The real question is why Chase is withdrawing credit card service from all of Canada?
For whatever reason, they want out. And they will never be completely out so long as a Canadian citizen is holding debt.
Some bean counter counted the beans and he figured out that a known loss of X Canadian dollars is less than the unrealized risk. I.E. potential lawsuit.
And that should tell you all you need to know about fiat currency and a debt-based economy.
When the total amount involved is less than a rounding error on the bank's balance sheet and all of their so-called "wealth" is just made up out of thin air anyway, what does it really matter?
Press one sequence of keys, you're in debt. Press another set, you're out again.
Press one set of keys, you're rich. Press another set, and viola! You're poor again.
The fed is "creating" more money out of thin air, every day, for the us.gov to spend on bullshit, while everyone you know is getting poorer, and you're STILL paying taxes because the entire system relies on the illusion of willing participation. A lie agreed upon (even at gunpoint if necessary), becomes the truth.
Meanwhile, the inflation that they're also creating out of thin air with those very same key strokes is making the "money" in your account worth less and less every day.
But it also devalues the debt that the wealthy are carrying, so they owe less.
"If you owe the bank a million dollars, YOU have a problem. But if you owe the bank a billion dollars, the BANK has a problem."
[ - ] carnold03 1 point 1.6 yearsNov 21, 2023 06:49:11 ago (+1/-0)*
With the amount of inflation taking place, this is one of the only options remaining for any existing banks who want to remain solvent. However, with this news in circulation, if Chase Canada has customers who didn't receive credit card debt forgiveness, it will provoke questions.
[ + ] MichaelStewart
[ - ] MichaelStewart 4 points 1.6 yearsNov 21, 2023 01:34:41 ago (+4/-0)
[ + ] texasblood
[ - ] texasblood 3 points 1.6 yearsNov 21, 2023 06:48:00 ago (+4/-1)
[ + ] Master_Foo
[ - ] Master_Foo 3 points 1.6 yearsNov 21, 2023 04:19:34 ago (+3/-0)
For whatever reason, they want out. And they will never be completely out so long as a Canadian citizen is holding debt.
Some bean counter counted the beans and he figured out that a known loss of X Canadian dollars is less than the unrealized risk. I.E. potential lawsuit.
Chase cauterized the wound.
[ + ] BulletStopper
[ - ] BulletStopper 3 points 1.6 yearsNov 21, 2023 02:21:30 ago (+3/-0)*
When the total amount involved is less than a rounding error on the bank's balance sheet and all of their so-called "wealth" is just made up out of thin air anyway, what does it really matter?
Press one sequence of keys, you're in debt. Press another set, you're out again.
Press one set of keys, you're rich. Press another set, and viola! You're poor again.
The fed is "creating" more money out of thin air, every day, for the us.gov to spend on bullshit, while everyone you know is getting poorer, and you're STILL paying taxes because the entire system relies on the illusion of willing participation. A lie agreed upon (even at gunpoint if necessary), becomes the truth.
https://files.catbox.moe/2ef4yr.jpg
Meanwhile, the inflation that they're also creating out of thin air with those very same key strokes is making the "money" in your account worth less and less every day.
But it also devalues the debt that the wealthy are carrying, so they owe less.
"If you owe the bank a million dollars, YOU have a problem. But if you owe the bank a billion dollars, the BANK has a problem."
[ + ] Sector2
[ - ] Sector2 0 points 1.6 yearsNov 21, 2023 14:08:55 ago (+0/-0)
[ + ] registereduser
[ - ] registereduser 2 points 1.6 yearsNov 20, 2023 23:59:40 ago (+2/-0)
[ + ] carnold03
[ - ] carnold03 1 point 1.6 yearsNov 21, 2023 06:49:11 ago (+1/-0)*
[ + ] observation1
[ - ] observation1 1 point 1.6 yearsNov 21, 2023 03:56:51 ago (+1/-0)
[ + ] Kozel
[ - ] Kozel 1 point 1.6 yearsNov 20, 2023 23:30:41 ago (+1/-0)