Some of the “old ways” would, of course, fall away. But in our lifetimes so many things that were once “essential”, “impossible” or “solid” have passed on, you can’t even keep track.

You blame the businesses for the bailouts when its the government that gave them the money. There is no such thing as a business too big to fail and the government should have let them fail, but in their infinite stupidity and their claims that they know best, they are going to drag out this recession and probably remove the US as an economic powerhouse in the world.

How good is the economy of these countries? How many corporations you know from them? Also, do they have banks? If they have banks, how do these banks operate? Do you understand how banks work? They borrow money from YOU in form of deposits, put some of it in reserve, lend the rest and make money on interest. So if Muslim countries have banks, they have lending whatever the religion says.

Also, name one technology or pharmaceutical country from one of the Muslim countries? Sure, if you sell shoes to your neighbors you may not need credit. But how are you going to finance research in new drugs without it? For example.

Regaridng the LiveLikeNoOneElse mantra – I think that most people, when they’ve lived debt free a number of years, they will change radically and not want to live like everyone else. In effect, they will be satisified.

Dave Ramsey is an evangelist with religous ferver. His message is to live debt free. (Scary thought) has he traded God for an idol? Instead of worhsipping money is he worshipping the “no debt” plan?

Lastly – regarding trading the Cavalier – I say keep it ’til the kids are teens and then let them drive it (oh the shame). Seriously, look at the monthly cost. When it becomes more than the monthly cost of a new car, trade it. Amortize the cost of a new (or used) car over the expected life. Then there’s the preceived (real?) value of a shiny new car….

People (and businesses and governments) would still need to purchase goods and services, people would still need to provide them. Companies would continue to grow. Commerce would adapt. As a small example, in a debt-free world, you might see rental/leasing of equipment (rather than buying with a loan) become a more popular thing for businesses that do not have the cash to pay for something up front.

Debt is by no means essential. Many, many people live without it and many, many businesses run just fine without it — including the company I work for, which has been debt free since day one. Bills are paid on time, contracts are honored and we are quite successful — and we are privately held, so we don’t have to answer to investors, banks, VC firms, etc.

When it comes to his religious and political views… although I agree with him, sometimes you have to just ignore them and see the real message behind what he says. (that’s if you don’t agree with him).

I’ve been living like no one else ever since I had my first job and it has given me a huge head start on achieving my financial dreams.

-Gen Y Investor

A.M.B.A.

A.M.B.A.

Take the mortgage crisis. It’s not only the Big Bad Greedy Banker that caused this, but also the Individual who wanted more house than he could afford and lacked the patience and/or discipline to save/look for more money making opportunities so that he could afford it. Greed was present in both individuals in that scenario.

It goes both ways here. I’m not advocating letting Wall Street off the hook, but ALL of it comes back to individual responsibility and, at the end of the day, YOU are the only person that YOU can control.

Why, because with no one to borrow money, banks would go out of business, and there would be no where to save cash. With no banks and no savings, money itself would loose its meaning. We would become a cash-less society, and we would have to barter for things. Economic collapse ensues.

Debt is not a bad thing. In fact, its essential.

I think that “live like no one else” simply means living without debt and the worries and constraints associated with it.

Trent–Point very well made. There’s a strong argument to be made that much of the debt frenzy and lack of traditional savings over the past couple of decades can largely be attributed to an overly-optimistic assumption of double digit returns (forever) in the stock market.