Thursday, January 29, 2009

109 A.D. - Roman Historian, Tacitus

Witten on The Financial "Crisis" in Rome. Note The Date.

"Credit Crisis"
Government Involvement
Lawsiuts and Foreclosures
Real Estate Crisis
Banks Not Lending
Big Drop in Housing Prices
Personal and Financial Ruin
Bank Bailout

Sound Familiar?
Read what a Roman Senator and historian wrote about the subject 1,900 years ago:

"Hence followed a scarcity of money, a great shock being given to all credit, the current coin too, in consequence of the conviction of so many persons and the sale of their property, being locked up in the imperial treasury or the public exchequer. To meet this, the Senate had directed that every creditor should have two-thirds his capital secured on estates in Italy. Creditors however were suing for payment in full, and it was not respectable for persons when sued to break faith. So, at first, there were clamorous meetings and importunate entreaties; then noisy applications to the praetor's court. And the very device intended as a remedy, the sale and purchase of estates, proved the contrary, as the usurers had hoarded up all their money for buying land. The facilities for selling were followed by a fall of prices, and the deeper a man was in debt, the more reluctantly did he part with his property, and many were utterly ruined. The destruction of private wealth precipitated the fall of rank and reputation, till at last the emperor interposed his aid by distributing throughout the banks a hundred million sesterces, and allowing freedom to borrow without interest for three years, provided the borrower gave security to the State in land to double the amount. Credit was thus restored, and gradually private lenders were found. The purchase too of estates was not carried out according to the letter of the Senate's decree, rigour at the outset, as usual with such matters, becoming negligence in the end." 

- Tacitus, Roman Senator and Historian, 109 A.D.

Nothing turned around until there was interest free money. But, even then, they did not fix the problem - they let the banks do it to them again after three years.
Upayable interest is the problem. Banks manipulating "credit" is the problem.
The result is the same - no matter what century you live in.
The solution is to STOP. Stop the bank-credit-lending-at-interest scheme (scam) and the government (We The People) should restore the ownership of the money to the people. The banks now own the money and you may merely borrow it. But, that can and must change.