RE: The End Of Banking
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Wow! This is a wake-up call! You are right, most people are not aware of this and it might take them by surprise when it finally blows up. My bank account is currently from Citibanamex, which was a Mexican bank (Banamex) but it was bought by Citigroup some years ago.
It's interesting that for some it is not needed to own a car, maybe in the future we will not even need to own houses or rent using traditional methods. These changes might be crazy but looking forward to seeing what will happen.
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Most people do not own their own homes. They have notes on them meaning the bank (or whomever is holding the paper) technically owns them.
People say I own my home yet if they miss a couple mortgage payments, they quickly learn they own nothing.
The same is true for cars, at least in the US. Most are financed meaning people do not buy cars, the just buy payments.
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You are right!
For what I've seen most people in Mexico either rent or they actually own their house. If they are buying a new house they can get a credit, and they will pay from 10 to 20 years to actually own it.
In Mexico there is a very big store called Elektra, they are famous for selling many things using credit: refrigerators, stoves, motorcycles, furniture, electronics, game consoles, etc. The payments are weekly but low, ranging from 20 to 200 pesos (1 dollar to 10 dollars). Of course, you end up paying more and when you finally finish paying, the thing that you bought breaks or stops working properly and you'll have to start the progress again...
A lot of people can't keep up with the payments, and they start accumulating debts, then they are bothered weekly by people hired by the store that wants them to pay.
So they really don't own their things.
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Yes so not owning consumer things is nothing new.
The problem is going to be when you do not own, for example, your retirement account and all payments go to the government. When it is yours, the money is there. With the government, it is just a chit. As with the US Social Security system, all payments go to fund present expenditures. Hence it is a glorified ponzi scheme.
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Wow! That will have serious repercussions. Thank you for the information!
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