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[BeOnEdge]

i know someone trying to do a "mortgage elimination" and i'm trying to prove to her that it wont do anything but get her into trouble. she pointed me to this site http://www.mortgageliberator.net and i still think its all garbage.

 

[Celicar]

none

 

[Tommie Hu$tle]

*cough*bullshit*cough*


She'd be better off trying to restart "friends helping friends".

 

[AstroLad]

I barely even glanced at that site, but it reminds me of those old "the income tax is unconsititutional and you don't have to pay it!" scams.

 

[Dilbert]

The U.S. has been off the gold standard for decades -- for some reason, the 1970s comes to mind. In fact, I don't think any nations in the world are still on the gold standard.

 

[BeOnEdge]

i was watching some shit on the history channel though and they mentioned gold backed dollar. whats all the gold in fort knox for then?

 

[White Man]

The U.S. has been off the gold standard for decades -- for some reason, the 1970s comes to mind. In fact, I don't think any nations in the world are still on the gold standard.

The US abandoned the gold standard in the 30s, believe it or not.

 

[DJ_Tet]

The U.S. has been off the gold standard for decades -- for some reason, the 1970s comes to mind. In fact, I don't think any nations in the world are still on the gold standard.

I believe Nixon took us off the gold standard, but I'm not positive.

The american dollar is backed off our trust. We better believe, or we're in a world of hurt

I think it's 60% backed now?

 

[aaaaa0]

It used to be that money was a piece of paper that basically said "give this to bank A, and bank A will give you x amount of gold", but these days, all that gives paper money its value is everyone's belief that it is worth something.

I don't think there are any major gold backed currencies left in the world.

 

[AstroLad]

i was watching some shit on the history channel though and they mentioned gold backed dollar. whats all the gold in fort knox for then?

The US has about 11 billion of gold reserves, but it's just reserves. Lots of countries actually own gold to hedge against the dollar. US money has no intrinsic value anymore. There's a long and semi-interesting story to that, but not interesting enough for me to retell here.

 

[BeOnEdge]

but even though money is "nothing" its still legally fraud to say i'm not paying my mortgage because money really doesnt exist right? ur signature (trust/good faith) binds you to a purchase right?

 

[White Man]

I can't cite a source, but I remember an old Objectivist friend of mine saying that there was little or no gold in Fort Knox, and that the power of the dollar was all in confidence. I recall him saying that the gold was sold off in the 60s-70s. I have no idea whether this was true or not. I am just tossing it onto the table.

 

[Celicar]

it's not fraud

the bank will just foreclose on you

 

[ChrisReid]

but even though money is "nothing" its still legally fraud to say i'm not paying my mortgage because money really doesnt exist right? ur signature (trust/good faith) binds you to a purchase right?

Of course. I don't see how it's "fraud," but you're not fulfilling your part of a contract and all manner of hell will rain down upon you if you decide to not pay.

 

[BeOnEdge]

how long does a forclosure take? she said she has a friend that did it and they havent taken his house yet. i'm pretty sure that they tie the forclosure up in leagal shit long enough to skip town and leave the idiots thinking they're ok not making payments on a house.

fraud because you signed on a promise knowing you werent going to pay. kinda like signing up for a credit card, running it up and then not paying it.

 

[Celicar]

A bank would probably start the foreclosure process after your payment is a month overdue. Why would you want to skip town and let the bank take your house? :lol

 

[BeOnEdge]

no i meant the people they give money to to start the mortgage elimination process. there is actually a bunch of legal crap involved and this guy hasnt paid in months. i'm just sure the bottom falls out somewhere and i'm trying to figure out where.

 

[Celicar]

You're crazy man. I like you. Why would you get a loan for a house only to live in it for a couple of months before the bank took it away from you? :lol

 

[BeOnEdge]

because people are stupid and fall for stupid crap. this lady has 100k in the bank and shes actually falling for this garbage. i cant stand to see someone fall like that. its bullshit.

 

[BigJonsson]

It was Nixon who took the US off the gold standard

I have this all in my Global Politics notes from last year

 

[aaaaa0]

http://www.occ.treas.gov/ftp/alert/2003-12.doc

Don't try it. Your bank already knows about this scam, and will reject any crappy docs those guys draft up to manufacture a payoff of your mortage loan.