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Making Necessary Car Repairs

Cars can be expensive. Cars can cost many dollars, from average damage to more complex engine issues. The problem is that many people don't have enough money to pay for the necessary repairs. This leads to the car being unable to run. And an occupation that's much more difficult to attain.

There are two options to pay for repair work to your vehicle:

Credit Card: a few garages will accept credit cards; however, you'll need to be aware of the traps for credit cards.

Ask your relatives and friends to borrow some money.

- Loan: talk to an agent about an auto-repair loan.

If your credit card is found to be "maxed-out," and your family members and friends have been tapped out, then the only alternative is to get the loan. Traditional lenders would give loans for repairs to cars regularly, but this isn't anymore. Since the economic crisis was shattered, traditional lenders haven't been able to loan money. Though this may sound ridiculous (after everything, just what is lending to lenders who do not lend? ), It's something that's happening in the current economic conditions.

What do you do if you require funds to fix your vehicle and a traditional lender isn't willing to approve your loan application? You can go to the lender that many Canadians have turned to in recent years, private lenders.

In contrast to traditional lenders, private lenders can provide rapid cash at a low rate. Most applicants are approved for auto repair loans in just a few minutes, and you will have some money ready when you reach the garage.

Instead of trying to gather enough cash to pay for the repairs to your car then, why not get your vehicle back on the road now? Even if you use public transportation to get to and back from your job, nothing can beat the speed and convenience of owning your vehicle.

If you own a vehicle that needs to be repaired, notes that private lenders may also offer funds for truck repairs. Working with a personal loan is the most suitable choice for whatever car you're looking to get replaced. Although traditional lenders will not even take on all applications these days, Private lenders will assist you with getting your vehicle, truck or big rig another vehicle up and running in a short amount of time.

For more information on whether a car title loan is right for you, please visit our website on our truck repair loans.

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Central Banks, Financial System and the Creation of Money (and Deficit)

Financial System

The market system is a way to make money. The financial system transfers cash from optimistic savers (i.e., deposits) to negative savers (i.e., people who have a shortage of funds, which require loans to purchase properties, etc.). In addition, financial systems allow non-cash transactions: individuals or legal entities.

The financial system is the law of the land, a monopoly on services. Banks can only accept deposits, and only insurance companies can offer insurance services, and mutual fund management is better for a bank with a large size instead for any individual.


How is money generated?

In the past, one of the main reasons the early Greek states were so powerful was their capacity to develop their currencies. In the days of Pericles, Drachma was the name of the coin. Drachma was the currency of reserve at that time. This was also true for the gold Drachma currency that Philippe used in Macedonia. The two currencies can be exchanged using the equivalent of a certain quantity of gold.

Presently, Fed creates USD and ECB Euro. Both are the fiat currency. I.e., money that has no intrinsic value, which has been declared real money through government regulations, and we, consequently, must accept it as genuine money. Central banks issue coins and paper money in many countries. Represent 5%- 15 percent of the total supply. The rest can be considered a virtual currency, a form of accounting record entry.


Based on how much money banks generate and their creation level, we either have an economic crisis or economic growth. It is important to note that central banks aren't public but private corporations. They have been granted the power to issue funds to private banks. These privately-owned central banks loan states with interest and, as such, have economic power and, obviously, the power of politics. The money in paper circulation within countries is the public debt, i.e., countries owe money to private central bankers, and the repayment of this debt is secured through the issue of bonds. The guarantee that the government gives to central bankers who are personal to pay back debts is taxes that are imposed on individuals. The more outstanding the debt, the more tax-exempt and the more people have to pay.

The chiefs of these central banks are not fired by governments and are not accountable to governments. In Europe, they are responsible to ECB, which decides on the monetary policy for the EU. ECB is not governed by either the European Parliament or the European Commission.


The borrower or the state issues bonds, which means it agrees to have the same sum of debt with the central bank, which is based on that acceptance, creates money out of nothing and then lends it at a rate of interest. The money is borrowed by way of an accounting entry. However, the interest rate is not money in any way but is merely a reference to the contract for loan obligations. This is because global debt is higher than accounting or real debt. Thus, people are considered enslaved people as they must be able to earn cash to pay off their public or personal obligations. A small percentage of them can pay off their loans. However, most of them go bankrupt and cannot pay back their entire debt.


If a country owns its currency, as in the USA and many other countries that have it, it can "oblige" the central bank to accept the state's bonds and lend the state at interest. So, a bankrupt country is prevented since the central bank is the lender of the last option. ECB is a different case as it cannot lend money to Eurozone member-states. The absence of the Europe safe bond places Eurozone states at the mercy of "markets," which, by being concerned about not getting their money back, they set the highest interest rates. Recently, however, secure European bonds have been gaining popularity despite the differences between Europe decision-makers. In contrast, Germans are the main reason this bond is not in existence, as they don't wish for national obligations to be one European. Another explanation (probably the most important one) is that by the presence of this bond Euro as a currency will be devalued, and the interest rate for borrowing from Germany will increase.


In the USA, the situation is different as states borrow their currency (USD) from the Fed; thus, the local currency gets devalued, and the state's debt is downgraded. When a currency is devalued, a nation's goods are cheaper without cutting wages; however, imported goods become costly. A country with an established first (agriculture) and a second (industry) sector could become more competitive through its currency if it can generate its energy source, i.e., it needs to be energy efficient. Banks that have between $15 million to $122.3 million in deposits have the requirement for reserves of 3%. In addition, banks with more than $122.3 million of deposits must have a reserve requirement of 10 percent. So, if the depositors all decide to withdraw their cash from banks simultaneously, the banks cannot provide it to them, and there is a bank run. In this case, it is essential to note that for every USD, Euro etc., deposited at a bank, banks create and loans the amount of ten. Banks generate money every when they lend loans, and the money they generate is the money that is displayed on computers. It is not actual money deposited into the bank's treasury that lends it. But, the bank lends virtual money, but it receives real cash in return, plus interest from the creditor.


As Prof. Mark Joob stated, no one can get away from having to pay interest rates. If someone takes money from a bank, they must pay interest on the loan. However, all those who pay taxes and purchase items and services have to pay the interest rate of the borrower who initially borrowed as taxes must be collected to pay for the interest charges on the debt of public authorities. Every business and individual selling products and services must place the borrowing price within their prices. In this way, the entire society supports banks even though a part of the subsidy is paid in interest rates to customers who deposit money. Prof. Mark Joob says the rate of interest paid to banks is a subsidy for them as the fiat/accounting currency they generate is considered legal money. This is the reason bankers get such high salaries. The bank sector is so large, and the government subsidizes banks. Regarding the interest rate, people in poverty typically have higher levels of savings than loans, while rich people save more than loans. If interest rates are adjusted, cash flows from the poor to the wealthy, and interest rates are favorable to wealth accumulation. Commercial banks profit from investment and the gap between the interest rates for deposits and loans. If interest rates are constantly added on top of the investment initial, it will earn greater interest because there is compound interest, which grows the capital initially exponentially. The real money itself isn't increased because this interest rate cannot be produced. Human labor alone is the only source of the interest rate that increases. However, there is pressure to reduce wages and salaries while productivity rises simultaneously. Human labor has to meet the requirements of exponentially growing compound interest.


The borrower is required to do the work to obtain real money because banks lend virtual currency and receive real money back. Banks need to create new money using credits and loans because the money they lend is greater than the real. When they increase the amount of money, there will be growth (however, it is not the only scenario in the banking and monetary system that there is an increase in debt). However, when they wish to trigger a crisis, they will not give loans, and because of the shortage of cash, many people go bankrupt, and depression is triggered.


This is a "clever trick" created by the bankers who noticed that they could lend more money than they already have because depositors would not be able to take their money on the whole, and at the same time, they would not be able to take it from banks. This is referred to as fractional reserve banking. The definition provided by Quickonomics of fractional reserve banking goes as one that follows: "Fractional reserve banking is a banking system in which banks only hold a fraction of the money their customer's deposit as reserves. This allows them to use the rest of it to make loans and create new money. This gives commercial banks the power to affect the money supply directly. Even though central banks are in charge of controlling money supply, most of the money in modern economies is created by commercial banks through fractional reserve banking".


Do savings secure?

In the instance of Italian debt, as in Greek debt, we've received statements from politicians (actually paid by bankers) that they would like to ensure the security of savings. But, are those savings secure in this banking and monetary system? The answer is no. According to the article, banks have a low reserve of cash. This is the reason why they depend on their customer's trust. In the event of a bank crash, there could be liquidity issues, and the bank would go under. Deposit guarantee programs exist that pay according to EU rules to safeguard depositors' savings by guaranteeing deposits up to EUR100,000. However, in the event of chain reactions, commercial banks must be protected by central banks and the governments as lenders of last resort.


What do we do next?

The current economic system shaped by banks' influence isn't sustainable and does not reflect the human spirit, such as democracy, justice, and freedom. It's irrational and needs to be changed immediately for humanity to endure.


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