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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Thu Apr 17, 2008 3:40 am Post subject: Banking Crisis- You Can Fool Some Of The People Sometimes |
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By: Captain_Hook
But you can't fool all the people all the time. This is a truism that will become increasing trite in coming years as more and more people discover the vulgarities being perpetuated on them by the banking / investment community. As an example of this, without solicitation last week Visa informed me I will soon be receiving my ‘First Class Travel Infinite Card', which apparently has ‘no credit limit'. Now for some this might be ‘good news' if planning to live increasingly off credit. But for me, the message I got was the credit givers want people who pay their bills on time to take on even more of the credit growth burden until they too are overextended, which is the brand of thinking that has gotten us into the precarious position we are in today. In this respect credit givers should know they are barking up the wrong tree with people like me if they expect a run-up in balances that can be taxed at exorbitant rates, as most like minded people pay their balances off each month and don't plan on altering this practice.
The following is an excerpt from commentary that originally appeared at Treasure Chests for the benefit of subscribers on Tuesday, March 25th , 2008
For some however, what happens is price increases resulting from inflation simply push the numbers higher, where extra credit provided by these same people (credit givers) is gladly used, but with no thought of repayment. (These are the people you can fool all the time because they are debt slaves for life.) And as long as there are people like this out there the inflation cycle can run unabated, but once they begin to rely on guys like me they run into trouble because an unwillingness to take up more credit will curb consumption, and that's exactly what is happening right now in the commodity complex. Higher prices set against an exhausted consumer (in terms of increasing credit capabilities) have hit the point where demand for commodities is falling, which is perhaps best measured in US crude oil inventories that are currently at multi-year highs. This, combined with other consumption related demand –side considerations is why commodity prices can be expected to fall in coming days if viewed strictly through the consumers eyes.
http://www.marketoracle.co.uk/Article4237.html |
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