House ownership - Selling yourself into a lifetime of servitude

Pete111

Originally Posted by pinkteapot
Anyway, don't you think the world is going to end tomorrow?

debtistheft wrote: »

Blessed is the man who walks not in the counsel of the wicked, nor stands in the way of sinners, nor sits in the seat of scoffers; Psalm 1:1

Oh dear...he just may do

debtistheft

Pete111 wrote: »

Oh dear...he just may do

Deuteronomy 23:1 ESV

purch

Where is the hypocrisy of which you speak?

I wouldn't expect you to be able to see it.

Let them alone: they be blind leaders of the blind. And if the blind lead the blind, both shall fall into the ditch. ~Matthew 15:14

nicko33

Do not judge, or you too will be judged.

You hypocrite, first take the plank out of your own eye, and then you will see clearly to remove the speck from your brother’s eye.

Pete111

debtistheft wrote: »

Deuteronomy 23:1 ESV

Sorry, which version of the Big book of Sky Fairy is that? I hear there are several...

debtistheft

purch wrote: »

I wouldn't expect you to be able to see it.

Let them alone: they be blind leaders of the blind. And if the blind lead the blind, both shall fall into the ditch. ~Matthew 15:14

False accuser, you will reap what you sow ten thousandfold.

FTBFun

I actually miss the trolls who used to bang on about silver all day now....

nicko33

debtistheft wrote: »

False accuser, you will reap what you sow ten thousandfold.

and again
"Do not judge"
listen to this constructive criticism, as you preach to others

pinkteapot

debtistheft wrote: »

Charging compound interest on money lent is different than sharing in profits. When a person takes out a mortgage to buy a £l00,000 home; by the time the loan is paid off thirty years later he or she has given the holder of the mortgage approximately £300,000. This is compound interest in action and is usury by definition because the homeowner is paying an extra 200,000 pounds for what? There are all the reasons we were taught in school but they are false reasons for in most cases the banker creates the money from nothing, he merely created debits and credits with the house put up on the ledger to secure the loan. On one side of the books goes the house worth 100,000 and against that a check is written for 100,000. It would be just as easy for a government to create the money, also from nothing, and charge only a nominal fee for the transaction.

Can't believe I'm replying to this, but it's Friday.

If the government were to go into the business of providing mortgages then they would have to borrow, via government bonds, to extend the loans. They would then have to charge people taking the mortgages the same interest rate as they pay on the bonds, or they'll be losing money. Unless you think the government should print money to extend mortgages?

The yield on the 10 year gilt is currently 3.36%, which is higher than the interest rate on my mortgage. So, if I'd borrowed from the government, I'd be worse off.

You are also completely ignoring the effects of inflation. In 1970 the average house price was £4,378. So, let's suppose someone bought a house in 1970 for that price and put down £450 as a deposit. They got a 25 year mortgage for £3,928 at a rate of 8% say (I've no idea what rates were back then, someone might correct me). They paid £5,168 in interest over the life of the mortgage, making the total paid for the house £4,378 + £5,168 = £9,546.

The average house price in 1995 when they finished paying off their mortgage was £51,084. The interest they paid on their mortgage over its life was just 10% of the value of their house at the end of it. I doubt they were too unhappy.

debtistheft

pinkteapot wrote: »

Can't believe I'm replying to this, but it's Friday.

If the government were to go into the business of providing mortgages then they would have to borrow, via government bonds, to extend the loans. They would then have to charge people taking the mortgages the same interest rate as they pay on the bonds, or they'll be losing money. Unless you think the government should print money to extend mortgages?

The yield on the 10 year gilt is currently 3.36%, which is higher than the interest rate on my mortgage. So, if I'd borrowed from the government, I'd be worse off.

The money is created from thin air, so there is no one to borrow it from.