Nathan R – Rise if the Creditocrasy

Posted: March 4, 2014 in Uncategorized

Interesting article on the key role of credit in, basically, financing banks and the upper classes.

http://feedly.com/k/1hIKi4M

Basically your perpetual debt fuels their profits and interest, and they want to keep it that way.

Advertisements
Comments
  1. cs341blog says:

    Very interesting article indeed. It was quite intriguing to see how the banks and debt collectors use customers known as “revolvers” who consistently pay the monthly minimum along with penalties or late fees, which in turn will always ensure a steady flow of revenue to the banks. The following quote is a statement taken from the article that I believe sums up the main points of the story. “Each new surrender of a part of our lives to private debt-financing further consumes the fruit of labor we have not yet performed, in the form of compensation we have not yet earned.” Basically saying that many of us will inevitably always be in debt, which in turn will consistently fuel the profits and interests of the banks while keeping the them and the upper class more than content.

    – Mike. S

  2. cs341blog says:

    Matt Douglas

    I think it interesting that people are so quick to criticize consumerism but at the same time, not so quick to say anything bad about credit card companies. If people were not able to so easily borrow money, and in some regards in a heinously irresponsible manner, people would not have to worry about living in debt in order to maintain a certain image. I agree with your point that It was quite intriguing to see how the banks and debt collectors use customers known as “revolvers” who consistently pay the monthly minimum along with penalties or late fees, which ensures a steady flow of revenue to the banks.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s