Is there a student loan debt crisis or an opportunity to wipe the slate clean? Talking-heads say the debt must be paid off or send the nation further down the path to economic collapse. They’re lying. Holding on to debt and gambling on payments is what guarantees a trip down that road. The only ones who suffer from a complete national default on student loan debt are the bankers. These bankers did absolutely nothing to create the money they’ve lent.
Spent Money Is Gone
Once you have spent money it’s gone. You quickly learn this as a businessperson. Your hope is that the value of what you received is more than what you paid for it. If you received nothing, then you better plan on getting the same in the future. You learn to get out of dead investments or product so you can move on to something with better returns. As with any loss, the final stage of losing money is acceptance. This is true with the damage that has been done to the economy by the spent money on student loans. Failure to eliminate the debt serves only to extend the time it takes to recover. A default is guaranteed, regardless. The damage and the hurt are already felt, let’s accept it and move on.
Student loans are a debt trap enslaving a large part of the population before they’ve created a modicum of wealth. To eliminate, not pay back but remove, the line item “Student Loans” from all books, hurts nobody. The people who did something were paid when the check was cut. The school, the teachers, even the loan processors, and bankers were paid years ago. In a nationwide default, the bankers can’t use any unrealized income to gamble on. They can’t use it to further increase their lending power through fractional reserves.
Student Loan Debt is Completely Fabricated
The long version of this story takes so much more time than I have for in this forum. Use the links I’ve included for more study on the subject. Subscribe to my weekly column on HVY.com. You can also tune in to my weekly radio show where we talk about the economy and the law. In short; the fraud that exists around the creation of our banker-controlled currency is massive. It gets worse when you look at why we are not allowed to use many alternative currencies. Keep digging and you see a pattern of systemic abuses by the authorities who instituted and legalized these lending practices.
So, the money is gone, already spent, and the damage done. Yes, there is one group who stand to lose possible future payments on student loans, the bankers. Here’s the thing, they created the money out of thin air. The money is gone AND it was fake in the first place and represented no real wealth. It was a gamble of nothing in a mostly failed attempt to create something. Happy Fact: SOME wealth is created through this lending but, the long-term costs are disproportionate.
End All Government Guaranteed Student Loans
It is not enough to end the debt. There must be an immediate end to government guaranteed student lending or the cycle will continue. The program is such a failure that even banks like Chase no longer participate. Let me restate that. A huge international bank won’t originate guaranteed loans they collect interest on for doing nothing. Chase sold off 3.7 billion in Federal student loan debt in 2017. They sold it for considerably less than face value no doubt. That’s how a large purchase of debt instruments works, often for pennies on the dollar.
Government intervention into the education marketplace has put student lending here, some 1.5 trillion in debt. The government steals our wealth and invests that stolen money badly. The federal government in collusion with banks has once again created a bubble in a market and blamed the people. Do we have to play this game again? How many times does a conspiracy of banks and government get to defraud the people? How many times do we have to bail out lenders for practices they knew were bad yet instituted anyway?
Bail Out The People!
The banks got their bail-out of American tax dollars for their failed and predatory lending practices last time. There is no student loan debt crisis. What we see before us, is an opportunity to wipe the slate clean. We simply need to tell these lenders that they will not defraud us this way any longer. With the 2020 Democracy Circus in full swing, don’t be fooled by snake-oil salesmen saying they’ll make somebody pay. Nobody needs to pay, the debt and the practice of creating it through government manipulation go away.