The concept this young person articulates so well explains what is wrong with the Canadian Banking System and why there is no political will to change it. You may have to listen several times before the truth of what she is saying sinks in, as it is foreign to what we have come to believe about how finances work. While what she is saying is true, it is not a new thought but is one that has been resisted by those who rule over us for decades. Wonder why?
There is NO reason why anyone who takes out a mortgage to buy their own home should have to pay multiple times the value of the home to a bank for simply keeping track of payments. Can you imagine what your house would cost you, if you weren't paying all that interest? Why do you suppose you are paying all that interest??
The next time you get a mortgage statement from your bank, consider how fast you would own your home if the interest portion of your payment was going to pay down the debt? Why should banks earn all that interest when they are loaning you money that does not exist and are taking no risk of default with Canadian taxpayer insured mortgages. It is a mighty sweet deal they have put together for themselves, don't you think?
Think about it. It will change the way you look at a whole lot of economic issues. Listen to it again, and again until it sinks in. You will be glad you did. Of course the politicians and the bankers will tell you it is just a bunch of bunk .... but of course why wouldn't they?
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