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Chapter 3 Notes
Robert's Topics > Chapter 3 Notes > The Name of the Game is Debt
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reed7147 - 3/29/2009 3:47:47 PM
Bail Out People in Foreclosure
I feel that people purchased properties that really could not afford them. It was all greed on everyone's part. Banks, Mortgage Brokers, buyers, sellers, politicians and the rich. As you say the rich get richer and the poor get poorer.

My husband and I had to start over in 1991 after the savings and loan mess of the 80's. We were in the middle of building a condo development and it all collapsed. We moved to Florida and started all over.

We are doing much better than most here. We adapted very quickly by giving more value and reducing prices and providing alternative products and services in our remodeling company.

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curly - 3/29/2009 11:15:03 PM
why is it important to back money with gold?
why gold? what if tomorrow no one wanted to make gold jewelry and thought sands was better, or coffee? isn't gold worth what it is because of scarcity and demand? trees will soon be scarce. clean drinking water too. why is it so important to back currency with gold, of all metals? my 12 yo says: because it's pretty.

is it important to back money against gold rather than tax payers IOUs because it's limited in quantity? then how can economies grow? what will people put up as iou for a loan? a promise to wax the bank#s floor?

as you can see, i definitely lack in financial education ;-)
hope you are willing to teach me!
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johnjoseph - 3/30/2009 4:39:39 AM
bailout prevents revolutions
It is in the interest of the government and the federal reserve to bailout home owners(at least look like they are). Because like you said your financial loses were lessons and lessons generate questions which leads to enlightenment. The powers that be can't have enlightenment right. So to further the lie they need to maintain a degree of ignorance or in other words keep the giant sleeping. If he wakes he will find himself on the floor and not a bed. This is a grumpy American. If enough of us are aware of this destruction of capital the American people might revert back to the constitution...we can only pray. we need to get angry for long enough to sustain a real change in the monetary system. Massive loss of assets tend to piss people off unless they are taught to feel victimized then we are done. There is no power in victim hood.
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chayot - 3/30/2009 10:24:21 AM
Robert, you have mentioned
Robert, you have mentioned many times that debt is like a loaded gun. It can hurt you, or it can help you.

To those people who are unfortunate and got caught in the mess, I really do feel for them. But I believe if you are into this game, a capitalist one that is, then you will have to find your way out of this problem.

Like you said, learn from these mistakes, keep persevere, and you will see a light at the end of the tunnel.

Chayot Ing-aram
BBS (Hons)
Real Estate Investor & Trader
Wealth Property Group
http://www.WealthPropertyGroup.co.nz
http://www.Learn2Earn.co.nz

PS Rich Dad Live Down Under 09 (Sydney & Auckland). Reserve your ticket today at http://www.richdadlive09.com/cart.php?af=959513
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laurentiu pascu - 3/30/2009 1:07:09 PM
The name of the game is Debt
In Romania, few months ago, the President, National Bank Leader, Government and main parties leaders where all saying that Romania doesn't need a new loan from IMF, that we will cross the crisis without any huge damage, that Austrian and French Banks need to return money in their romanian branches, (those which where withdrawn last year end due to financial crisis).
After another month, of big pressure from IMF, everybody from top changed his mind and accepted, between teeths, that we need to borrow no less than 20 billion dollars, more then even Brasil. Romania is a country of 20 milion people of which, few millions are living since many years in other countries: Canada, Italy, Spain, USA, Germany mainly. How come this amount of 20 billions ?
This was the amount IMF wanted to enslave the country with. No one from government commented, just obey and keep quiet, later.
And now will start the IMF conditions for the debt: still the salaries and pensions, keep many unemployed, increase taxes and so one. After the deal was signed, the main media and news papers in the whole world started to applaud IMF and saying that Romania was on the verge of starvation and disaster but due to IMF "help" romanians are now saved. No comments ! This is how IMF opperates !
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John Crump - 3/30/2009 3:52:52 PM
The Bank Never Goes Broke
There are several excellent educational videos that describe the fractional reserve banking system, here are two
The Ascent of Money
Money as Debt

Just go to google and type in the titles...

One of these could be included in the inside back book cover as a CD or DVD...
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mwplating - 4/1/2009 3:01:57 PM
Suck it up
My family is going through a tough time and if things don't turn around for us, we may be in the same boat of losing our home. I don't want to have a bailout. I have always landed on my feet, and that which does not kill me will only make me stronger. Look what it did for you, it propelled you into a raging success by anyones' standards.
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Cendra - 4/2/2009 5:45:18 PM
The Rich ??
Robert I read all your books. But one thing that has been boggling my mind. You always say how the rich rob / steal our wealth. Can you elaborate more on the "rich" and give simple examples of how they rob/steal our wealth in practical life?? From what I know financial institutions and Banks are thugs and rip offs, but i am sure you mean more than that when you refer to the rich? From my conscious, it is not the rich who robs us but rather the greedy and power-monger powerful elites who manipulate the government. Not everyone are born with business instincts therefore not everyone can be entrepreneurs? some of the minority of the rich is kind enough to create jobs, improve the standard of living and re-distribute the wealth back in many beneficial forms to the society. any thoughts?
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Cendra - 4/2/2009 5:58:18 PM
the rich
We all know how the world works, the rich and the powerful are pulling the strings behind. Ok we shall refer the rich as the Fed. If the rich is able to keep doing this for decades, what prevent them from to continue doing so in the centuries to come unless there is a REVOLUTION, people in the whole world banding against the rich? Why bother with gold/silver knowing the fed will always manipulate the economy, the media, the mindset of the general public? I seriously don't see decades of tradition of using dollar as the 'world currency' get removed unless like i said there is a global revolution in usurping the rich(the fed, the cartel) and the U.S Government. So are you trying to tell us to play along with the rules or what? if so you know as long as the U.S government is still holding the biggest gun in the world, everyone in the world like it or not will submit to the money game created by the rich. Thus i don't believe we will back to gold backed standard, creation of new global currency. any thought?
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ukanduet - 4/3/2009 1:55:48 AM
Debt and Foreclosure
I agree with you Robert. To bail people out of a foreclosure is sending the wrong message. It says, OK, you made a big financial mistake, but don't worry, the government will bail you out and everything will be OK. The government's money comes from the hard working taxpayer. Many of whom pay their bills on time and make good financial decisions with their money. They should not have to pay for the mistakes made by people who are not as well educated in financial matters. The people who got foreclosed on need to learn from their mistakes, and generally when we have to learn a hard lesson, there is some pain involved. The pain you incur as the result of your bad decisions should prompt you not to trip over the same stone in the future. That is how you learn.
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