Why should I have to sacrifice anything, it isn’t my debt. No one asked me if it was alright to borrow more than they knew could ever be repaid. No one asked me if it was alright to help folks that made bad investments, and buy all that bad debt from them. Heck, it is an investment, some are good some bad. It is BETTING, you are BETTING that you will make money. The good ones you make money on the bad ones you lose money, that’s the way it goes. You make too many bad investments you lose all your fiat money and go out of business. Someone will come along and buy what is left for cheap and life goes on.
Back in 2005 the real estate agents and banks were trying to get me to borrow much more than I know I could afford to buy a house as an ‘investment’ rather than a place to live. They made me feel like an idiot for not walking away with $10,000 in my pocket and a huge home. If I had bought into it and then could not afford it, my bad. I lose. Someone buying my mortgage betting that they’ll make money would lose also, their bad. Why should I be responsible for their gambling loss? No one ever came up to me and said ‘Sheesh, you got beat on THAT investment, here I’ll take it off your hands and pay you the full amount you gambled’.
Regardless of how responsible I was, we are all on the hook now and we will all be paying for others mistakes in BETTING they will make money. We will also be paying for TPTB spending much more than they knew they could afford. I make $X for a salary, I cannot spend $X + $1 because I do not have the money! I cannot go to my employer and say hey boss, I need another $500 this week which I plan on never repaying. I cannot go to the store and spend money I do not have. I have to live with what I bring home, that is the bottom line. Even with the home I did buy, I am BETTING that I will make enough fiat money to make payments on it until I have paid back the fiat principle and the enormous interest amount on it. If I can’t do it, I lose. If I can the banksters win and I am still being extorted forever by TPTB.
BTW, all that ‘bad debt’ fiat money did not simply disappear, SOMEONE has it. SOMEONE made a killing on this whole fiasco.