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Was does the debt force you to do other than hold a job? Heaven forbid. Nobody forced you to take money. If anything it's a coup for politicians who want to pu

Was does the debt force you to do other than hold a job? Heaven forbid. Nobody forced you to take money. If anything it's a coup for politicians who want to push debt forgiveness as one of their platforms. Get everyone into debt and then offer forgiveness for votes.

digi_owl 10y ago
When your life depends on holding a job, you are less likely to question the system that provides said job. Similarly, "homeowners" are less likely to riot...
strictnein 10y ago
And prop up a sector that donates a fair amount of money to political campaigns.
api 10y ago
"Nobody forced you to take the money." Prices rise to what the market will bear. Cheap debt means the market will "bear" more than it would in a less leveraged society. If everyone but me takes a loan, the price of tuition goes up. This means I now have to take a loan or not go to school (which means I can't get a job). Same happens with housing. If everyone but me takes out a jumbo mortgage, prices go up and I now must take out a jumbo mortgage or forego homeownership. As long as a degree is a required piece of paper to obtain most jobs, college will be a requirement. As long as rent offers no equity and mortgage interest (but not rent) is deductible, homeownership will remain one of the middle class's sole paths to the accumulation of wealth. Today's wacky "in-deflationary" economic condition can continue as long as central banks hold interest rates near zero and wages are stagnant. See also: https://en.wikipedia.org/wiki/Law_of_rent https://en.wikipedia.org/wiki/Law_of_rent
fyhhvvfddhv 10y ago
The economy is circular. The money created through the loan benefits the entire economy, going from hand to hand. you don't consume money or burn them. Then its unfair to burden one group or say one country (like Greece) to have to pay through the nose for the activity that everybody benefits from. This is basic macro-economics. The root cause of debt slavery and financial troubles we have can be solved by separating the creation of money from lending. In a democracy the power to create money should lie with the people not private banks. If the politicians misbehave you can vote then out of office unlike the CEO of Goldman Sachs at al
- CWuestefeld 10y ago
  We've got piles of people with degrees in <SomeGroup> Studies, working as waiters and waitresses. The money that was spent housing and feeding them as students for 4+ years, paying the professors and administrators, could have been used more productively in some other pursuit. As you note, it's not quite equivalent to burning the money. But it's still a net loss, and given its size, it's not insignificant.

digi_owl 10y ago

When your life depends on holding a job, you are less likely to question the system that provides said job. Similarly, "homeowners" are less likely to riot...

strictnein 10y ago

And prop up a sector that donates a fair amount of money to political campaigns.

api 10y ago

"Nobody forced you to take the money." Prices rise to what the market will bear. Cheap debt means the market will "bear" more than it would in a less leveraged society. If everyone but me takes a loan, the price of tuition goes up. This means I now have to take a loan or not go to school (which means I can't get a job). Same happens with housing. If everyone but me takes out a jumbo mortgage, prices go up and I now must take out a jumbo mortgage or forego homeownership. As long as a degree is a required piece of paper to obtain most jobs, college will be a requirement. As long as rent offers no equity and mortgage interest (but not rent) is deductible, homeownership will remain one of the middle class's sole paths to the accumulation of wealth. Today's wacky "in-deflationary" economic condition can continue as long as central banks hold interest rates near zero and wages are stagnant. See also: https://en.wikipedia.org/wiki/Law_of_rent https://en.wikipedia.org/wiki/Law_of_rent

fyhhvvfddhv 10y ago

The economy is circular. The money created through the loan benefits the entire economy, going from hand to hand. you don't consume money or burn them. Then its unfair to burden one group or say one country (like Greece) to have to pay through the nose for the activity that everybody benefits from. This is basic macro-economics. The root cause of debt slavery and financial troubles we have can be solved by separating the creation of money from lending. In a democracy the power to create money should lie with the people not private banks. If the politicians misbehave you can vote then out of office unlike the CEO of Goldman Sachs at al

CWuestefeld 10y ago
We've got piles of people with degrees in <SomeGroup> Studies, working as waiters and waitresses. The money that was spent housing and feeding them as students for 4+ years, paying the professors and administrators, could have been used more productively in some other pursuit. As you note, it's not quite equivalent to burning the money. But it's still a net loss, and given its size, it's not insignificant.