The Observer wrote: ↑Wed Mar 12, 2025 4:27 pm
Yes, its a vast conspiracy of judges, attorneys, bankers, lenders, and others to make sure that no one finds out about what ULC is pushing. Such a convenient, yet implausible explanation.
OTOH, if the woo that they are selling actually worked, that would be the death knell of the entire banking and financial system.
If a borrower could simply decide not to repay a loan, and that refusal was upheld by the courts, no one would ever be able to obtain a mortgage to buy a house.
No one would be able to get a credit card.
Utilities would demand large, up-front payments, before they delivered water, gas or electricity to your home.
Buying a car would mean saving your money until you had enough to pay cash.
Even having a checking account with a bank might be affected. If your follow their logic, I should be able to write a check for my purchase and then tell the bank to dishonor the check (cheque?). Were that to happen, no merchant would accept a check. To buy a car, one would have to accumulate the 30 or 40 thousand pound or dollar notes and carry them to the dealership.
In short, our entire economy is based on readily available credit. If a lender can no longer count on being able to collect the money that they have loaned, they would simply stop lending. Period. We would, of necessity, return to a 100 percent cash economy.
I have never understood this mentality. I'm sure that, if I loaned one of them 10 dollars or 10 pounds, they would expect that I would honor my moral obligation to repay it, even if there is no legal agreement to do so. So, even if, somehow, there were no legal requirement to repay my mortgage, credit card bill or auto loan (there is), it seems to me that there would be a moral obligation to do so.