SOVEREIGN MAN: Consumers live and die by this ‘FICO score’. A high FICO score means that it’s easy to obtain loans at lower interest rates. And a bad FICO score (in theory) means that you have a history of not paying your debts… hence making it difficult to obtain loans.
EARTH CUSTODIANS: yes the story goes like that, but it is even more mind boggling because when the US will lose its creditworthiness, even those with a good score will be hit. Credit rating agencies are a scam ultimately. Any system that promotes such a framework must be abolished.
It is like saying that corporations have the right to sell “cancer ridden processed foods” because people are ignorant about what they eat. And yes, amazingly many think like this. Because the market also offers “organic produces”, which are more expensive, so that the uninformed clients will most likely choose according to their wallets first and buy low quality produces. It is called free-market!
Lack of money drives people to neglect their health. If an individual cannot spend $100 weekly on organic food, to bad for him or her. If only those who earn more can afford better have more chance to make it, we do NOT deserve to survive, as a whole, as a civilization because it is like condoning one’s own annihilation wilfully. This is not what the word civilization means.
So FICO decided that they would reinvent the way they calculate the scores– giving a big boost to people with bad credit. Virtually overnight, people who have a history of not paying their bills will immediately be deemed creditworthy.
Yes, that is how far the system doomed is, completely desperate to squeeze up the “Life Force” wherever possible.
The system is tearing to its end and they circle like vultures to grab the last bits before it all crumbles down, and the implementation of UBI, which will keep the majority in a state of poverty anyway.
CNN Money welcomed it with the optimistic headline: “New credit score could help millions.” https://money.cnn.com/2013/03/11/pf/credit-score/index.html
This company is deliberately lowering its standards and pretending that people with a terrible credit history are actually top quality borrowers. Gee where have we seen this before? Oh that’s right… just before the massive financial crisis ten years ago! It’s genius! … Everyone was in on it. The big ratings agencies like S&P and Moody’s all played along. Even the federal government gave its seal of approval to this ridiculous charade.
Debt ponzi is legal. Of course, many who do not have any financial preoccupations, 20% of population, would recommend to not go into debts in the first place. Though as a matter of fact, if the majority was avoiding debt, these 20% wouldn’t be financially comfortable as wealth extracts its power from people’s borrowing. How cruel is this?
The economy has always meant debt and how big the governments’ credit card is. A world currency status means a bigger credit line. The biggest is the credit card of a nation, the strongest its currency… what is wrong with this picture?
Technically the West is as poor as any 3rd world country. More credit means more purchasing power, along with the right to impose slave wages upon the poorest nations. This is monetary barbary!
And each year it gets worse. The government’s own projections show the debt only increasing– they have no chance of paying it off.Even in the private sector, most corporations aren’t much better off. Not including banks, companies in the US have around $7 trillion in total debt.Go figure, that’s the highest amount on record. Ever.More than 40% of all corporate debt is rated just one notch above ‘junk’ status. And a full 14% of companies in the S&P 500 don’t even generate enough revenue to make interest payments.
EC: You will not hear this on TV… yes, you read well: * In the US, 22% of nonfinancial corporate debt outstanding comprises “junk” bonds from speculative-grade issuers, and another 40% are rated BBB, just one notch above junk… and here is another link: https://www.weforum.org/agenda/2018/06/are-we-in-a-corporate-debt-bubble
Let’s repeat that: along with skyrocketing corporate buybacks, household debt, housing and car bubbles, junk is definitely the norm on world stock exchanges.
Centralization is a grand failure by design of course. Indeed, time to invent decentralization, with real local contribution.
According to a recent study published by the Federal Reserve, 40% of adults don’t have enough money to cover a $400 emergency expense like a medical bill or flat tire. And 21% of Americans have ZERO savings. https://www.cnbc.com/2018/05/22/fed-survey-40-percent-of-adults-cant-cover-400-emergency-expense.html
Living beyond one’s means has ruined society and the environment.
Some still call this failure, the market forces of capitalism. There are no market forces. The failure is built in. Only millionaires and billionaires are safe in the face of what is coming our way.
Time to face reality and act upon it, for those who missed yesterday upload: And So… It All STARTED?https://steemit.com/philosophy/@earthcustodians/and-so-it-all-started
The house of cards eventually collapses… people lick their wounds for a few years… and the whole cycle begins anew…. FULL ARTICLE: What a bunch of idiots (October 25, 2018)https://www.silverdoctors.com/headlines/world-news/the-people-who-calculate-fico-scores-are-a-bunch-of-idiots/
Capitalism calls it “creative destruction” … unfortunately this time, the boom will NOT come back. Time for a money-free society!
The Lie We Live | 8,511,402 views
Considering that this 10 min video was made in 2017, its success means that Truth is spreading, folks!!
Money has no value…. we ARE the commodities. Originally It received over 26 million views, but was reuploaded for a music copyrights issue. Subtitles in 40 languages
Poverty isn’t a lack of character; it’s a lack of cash | Rutger Bregman
EC: In the video below, the speaker asserts that the state of poverty and scarcity lower the IQ BY 14 points. Indeed we can see that with the cartelization of the world perpetuating poverty with its slave wages. The systems pressures the majority into making dumb decisions. Laughable, Bregman goes on saying that poverty is not a lack of knowledge. Here he clearly stands out as being paid by corporations to say this. The same corporations behind the agenda of Universal Basic Income… listen for yourself. So what is insidious here is that Bregman uses the IQ poverty data, a half-truth, to justify the concept.