long corner patreon.com forward slashdane county way or paypal dot me /namecounter way to support me my channel andmy content in your mouth is very muchappreciated and I humbly thank you[Music][Music]millions of Americans are aware of avariety of explanations surrounding thistopic at hand due to the popularity ofutilitarian credit and debit cardsconsumer to business transactions andmany other correlating factors alike insome instances Americans are eitheruninformed or misinformed about theterms credit and debit which merelyleads to more confusing complexities forthe individual first in a personal sensenot referring to the cards are utilizedbut the terms credit and debit means theexact same thing in today's society nowmany people may not have heard thatbeforebecause of how each transaction worksbut if you look closely into theirmeanings duties and responsibilitiesindividually you'll be singing adifferent tune contrary to most popularbeliefs both credit and debit wereestablished within the same accountingsystem also known as double entrybookkeeping system acting as twoseparate columns but delivering the sameexact results for an individual overallwhat's important to note the term creditoriginally derives from the Latin wordcredit meaning trust or interest inEnglish while the term debit derivedfrom Deborah in Latin meaning should orOh in English to put things into anarrowed down perspective using eachdefinition having cash in your hand asan asset or rather a credit why becauseyou can trust that it's in your hand attheir time now should you go to depositthat same cash into your bank accountthat is considered a debit why simplybecause that money is old to you becauseyou lent it toBank so when you want to use some of themoney available to you inside of thebank accounts balance your money will becredited to you once it is debited fromyou or rather the money will be debitedto you once it is credited from you inother words the process works both waysone can be an addition at some pointwhile the other acts as a subtractionand then in most commonly known casesthey both will switch roles and do thetotal opposite of each other it was justa play on words in a little socialengineering to make the public believethat they are actually two separateentities when credit and debit does infact serve the exact same purpose andmeaning in today's society and that is adebt before this methodology format ofaccounting was adopted by rulers in theWest between the 13th or 15th centuriesan ancient form of accounting wasrecorded between the 11th and 12thcenturies surrounding a rather largemass of land in East guaranacovering parts of South Asia morecommonly known today is India the MiddleEast and northern Africa according tomany historical records the ancientIndian North African and Middle EastMuslim civilization had writtenaccounting reporting and auditingsystems for the regulation of zakatallegedly beginning in the year of 976records shows receipts recorded on theright-hand pageand payments on the left-hand page withconditions to exclude later tackle moreabout this in a later documentary ofcourse but this part is very essentialto note concerning the establishment ofthe entries later called credit anddebit by the French English andSpaniards of the West adopting thisancient quote double entry bookkeepingsystem during the 15th century andclaiming that they invented itthemselves during the 18th century thedouble entry bookkeeping system is stillthe standardized method used worldwideto store financial information of anyentity business and on business usingquote accounts in which each financialtransaction has two effects credit anddebit hence the term double entry nowthere's a flip side to this that onemust totally understand what I'm aboutto share next is very criticalconcerning us as human beings us ashuman beings over a period of time thissystem is still in play but many of itsrules and policies have been altered ormodified to suit other propagandapurposes since the implementation offederalized governing by Britishcolonists here in the United Statesduring the 17th 18th and 19th centuriescredit and debit are both stillconsidered as death but instead ofallowing yourself into it you areliterally born in it as of late November1936 many aspects of this concept ofgovernment has been scrutinized publiclyon many different occasions this portionof this topic is packed with so muchinformation that I must give fullydetailedso true surrounding it in the laterdocumentary but let me quickly knowtransactions are daily made with the useof a credit card or debit card and mostof us knows the difference between thetwo a debit card takes away funds fromyour available balance immediately withall liability falling upon you as thestake holder and a credit card takesaway funds from your available balanceintermediately with no liability fallingupon you as the debt holder listenclosely a stake holder is any one personthat relies on a business for profit oremploymentlike for example anyone that makes anhonest earning or wages and receives acheck for it from the company they workforwhile a debt holder is an owner of abond whereas any one person has borrowedfunds and must pay it back with interestin most cases after a period of a yearor more obviously a debt holder can alsobe a stakeholder as well given manydifferent circumstances interestingenough an investor could come out ofnowhere and buy bonds from the issuerwho is the original entity that literalborrow the funds then immediately thatsame investor now becomes a credit or ofthe issuer seeking those same funds fromthe debt holder with even higherinterest depending on your borrowedamountsex national origin religion youraddress and especially your raceokay now let's back up a little bit hereand clear the air the federal governmentestablished federal credit bureaus orrather agency institutions to controlthe implementation of credit reportingfor businesses and consumers in otherwords credit bureaus collect andmaintain individual credit informationnot to exclude your credit history thenthey sell it for profits and lenderscreditors and consumers in the form of acredit report now I'm sure that many ofyou are aware of how credit reportingworks so I'll share the unorthodoxinformation that you won't hear fromthese types of companies and theiraffiliates like the ones that claim tofix your credit for example although theEqual Credit Opportunity Act claims toprohibit creditors from includingquestions about race sex national originor religion on credit applicationsracial disparities in granting creditcards or even setting credit limits doesin fact exist no matter how much bankscontinuously denies it multiple fairlending research studies proves thatthere is in fact a systematic form ofindustrialized racism prevalent in allfinancial markets making those majorbangz and credit card issuers the mainreason why many low-income Americancopper-colored borrowers are forced toseek loans from payday lenders and otherhigh interest high-cost sourcesaccording to a study by the FederalReserve Bank of Boston financialeconomist Ethan cohan Cole conducted theresearch study to find out where thebias in credit lending simulated fromso Cowan Cole's research documents thatpeople living in white neighborhoods aremore likely to be approved for lines ofcredit and credit cards than thoseliving in black neighborhoods thisderogative method used by thesecompanies is called credit redlining theterm redlining describes the illegalpractice of denying banking housinginsurance or other services in certainareas or communities based solely uponone's race just about thirty or so yearsago lenders were said to have drawn redlines on a map around areas targeted fordifferential treatment hence the termredlining Cohen Cole stated that quote Ihad data that is in principle the samedata the credit card issue was has Iwanted to evaluate the same data theyused to make their credit card decisionswhen you fill out a credit cardapplication you don't fill out your racehowever they do know where you live andthey do know the racial makeup of whereyou live by using that information youcan determine if the racial compositionof the neighborhood is one of thecriterias they are using then II went onto say the fact that credit is beingdifferentiated by location is well-knownnow the question is whether or not theyare also differentiating by racialcomposition of those neighborhoods theanswer is yes okay now before I go anyfurther I want you to make note of somethings that I mentioned earlier I statedthat an investor can come out of nowhereand buy bonds from the issuer thenimmediately that same investor nowbecomes a creditor of the issuer forexample if you did or did not owe acompany money and they still pop up onyour credit report this will obviouslybring your credit score downand all of the big three national creditbureaus TransUnion Equifax and Experianwill have it publicly displayed for youas the consumer and all other companiesto view it and it can't be removedunless you either dispute it or pay offthe ballots remaining but there is ahidden gem to this point that works inthe consumers favor if a company hassold your alleged debt to a creditor andyour credit report reflects thecreditors company name and not theoriginal company's name then that merelymeans that a new contract was created onbehalf of the original company so notonly is the original company seeking aparticular amount but now the creditorhas added their cut of the amount on topof it but this is what creditors andeven companies that claim to fix acredit don't want you to know as soon asthe original company sells the debt orbarn to the creditor the originalcompany gets paid upfront and theoriginal contract is voided and theoriginal company is now no longerobligated to uphold his portion of thecontract but wait a minute that alsomeans that the contract no longer existsand that also means that you as theconsumer are no longer obligated to paywhatever the amount was on the originalcontract why because technically thereis no contract what does that mean forthe consumer he or she can easily haveit removed now under particularstipulations on their own keep in mindthat by way of the Fair Credit ReportingAct all credit bureaus must make thenecessary corrections to consumerscredit reports who can prove that thosediscrepancies or delinquencies are inerror if you would like to have agetting this method done to raise acredit score contact me by using theemail listed in the description belowand now forward over the informationwith instructions now let me get back towhat I was saying I'll also mentionearlier that banks and credit lendersare like but deny using a customer'saddress to find out what race group thecustomer falls under and thenimmediately base their credit lendingdecision with that information alsothere's a reason why we see immigrantsfrom the northern east hemisphere of theworldowning thousands of small to large sizedbusinesses in America and especially inthe neighborhoods where people of colorreside now that we know credit lenderswill happily give lines of credit topeople living in white neighborhoodsthat also entails that whiteneighborhoods does not necessarily meanthat it's referring only to who we maycall as white people today why wellaccording to the federalized institutioncalled the Census Bureau a person havingorigins of any of the original peoplesof Europe the Middle East and NorthAfrica their official racial group iswhite
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