Monday, May 18, 2009

Mexico's Credit Card Crisis

America isn't the only nation dealing with billions and billions of dollars in credit card debt. It's neighbor south of the Rio Grande is having it's problems with it also, on top of it's other problems with swine flu, drug cartels, high taxes, corruption and anti-Catholicism.

Kent Paterson, writing a May 15th article for the left-wing CorpWatch, reports on how the "credit card trap" has ensnared Mexicans as it has millions of others worldwide. He notes that more than 5.1 million credit card accounts there are now financially radioactive. Just like in America, big banks like Banamex - which is tied to the Rockefeller bank giant Citigroup - have done well in profits from credit card interest profits. You can read Mr. Paterson's entire article HERE.

Mexico, like America, can be freed from this fiasco by going Distributist. End the practice of usury. Reign in the big banks' influence, while cutting down big government's as well. Promote credit unions, mutual banks and interest-free local currencies. It will take time, but with God's grace, it can be done.

That will be one less heavy burden on Mexico's back. Like America and the rest of the globe, it needs all the help it can get. Distributism can only do that sad nation good.

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