Subnostr

One of the things making life increasingly difficult, is that nobody ever goes bankrupt, anymore. Everyone just takes out another credit card, another mortgage, another student loan. This means that they never have to acknowledge that they are living beyond their means and adjust their spending habits. They're temporarily short of cash, permanently, but they live the lifestyle of a millionaire.

Hey, the bank gave me a car loan for a $50k SUV, so it's all good. 🤙🏼

Unfortunately, I don't have the money to buy gas. 😜

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ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

i have reserved a front row seat for a number of the most spectacular of these individuals at Judgement day.

i'm pretty sure i'll be tired after about 4 of them so i don't need many tickets...

i also have requested two tickets for pulling the trigger on the incinerator for pedophiles

Laeserin 1y ago

Well, that's almost everyone, everywhere, now.

ᴛʜᴇ ᴅᴇᴀᴛʜ ᴏꜰ ᴍʟᴇᴋᴜ 1y ago

well, i can only watch a few more episodes, i saw already a few without the right ending in my life so i just need a few to nullify it

jimbocoin 🃏 1y ago

Unpopular opinion: it’s not “living beyond your means” if you get away with it in perpetuity. That’s just winning.

You gotta play the game you’re in. The game we’re in rewards people for buying assets on credit, then using those assets to lever up. I don’t make the rules.

rand0mguest2 1y ago

Leverage works until it doesn’t lol

jimbocoin 🃏 1y ago

Correct. OP was complaining about people who get away with it in perpetuity, which, IMO, is just playing the game well.

If you go bust, then you played poorly.

Laeserin 1y ago

I don't think it's even possible to go bust, anymore. Nobody wants to call in bad debts.

Laeserin 1y ago

If they call in the debt, they have to write down the loss and then they are also bankrupt. So, you can get debt extended over and over.

Laeserin 1y ago

Yes, there's no evidence that there is any downside to this behavior, so long as there is no deflation and the Fed will prevent that. Even if you do become insolvent, you usually get to keep the stuff or you get a bailout. And now they're going to offer government guarantees for THIRD mortgages.

In fact, if the currency collapses through inflation, the person who used the most debt to buy the most hard assets wins.

Laeserin 1y ago

We actually didn't get to refinance our home, after the housing crash, because our mortgage was too sound. We'd put so much money down that our interest rate was reasonable. People who had put nothing down ended up with lower mortgage payments than we had because they'd had higher or variable interest rates! 😂

jimbocoin 🃏 1y ago

I witnessed this in my own life. My parents always advocated for living within your means. Making extra mortgage payments to pay it off faster etc. They disparaged my friends’ parents who over-extended, burdened by huge mortgages, but living in big nice houses.

Nothing bad ever happened to those people my dad talked about, as far as I could tell. The lesson I took from this was that the system does not reward prudent behavior. In a corrupt system, being responsible is irrational.

Under a Bitcoin standard, debt will be fatal. But under our current fiat standard, the winners will be those who can acquire the maximum debt in fiat units and stack Bitcoin with it.

Just don’t be a forced seller.

Laeserin 1y ago

Yeah, we live within our means and we're basically economic fools, to do so. Nobody else does and economic policy is set for the majority.

nami 1y ago

That can't go on forever. What happens is that eventually, banks take everything.

Laeserin 1y ago

Like Japan. But their banks are now collapsing.

nami 1y ago

Japan is a different story. Maybe they will collapse this time ,we will see