An average working wife, with two children, from Latvia, decides that it’s time to make her dream about a small country house come true. She has calculated that she needs around 15,000 euro to buy something fit for her family, therefore she approaches her bank to ask for a mortgage loan. Her bank is Swedbank, the major Latvian bank, foreign-owned as almost every other retail bank in Latvia, but most certainly it would not be differently with any other bank.

Our average working wife’s salary is a little short of 700 euro, after tax. She owns a flat in the centre of Riga, which she wants to offer as collateral for the loan, with a market value more than three times higher than the amount of the loan requested (15,000 euro, repayable in ten years with monthly instalments around 140 euro). Her husband has no recurrent income but contributes on a regular basis to family needs with periodical deposits on her Swedbank account from his legacy savings. In fact, family savings would be more than enough to cover the purchase, but they wish to preserve them as a cushion for the future.

After making the on-line request for the loan, she receives a call from a bank employee the day after. The following is substantially the conversation which did ensue….

Bank Employee – Good morning. We have received your request for a mortgage loan, unfortunately we cannot grant it to you, as your income is not enough to assure the bank that you will be able to repay it.

Average Working Wife – But it’s so little an amount, with a tiny monthly payment and a big collateral offered as guarantee. If you think that the monthly instalment is too big, I can take the loan for a longer duration slashing the monthly payment to around 80 euro.

Bank Employee – No, no. You need a regular and certified monthly income north of 1,100 euro to have this loan granted.

Average Working Wife – 1,100 euro!?? But it’s more than double the average monthly salary in Latvia….. Are you saying that I need an income equal to 15-20 times the monthly payment to get this mortgage loan from you?

Bank Employee – Yes. You see, your problem is that you have children. Without children, it would be easier, maybe even your current income would be enough.

Average Working Wife – I see… The demographic situation of this country is not bad enough, evidently.

Bank Employee – No need to be sad. You cannot get this mortgage loan (at 4% interest rate), but we can offer you a consumer loan, for a smaller amount and duration (at 16-20% interest rate).

Average Working Wife – Do you mean that the bank thinks that my current income will not be able to repay her a loan at 4% interest rate, with a small monthly instalment and a big collateral, but that same income is good enough for the bank to grant me a loan at 16-20% interest rate, without collateral and with a monthly instalment much bigger?

Bank Employee – Oh, nobody is interested too much about your income in case you take a consumer loan.

Average Working Wife – Thank you. God bless Latvia!



The banks borrow from the Central Bank at 0.05% interest rate today. The Central Bank creates money at will at zero cost, money which has value EXCLUSIVELY because it’s guaranteed by the States, i.e by the PEOPLE. 

However, people do not get any money. All the money goes to the banks for a yearly cost of 50 eurocents every 1,000 euro borrowed, but people can get a consumer loan…… paying to the banks 160-200 euro every 1,000 euro borrowed.

Just in time, before sending their children to get military training upon Minister of Defence request. To be ready to defend their country, to defend their sacred right to get starvation wages, their inviolable right to pay (dearly) for every public service and their inalienable right to get……. a consumer loan!

God bless Latvia, indeed! This country will need a lot of prayers and blessings to be saved from the fatal destination of the slippery slope where she also has embarked: the abyss of the ludicrous, where the rest of the world has already drowned.

This world is not a serious thing, not even its victims, that countless mass of deluded and exploited people who pretend to deal with it apart from Christ. FOOLS!


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