Ignorance is not bliss
June 19, 2009 | alternatives, industry | Comments (1)It’s just ignorance. This guy makes some bizarre comparison between federal government and payday lending:
The people lending us the money know that we will eventually have to further weaken the value of the dollar to pay off the loans or we would start defaulting.
The price we pay to lenders has risen 2 percent since January — billions more in interest.
So the interest rates will keep rising as lenders try to stay ahead of the inflation they know will eventually follow, just as it does in other desperately indebted nations.
The more we pay in interest, the more pressure is placed on the dollar and the more expensive borrowing money will be. It’s the payday lending approach to government.
What?
Comments»
If customers could print their own money, the default rate would be ‘0′ and we could charge lower fees.