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0 sats \ 11 replies \ @SimpleStacker OP 6h \ parent \ on: Rant: If you think 50 year mortgages is debt slavery, you don't understand money econ
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
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?
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Wrong. You are not paid in houses for your work. You are paid with fake money, then you go and contract that mortgage (debt) with a promise to pay (IOU) that in fact is already paid. Look again to the image I posted above from ECB website. It says clearly how those mortgages are paid in the moment you sign. YOU are the one creating fake money and then they fool you to pay it back...
Don't be fooled.
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If owning fiat is a loser's game (which I agree!), doesn't it follow that owing fiat (being in fiat debt) must be a winner's game (assuming low enough interest rate)?
A mortgage is a combination of two things: 1) you take on fiat debt and 2) you immediately exchange the fiat for real estate.
Now you hold a valuable and productive asset (land) and owe a depreciating asset (fiat). Time is on your side now. Any bitcoiner convinced fiat will rather quickly devalue against land should agree.