to own any land. Just bitcoin.
Is a matter of mentality...
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Property and ownership must be respected ! Without ownership, we have nothing.
In these times, if you want to own a land/house, go ahead, spend your sats and energy for it if you want. But I prefer to pay a monthly / yearly rent then buy a house.
By owning only bitcoin I have more freedom than others, I can do whatever I want and go wherever I want, anytime.
But I will never go into debt just for the sake of owning that piece of land. If I do not have enough money to buy instantly, at once, I prefer to stay on rent and earn little by little, spending less than I earn until I have enough.
Bitcoin is savings mentality.
Fiat is debt mentality.
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So real estate can be owned, and ownership is valuable.
If @SimpleStacker works 50 years and acquires real estate in exchange, that's not slavery, it's exchanging work for a productive asset (real estate).
If the banks lend him (increasingly) worthless fiat to achieve this goal faster, participating in the scheme is rational for him, no?