How They Are Destroying Millions of Lives
Interest rates were kept absurdly low for years in order to trap business and home owners into acquiring huge debts. As interest rates race up towards normal the cost of servicing loans and mortgages becomes impossible. Millions who bought overpriced houses and flats will become penniless slaves – forever doomed to pay off lifetime mortgages, student debts and mounting credit card debts while finding themselves in a constant fight against inflation – a fight they can never win.
As interest rates rose in England in 2023, the Government generously encouraged banks to extend mortgages indefinitely, to allow interest only mortgages and to delay repossessions. These two policies sound well-intentioned but they will, of course, result in the people who paid too much for their home (or took on too large a mortgage) being indebted for life and constantly struggling to pay off a mortgage on a home they will probably never own. Modern houses and flats on which they owe 30, 40 and even longer mortgages are so badly built (according to building regulations dreamt up by bureaucrats in accordance with the requirements of building industry lobbyists) that they will not last that long. There will be many defaults, with bankruptcies inevitable – thereby leading to the situation where more and more people own nothing, and the banks are happy. It’s what they want, of course.
It is curious, is it not, how the phrase ‘you will own nothing and be happy’, which is believed to have originated with the World Economic Forum can be compared to the principles of the communist revolution as described in Karl Marx’s ‘Communist Manifesto’.
Marx wrote that in order to establish a socialist dictatorship, and to obtain total control over the proletariat, the communists would have to eliminate all rights to private property, destroy all religion (which Marx famously described as ‘the opiate of the people’) and dissolve the family unit which was seen as a threat to the ability of the State to obtain total control over people’s lives.
