Between 15-year car loans and 50-year mortgages, the globalist world order of YOU WILL OWN NOTHING is closer to reality than the majority realizes.
The premise of a 50-year loan is absolutely absurd. The average age for a first-time home buyer in the US is now 40. People will live in indefinite debt, settling for lower monthly payments rather than outright ownership. Total interest paid over the duration of the loan’s life would multiply, benefitting the lenders, but leaving nothing of actual worth for the “owner.” The majority does not realize the implications of living in perpetual debt.
Then there are states that implement inheritance taxes, so in essence, your assets will simply be passed on to the government, as the next of kin will merely be the next in line for debt. Property taxes continually rise each year. Americans never own their home outright, even if paying in cash, due to taxes.
Lenders would require a higher interest rate for longer-term loans that may even offset the lower monthly rate entirely. One could finance a $400,000 home for 6% with a 30-year fixed mortgage. The monthly payment with principal and interest would be $2,398.20. Total interest paid over the duration of the 30-year loan would be $463,352. If someone were to apply for a 50-year loan on a $400,000 house at a 7% rate, the monthly payment would be $2,406.75, and the total interest paid over the duration of the loan would amount to $1,044,050.
A 15-year car loan carries the same burdens of increased interest and perpetual debt. New cars lose up to 20% of their value as soon as you drive them off the lot. New cars are built cheaply and rarely last 15 years. The “modern” technology becomes outdated rapidly, and people usually sell when the burden of costly repairs outweighs the value of the car.
US President Donald Trump is likely hoping that these measures can repair confidence in the short term. The masses who cannot afford home or auto ownership will turn to perpetual debt and acquire the items. The problem will be prolonged enough for the current administration to come and go. I do not believe that Trump is selling into the WEF traditional idea of “you will own nothing,” but that will be the precise outcome of half-century mortgages.
Simply put: borrowers will not benefit from a 50-year mortgage that guarantees YOU WILL OWN NOTHING.