Money expert Suze Orman would not be surprised if the U.S. became a cash-based economy. CNN reports her visit to Oprah. (because really, who is more reassuring than Oprah?)
"We have built an entire economy on lies and deceit," she says. "It's like building a home or an entire building on a sinkhole. You have a foundation, supposedly. But a little crack, if something goes wrong -- a little earthquake, a tremor -- and it starts to open, everything starts to fall down and ... that is exactly what has happened in the United States of America."
[....]
Suze says she wouldn't be surprised if we switched to a cash economy -- which means buying only what you can afford now.
"Banks aren't going to want to give you money where they're afraid that you might not pay them back," Suze says. "I personally think that's a great thing."
Yeah, but what about me, the responsible debt holder? Why did all those crazy people, who she says are lying to themselves by living above their means, ruin it for all of us?
Personally, I doubt her assessment. Banks will get tighter with lending money, of course, because of the understandable fear, but they make too much money off the interest to let that happen. But it is fun to read about her telling people that they are "lying to themselves" about their monthly income.
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