A Quote by Ray Dalio
Credit is a promise to deliver money. It will produce GDP but you'll create credit... So you reach a certain point that that you can't do that anymore... There are choices. And how do we best support, apportion the money? How much is going to be transferred?
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If your bank took bailout money, take your money out of that bank and put it in a credit union. Credit unions are owned by the people who have their money in the credit union.
The power of collecting money from the people is not to be rejected because it has sometimes been oppressive. Public credit is as necessary for the prosperity of a nation as private credit is for the support and wealth of a family.
I am certain that my family - my grandmother, mother and myself - had a credit score of zero when we arrived in 1976. There were no credit cards in the Soviet Union, and we didn't have any money.
You know what higher interest rates mean. To you it means a higher mortgage payment, a higher car payment, a higher credit card payment. To our economy, it means business people will not borrow as much money, invest as much money, create as many new jobs, create as much wealth, raise as many raises.
As an actor, you're not a person; you're a product, a commodity. It's about money. Your job is about making money for other people. At some point, you learn how to be on the other side of that table. You write, direct, produce, and create opportunity for yourself. Then you start to make money for yourself.
If government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result, this 'inflation' of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.
If we are looking for one single action which will enable the poor to overcome their poverty, I would go for credit. Money is power. I have been arguing that credit should be accepted as a human right. If we can come up with a system which allows everybody access to credit while ensuring excellent repayment - I can give you a guarantee that poverty will not last long.
Lenders look at potential borrowers from many angles before extending credit: How much of its income will a household need to put into debt repayment? How large is the down payment? Does the borrower have a job with a stable income? What is the borrower's credit score?
If you want to spend more money in restaurants, use credit cards more than cash. If you want to spend less, use cash more than credit cards. But in general, we can think about how to use the pain of paying and how much of it do we want. And I think we have like a range. Credit cards have very little pain of paying, debit cards have a little bit more because you feel like today, at least it is coming out of your checking account, and cash has much more.
Perhaps you are thinking: 'But a tank costs several million dollars, not including floor mats. I don't have that kind of money.' Don't be silly. You're a consumer, right? You have credit cards, right? Perhaps you are thinking: 'Yes, but how am I going to pay the credit-card company?' Don't be silly. You have a tank, right?
Nobody had a credit card when I was a kid. No one had credit card debt. But these big companies and banks wanted to know how to get more money out of people - get them charging things.
Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.
I'm young. You can't just sit there and be satisfied. People are like, "You've got all these number ones!" "Yeah...what else?" It all translates into money, and that's how people think of being successful, but my success, I feel like, is credit - credit for a good job. I haven't even gotten a Grammy, yet I've already decided I want an Emmy.
Once I establish credit, I may be able to function. A man needs credit. Especially when he has no money.
Government, possessing the power to create and issue currency and credit as money and enjoying the right to withdraw both currency and credit from circulation by taxation and otherwise, need not and should not borrow capital at interest as a means of financing government work and public enterprises.
To be able to keep the promise I made to God, I think that keeps me going. No matter how much the money had been, I would have always fulfilled my promise, as that's the way I am.
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