The Journey of a Thousand Miles   Leave a comment

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“Establish in yourself a full commitment to repay every dollar you owe. You borrowed it; you have an ethical obligation to pay it back…

Not only is this commitment “right,” it’s of large personal value to you. It is a cornerstone of your recovery, a manifestation of your self-esteem, your strength, and your confidence in your ability to fulfill all of your own needs and responsibilities.”

— Jerrold Mundis
How to Get out of Debt, Stay out of Debt and Live Prosperously (page 186)

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Yeah. Right, Jerrold. Shall I pop my wish list into the mail to S. Claus c/o The North Pole and be good for a year while I’m at it? Rub every teapot I see in the hopes a genii will pop out and grant me three wishes? My situation was unmanageable and doing it the Moral Authoritarian’s Way wasn’t gonna cut the mustard: I have recurring bills to pay, I have to eat, I have gasoline and furnace oil to buy.

And <$13.00/hour to do it with.

How about this rather different take on it, from a friend who’s been there and done that and bought the T-shirt?

“The creditors will often get 2 or 3 collectors chasing you because they run on contracts and towards the end of their contract, they really start to get pushy and threatening and they try to make a deal with you.  It can take a lot of time to get into court because there’s a lot of folks in the same boat.  When they realize they can’t get ‘blood out of a stone’ they give up eventually if the sum is small.  If it’s bigger than they want to walk away from, they may take you to court and the judge will decide how much you can really afford to pay so they’ll ask you for your T-4 as proof of your income and you’ll probably have to list your assets which will be your mobile.  They might expect you to mortgage your mobile but there’s very few lenders doing that and they’ll check your credit rating first…

From one who has been there and done that long ago!”

— Beatrice Portinari

What How to Get out of Debt, Stay out of Debt and Live Prosperously neglects to mention — along with an awful lot of other things, along with an awful lot of other debt-relief agencies and counselors — is that if you’re in default for more than 6 months, the creditor will sell your obligation to a collection agency. For pennies on the dollar. There’s a huge market out there for discounted, stale, unsecured debt… This being the case, why are you ethically obligated to pay all of it, back? With extortionate interest? Which is what  How to Get out of Debt, Stay out of Debt and Live Prosperously — your real financial situation notwithstanding — is advising you to do! How does this “fulfill your own needs and responsibilities”? In two words: It doesn’t.

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I find it galling… and more than a little ironic… to think that back in March of last year, as I was doing my damndest to get some kind of employment — any kind of employment — after having made a couple of very bad decisions I thought at the time were the right ones, were me acting responsibly and with compassion — to find some way, any way — to get a grip on my situation; to have gone to the bank that I owed that money to, explained that situation and attempted to use my house as a secure collateral to get a mortgage to help myself —

Was instead, swiftly shown the door.

They weren’t exactly rude about it, mind you. But they sure were fast: 2 minutes flat. I checked the clock on the way out.  They were quite definite too: my tiny house was of no interest to them as collateral for a secured loan.

That was then, this is now, that LoC bill to that bank has gone unpaid since December 2013, not because I don’t want to pay them, but because I have been unable to pay them, and they can now resort to civil litigation and seize that home, to pay what I allegedly owe them.

The home, that they were contemptuous of giving me a mortgage for, to help me out, in March 2014…

… As that LoC bill of $27,000.00 chugged along unpaid at 14% per annum (while typical Canadian savings accounts are giving you rates of 0.01% – 0.10% — yes, you read that right) and I was going to food banks and working my ass off for minimum wage at sleazy shitty Johnny O’Whorefucker’s GMO Donuts for a week only to be fired without warning or notice of any kind…

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With the same story, looking for help, I went to the other two banking establishments to whom I owed money  — I wore a jacket and a tie, I even polished my shoes — only to be shown the door, in under 2 minutes. They had no interest in helping me then either.

But now? They can ask the judge to seize my house to pay the bills owed to them.

Well, why not smarten up? Get a decent white-collar corporate job like any other responsible self-respecting university graduate? Have a look at Barbara Ehrenreich’s Bait and Switch, and be disabused of that fantasy: A decent job you can count on is even less likely than the loan. I’ve been working on that pipe dream for 30 years now, to no avail.

Never forget this, Gentle Readers: The Bank is not your buddy.

Never forget too, that justice is a rich man’s luxury and the game is weighted in favour of the powerful. Heavily weighted.

Mr. Mundis’ authoritarian 12-step prattle be damned: While on a legal basis (actually depends how good a lawyer you can afford) you may owe them however much you put on the plastic they gave you, foolishly thinking it was all going to work out — morally speaking? You owe these blood-sucking parasites:

Absolutely nothing.

And they are blood-sucking parasites. Don’t kid yourself. Let me explain something astounding to you:

Let’s say you’ve decided you want to make some home improvements and you need $50,000 to do it.  Off you go to your bank and present your case to their Loans Officer. S/He appraises your net worth, the state of your mortgage, your stability of employment and position with your organization, decides you are a good risk, keys $50,000 into their computer, presses a button and Hey Presto!

You’re issued a cheque, for $50,000.

Where did that 50,000 come from? No, it did not come from the assets of the bank: The scam is so simple and so breath-taking you have to be exposed to it several times at least, from several different vantage-points, to get it:

•    $50,000 was in fact created merely by keying “$50,000” on a computer keyboard and tapping the “enter” button.

•    $50,000 that a second before, did not exist.

•    $50,000… was created… literally… out of nothing…

Neat trick, eh? All of our money — other than coins — is created out of nothing by banks — IOW private, for-profit corporations — as an instrument of debt.

But you, Simple Sucker, have to pay it back, with the sweat of your brow and a substantial chunk of your time on this earth.

With Interest.

You have to study it for a few hours to get it, but once you do, you’ll understand why England is still paying for the American Revolutionary War, why The Great Depression really happened, why we have a Boom-and-Bust Cycle and out-of-control government debt; why inflation is inevitable, why the dollar has lost 95% of its purchasing power over the last 100 years; the foundation for an awful lot of Conspiracy Theory, the (unjustified) justification for an awful lot of Antisemitism…  And why Kennedy was murdered: He was messing about with The Federal Reserve which isn’t Federal, nor a Reserve, and they didn’t like it.

And why crazy wankers like me listen to flakey radio talk shows in the middle of the night.*

Mr. Carlin is absolutely right: They’ve got you, me, everybody: By the balls. They’ve even got the girls, by the balls. From the day you’re born, till the day you die, you are a slave to the banks, because of this nasty sinister little factoid: All money, other than coins, is created by private corporations whose only obligation is to their stockholders, as an instrument of debt, and thus, as an instrument of oppression:

•    Money is created out of nothing, as debt.

•    It has to be repaid, at interest.

•    But since all money is created as debt in the first place, it necessarily follows: The debt can never be repaid.

•    But also: all the money we have, is constantly losing value as a consequence: Because of interest, inflation of value is inherent and inevitable.

•   And finally, it tilts wealth and power into the hands of the already wealthy and powerful…

It’s a bit like the Mole Concept in Chemistry: Very hard to get a grip on because it’s so simple.

Thus when threatening letter #53,712 from Yettanother Collection Agency Ltd. arrived Monday three weeks back, I finally decided time to get my ass in gear, get some help, starting by phoning Predatory Debt Relief Scammers Ltd… their ad prominent in the elevator in my proctologist’s building…

…. From there instead to the company recommended me by Medea’s brother, Agamemnon, and… Get the ball rolling, on getting this mess fixed before the summons arrives…

It’s going to take awhile. A lot longer than I want, because I simply cannot generate the money I thought I could generate doing what I wanted to do to generate it.

It’s going to hurt, too.

But it’s going to hurt a hell of a lot less than losing the roof over my head.

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* Tune in to Coast to Coast AM.

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Posted March 17, 2015 by Capt. Roy Harkness in Uncategorized

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