The Great Debit Card Game

The Great Debit Card Game

Banks Will Make $27 Billion This Year On Overdraft Charges

By Gary Jacobucci, rense.com, 9-10-9

Jeff, this is a small matter with all that is going on, but the idea of 'debt' (and 'wealth') has been on my mind lately, so this short video attracted my attention - as many people have switched to debit cards in an attempt to be more responsibe in their spending.

The Card Game: The Deal With Overdrafts

http://www.nytimes.com/2009/09/09/your-money/credit-and-debit-cards/09debit.html?_r=1&em

(short video half-way down page)

..Mr. Rayne's situation is not unique; he's one of millions of customers who have had to pay overdraft fees on a service they never asked for.

...As lawmakers crack down on abusive credit card practices, banks are increasingly reliant on debit card overdraft fees for revenue.

...This year banks will make over 27-billion dollars on overdraft fees from customers that overspent their checking accounts.

...On several occasions, I've asked the bank, that if I don't have the funds, to decline it - and they've said "no."

...If a purchased is flagged, all further purchases made with a debit card are charged an overdraft fee until the flag is cleared ­ even thought there is money in the account to cover the purchases.

PS: great job on sorting through the pandemic / vaccination issues with your guests the last couple of weeks.

"What makes this the biggest public health crisis in history is the ingredients in the vaccines." - Horowitz

Interview with Michael Chossudovsky...

JR: "I refer to this as the greatest theft in human history."

MC: "I think that's a correct assessment because the numbers are so horrendously large. The thing is, with the transfer of wealth ­ we don't know where the money goes."

The whole idea of money and wealth is a huge consideration - and I'm sure there has been volumes written on this consideration.

If we weren't in a period of information overload, I'd probably write something on this (my two cents).

- but Jefferson's view of America as a nation of small farms sticks with me - as well as Hamilton's (opposing) ideas that tied wealth to our relationship with money.

...as is relflected in Chossudovsky's statement ("we don't know where the money goes").

In my own attempts to step outside the 'matrix' over the last several years, I have to reflect that the practical application of this was to step away from debt and to transfer money wealth to commodites and sustainables (garden fertility, quality of immune system, etc)

So, I increasingly appreciate Jefferson looking at the economic systems of the world - and the political systems of the world - and seeing America as a nation of small farms - both in the support of economy and liberty (plus the nuturing effect on education, health, morality, common sense, etc)

Synthetic wealth nurtures synthetic lifestyles - while the subtle realizations between the qualtiy of the soil and the quality of our bodies, the quality of our enviromment lending itself to the appreciaton of the interconnectedness of life all around, etc - go under-appreciated.

- Gary