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This entry was edited (1 month ago)
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Molenaar

"So after the bank originates your loan, your account has £100k more in it, and the bank has an IOU from you for £100k"

It's worse. Your account has £100k in it, and the bank has an IOU from you for £200k, AND a promise of the house if you cannot pay it, because over the total period of the loan, the usury is about equal to the original price. Also, the money for that extra £100k was never created, so the only way that you can pay it back is making sure somebody else can't, or by borrowing again ("borrow from the future"), or by making new value such as by plundering nature or the commons. Off course this cannot go on, and it will automatically result in the next crisis.

So the bank has no risk at all (if you cannot pay, your house is theirs), whereas your risk is double that of the price of a house.

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Haxel Hekker

With all due lots of respect, I utterly disagree. Making more people go into debt is the wrong way. The bank, any bank, evil or good buys on your behalf, you own only on paper -> and *carry all the risk* if your asset loses its value (flood, fire, job lost, need to move, new houses even more expensive in the meantime. Insurance - yay! hold on for a fun example from hereabouts. The solution is and always has been: public housing. Good housing, and lots of it.
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