A man told CNBC the other night that he made his bank credit card payment a day or two late -- and the bank immediately raised his interest rate from 11 percent to a punitive 29 percent.
He noted the payment had been late because the due date was on a Sunday and he thought he had a grace period.
But all across America banks have been routinely looking for any excuse to charge 29 percent interest rates - even to this guy who had been a loyal bank customer for 20 years.
The television advisor said he should have made his payment a week in advance and the banks are doing all they can to stay in business.
So when the TARP money is being given to the banks because they, in effect, are overdrawn and can’t make their payments, why aren’t taxpayers extracting the same ruthless 29 percent interest rate from the deadbeat banks?
I think by now every American should realize the banking system is primarily a control mechanism to keep the citizens in bondage.
Once again, I point out that the globalists have relentlessly pushed for wage deflation in the U. S. by shipping jobs overseas and then bringing in cheap foreign labor to drive down wages toward a global average.
So there is no way the U. S. banking system can survive - and neither can its customers afford 29 percent interest rates.
When consumers borrow $100,000 to buy a house the banking system only creates $100,000 -- often out of thin air -- to give to the seller. But the borrowers will have to pay back up to three times that amount over the life of the mortgage. To help accomplish that, the Federal Reserve Bank continually inflates money supply so that extra money is in circulation so workers can get inflation-driven wage increases and capture money from the system to pay back the interest as well as the principal owed.
The two trillion the Fed has created out of thin air to plug the black holes in the banking balance sheets will have to be paid back with interest presumably, so the taxpayers will have to pay back up six trillion dollars to the Fed over time, including the compound interest.
But wait, the globalists have been successful in busting wage inflation, commodity inflation - so why can’t Congress see that the system is clearly broken and cannot be fixed by just throwing fiat dollars at the disaster?
But even a simple minded Congress should see that 29 percent interest charges for bank customers should be levied on the banks as well. It is time to modify the bankers’ irresponsible behavioral patterns.