THE ECONOMY

If you take my story as an example:
Back in our younger days we worked hard and earn't very good money as a couple. Enough to be constantly offered High Mortgages, Insurances of all sorts, Multiple credit cards, Investment in share opportunities, etc, etc.
We thought this was the way forward. We were young and saw the world around us as what every one who looked successful was doing. I never had to budget I could just get what I wanted from the supermarket every week and we could purchase anything and every thing that we were sold too through the sales media spin. WE WERE LIVING HIGH ON THE HOG AND 10 FOOT AND BULLET PROOF.

In the 2008 crash we lost all our investments (ouch) that hurt but never mind we can recover because at least we had our jobs to meet our debts. A year later restructuring started in our industries. We either took redundancy or got rehired on lower pay for double the work load. Either way how were we going to meet our debts. We had to sell our beautiful home and rent. The other question was how to pay off our credit cards and car loan. We fortunately found out about Savings Pools and through this was able to get an interest free loans to pay off our debts at a regular amount we could afford. As there was an equal reciprocity amount required to be paid during this time we came out many years later with savings of the same amount and no debts.

I have never felt so free as I do now with not debts, not mortgage to pay but alas no house to live in at 65.

Looking back I believe it was the interest that was the cruelest demise of my way of life. Also I guess one could say the lack of understanding finance and spin was a huge factor.

Needles to say I am now an expert in how finance works from the point of view of an ordinary citizen with no higher education.

The number of wealthy people who made money from us in interest over the years was many. I thought when they talked about the advantages of what they were offering and the benefits to us at the time were genuine. I am one of the naive many who get sucked in to this system and sometimes can't get out.

The system distributes money from the bottom 90% to the top 10%

Which is why we need to get rid of interest.

If we valued, for all. a roof over our heads, food in our mouths and education for our families these should all be free of interest.
What do you say ?????

Im not saying that housing should be free but should be available to those who wish to house their families at cost and at an affordable weekly payment to them.
I am saying that education should be free for all our families and not be a profit making venture. And that trades should be offered and new applicants mentored.
Im saying that basic healthy food should be available at prices families can afford.

Sorry to Hear your 2008 story, A great injustice has been done to you and many others through (debt) and other none monetary financial transactions.
Banks got rescued, people like you payed the cost.

If NZ did what Iceland did, ?

What did Iceland do ?

Instead of bailing out the banks, Iceland put the managers of risky banking in Jail
and gave some mortgagee's partial debt relief.

http://www.washingtonsblog.com/2012/08/top-economists-iceland-did-it-right-everyone-else-is-doing-it-wrong.html

I found this an easy read thank Alan. One thing that stood out to me was 'one of the main problems with the existing fractional reserve system is the freedom it gives banks to create and lend out money in a boom, which exacerbates the boom. I

I also like this comment 'if we make it impossible for banks to suddenly go insolvent, then no bank subsidies are needed! Garages and restaurants aren’t subsidised. Why should we subsidise banks?

LOL, Now there's a good idea. Lets get the Possy ready now. Only those with horses though.