You're actually swapping it for a house.

i couldnt agree more. The shear fact that banks can lend 10 times more than they have on deposit says they are creating money from thin air, and this should ring alarm bells. Thus, when we take out a mortgage, we are swaping a life's worth of work for "thin air"... in my mind this is criminal

Yep.... its total fraud. Government, Big business and banks are engaged in systematically robbing everyone and the police and army have become mobster enforcement agencies. The whole system is utterly corrupt from voting to wars. These murderers need bringing to justice. Starvation, pandemics, vaccinations, phony terrorism.... the killing hasn't started in earnest yet. Coming soon to an area near you, courtesy of ignorant peasants (voters) who have NO CLUE about what is really going on. Elite Criminal Scum!

"So financial institutions are regulated and allowed to distribute credit. What is wrong with that? It's part of the law governed by the government. Things can go wrong like the Savings and Loans fiasco of the 80's but in large part it works fine."

Except that we pay to those who create the credit (that's the commercial banks) the interest as if that money was the banks' money and not ours. If government issued credit, at least the profit from it would go to government, meaning it would be available for public spending. But governments are taking loans from the banks just like we are. The result: All the money that is in circulation - actually not all, but some 95 of it - is only there for us to use as long as we pay interest on it year after year. And we pay taxes so the government can pay the interest. Ever checked how much of government tax income goes "off the top" to debt service before any other spending is even considered?

For a discussion of the problem and my view of a possible solution, see Money and Debt

"Wake up folks! Money is created out of thin air by the government and government sanctioned institutions. And it's based on the value of the society."

Exactly my point, but not quite accurate. The government does NOT create any money. It's given that job over to the banks, and it's also turned all the profits over to them as well. The central bank prints money and sells it to the government or whoever needs to use paper money, and the commercial banks create credit and give it to anyone who promises pay-back with interest and provides security the bank can grab in case of default.

If money is based on the value of society as you say, and since we are those who make up society and work to make the economy go, then by rights, should not the money issued be ours to spend? Why is it the banks' to loan to us? Or to loan to the government?

"Idiots, just go work harder instead of trying to weasel your way out of paying back what you agreed on when you signed your name."

You have a point there. We ARE signing when we take a loan, and we ARE agreeing to conditions, but in any case it's time to start saying something about that state of affairs, where the banks make off with all the loot and we do all the work.

Geez, what is wrong with people, how stupid can you get. It's all basics folks. Money is value. Value is what people agree upon.

So financial institutions are regulated and allowed to distribute credit. What is wrong with that? It's part of the law governed by the government. Things can go wrong like the Savings and Loans fiasco of the 80's but in large part it works fine.

There will always be stupid people trying to get out of paying their debt. They didn't seem to have a problem spending all that money they borrowed even though they had such big problems with the way that money was generated. Wake up folks! Money is created out of thin air by the government and government sanctioned institutions. And it's based on the value of the society. And who values the society? The world does.

Idiots, just go work harder instead of trying to weasel your way out of paying back what you agreed on when you signed your name.