Re: The Necessity of Resisting Financial Tyranny

On Sat, 11 Jun 2011, Lance McLain wrote:
> If you haven't already, move your IRA and other accounts out of Wall 
> Street and "too big to fail" banks. Move the accounts to online firms, 
> local credit unions or local banks.

I've had an account at my local credit union since I was 8 years old.  :)

> A critically important blow against financial tyranny is paying off all 
> high-interest credit cards and other debt owed to Wall Street (margin 
> debt) or the TBTF banks.

Does "other debt" include mortgages?  Because the only way most people 
would have to "pay off" that debt is to sell their homes and start renting 
instead, and I don't know how wise that would be.

Side note: I came across an article recently which said that the average 
Canadian owes about $25,000 *in addition to* his mortgage.  I had to 
wonder how (or whether) this statistic takes into account people who have 
consolidated their debts when renewing or refinancing their mortgages.

> Although this isn't an option for most people, in the longer term, a 
> very powerful direct action is paying off your mortgage and not getting 
> another one.

Oh, wait, the next paragraph answered my question.  All right, then.

> A debt-free society where citizens refuse to give their money to Wall 
> Street is a society freed of the financial tyranny that has strangled 
> the economy and democracy. We as a society have been brainwashed into 
> believing debt benefits us; but that is a lie. Debt actually enslaves us 
> in more ways than one: it enslaves us financially, and gives the Power 
> Elites the means to enslave us politically.

Is this a good time to mention, again, that the Bible expressly forbids 
the collecting of interest (at least between Israelites)?  It's a point we 
often miss, since we usually don't read those parts of the Old Testament, 
and since conventional interpretations of the Parable of the Talents have 
led us to think that collecting interest is a *good* thing.  But...

-- 
dadl-ot mailing list
http://mail.thehood.us/mailman/listinfo/dadl-ot_thehood.us
http://news.gmane.org/gmane.music.dadl.ot