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Happy Graduation (In 1 Sad Cartoon)
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the borrower is slave to the lender
Indentured servitude, not slavery. Voluntary on the part of both parties, not inherited, the lender doesn't micromanage your entire existence, beat you, imprison you.
*unless you fail to pay
All open debts eventually default under fiat currency. The key is, during hyperinflation, pay them off so when the new currency comes around they cannot be converted.
@JLee2027 : That's very doubtful. This is not 1920's Germany but instead you are dealing with sophisticated lending instituions with high speed computers, sophisticated algorithms and a room full of MBA's whose job is to make sure the bank doesn't lose a dime. Before any type of hyperinflation would ever break expect a new currency and Banking Holiday. Then it's just a few clicks on a banks keyboard and your debt has been revalued. Simple, quick and efficient plus the lenders didn't lose much if anything during the process. Maybe there's a short window that allows a borrower to get a 10% or 20% discount for a few months. Just like in 2008 when the banks sold mortgages between each other for pennies on the dollar. The peoples mortgages that got sold didn't even know nor given a chance to buy it out at the highly discounted rate. Why would you expect it to be any different this time around?
On a side note, I hope you are right but wouldn't bank much on that theory or outcome.
ohhh so I guess It's diffferent this time???
Please site a single historical instance in which debt was successfully converted to a new currency. I am not aware of one. As debt slowly becomes worthless it is paid off in the currency which is rapidly losing value.
This is not a realistic worry. Plus it eliminates the single way in which hyperinflation can be profitable....borrowing in the mismanaged currency.
We don't have a gold standard. The dollar is already over printed. Long term debt that the borrower can service is a gift and not something to be feared.
@lasvegaspersona : You are asking hard questions but just look at the last time the U.S. did a bank holiday back in 1933. Back then the dollar was pegged to gold and over a weekend they revalued gold from $24 to $33. Just before this Bank Holiday they made holding gold bullion illegal so everyone had to turn in their gold for dollars. They then received about a 33% haircut off their dollar holdings. The debt didn't go away!! So history tells a different story. Just do your own reasearch into the Gold Confiscation Act of April 5, 1933. Then look at the price of gold which was revalued in 1933 after this went into effect.
If you hold assets like precious metals then it could be an entirely different outcome this time. But if you hold nothing but credit card, automobile and mortgage debt and believe hyperinflation will allow you to quickly pay off these liabilities you are living in a pipe dream.
There is a whole industry of school counselors, college recruiters and bankers that are putting arms around the potential college goers and telling them lie after lie about job prospects after college.
The modern parallel is a recruiter for a Saudi construction company roaming the slums in India offering riches and stability for their family if they sign and hop on the plane to the construction crew.
"Voluntary on both parties" is true if each party has access to equal facts before making the decision.
""Voluntary on both parties" is true if each party has access to equal facts before making the decision."
Information Asymmetry always exists. It is near impossible to ensure both parties have exactly equal information.
It sounds like you are describing fraud, its too bad there is no direct pay or commission going to the people providing misinformation.
It is fraud, or at least in my case it definitely was. But then the real asymmetry is in the resources. When I talked to a lawyer, he told me I had a solid case, that there were clearly multiple instances of fraud I could possibly win against, but it would cost me a fortune in legal fees, and pretty much destroy my life if I took on the banks. In the end, it wasn't worth it, since I wouldn't get much more than the $20k they ripped me off for, and it would cost me way more than that to persue. That's how they win.
"It sounds like you are describing fraud, its too bad there is no direct pay or commission going to the people providing misinformation."
Oh my boy, you have a lot to learn. There is an industry that exists to perpetuate the fraud and suck the youngsters and their parents into te debt slave trap. Everybody gets paid. You wouldn't think a trillion dollar industry runs clean now do you? This is America son.
"the lender doesn't micromanage your entire existence, beat you, imprison you."
Actually, the lender can imprison you. If you fail to pay and they decide to sue you, and a Court judgment is entered against you and you still fail to pay, you can be held in contempt and sent to jail. It's a fun fact that many people don't know. http://www.nolo.com/legal-encyclopedia/the-new-bill-collector-tactic-jai...
Can the courts order you to pay money you don't have? Are they not required to ensure you have sufficient funds to cover living expenses? If you choose to disobey a court order, that is different than being unable to make payments on a loan. I don't know how bad things are in America, but in Canada there are all kinds of programs and solutions in place if you cannot make your student loan payments.
You are correct. If you can prove you can't pay and make full financial disclosures, you should not be held in contempt. But Judges decide whether you can pay or not, and if you have a job you can pay. And if you don't have a high paying job, the Judge may decide that you are deliberately deciding not to have a high paying job even though you could if you applied yourself. There are tons of "deadbeat dads" in jail for this reason, and it is becoming more common that other debtors are facing the same fate.
^this. A friend of mine was stupid enough to list a $2,000 artwork as an asset. After a bitter divorce and being left with a disabled child, the Judge determined since she 'had assets', she should be held liable. She now works as a salesperson at the mall and lives with her parent. Oh, and this person was formerly a lawyer at Viacom.
Not sure why this got so many down votes, id say its right on, at least when referring to the student loan debt. Now, one could make the argument that all US citizens are born as debt slaves, forced to spend their lives paying taxes to pay interest on an unrepayable debt, which, in the case of younger people, was forced on them before they were born. And what I describe definitely involves micromanaging your life and imprisoning you...
Indentured servitutide you claim?!
That all depends on wheather or not you actually borrowed something when you put you X on the doc. Conversely, did they actually give you anything as a loan.
When I borrow a hammer, I want to receive a hammer, not an IOU for it. When I borrow money, I want to receive money from the lender, not an IOU for money, which I am compelled to use as payment for goods and services in exchange agreements with other parties, who are compelled to receive them as settlement. They have to accept the IOU as payment for my purchases. GEt IT?
That IOU can spin around in the market buying this and that without any security attached to it. That's the money system we have, all verifiable through simple research.
Who are we indentured to? What services do they offer to the worker that is volantary? The credits they offer are not an extension of capital, they are (at CB level where they originate) a mechanism (Mandrake) used to create servitude, not a means of fair exchange, such as the example shown in Wikipedia whereby some passenger negotiates with a ship owner, to exchange his labour for passage to his destination, the agreement ending when he disembarks. being endentured as a nation to counterfeiting conmen is a global cancer perpetrated by crooks. It is a criminal organization, based on fraud and enshrined by our representatives in government.
Rise up.
My word! Are you advocating the impoverishment of The Tribe?
Don't you realize they may have to go to work for a living and actually produce something of value, instead of inventing something evil with which to fleece the world's population out of the earnings and assets accumulated over lifetimes of productive hard work?
The Tribe swarms in pernicious hordes around every devolved governmental and academic cesspool in the Western World. The Tribe is the fount of progressive jihadists that are destroying The West.
Murdering muscums are following the same destructive trail of surreptitious social destruction that was blazed by The Tribe.
The Tribe is the only ethnic group in the world that is currently engaging in suicidal ethnic genocide, the Pharisees are now eating their own.
the borrower is slave to the lender
Unless the inflation rate is higher than the cost to borrow and installments are paid per contractually ;)
Yeah, right. Except that in this case, the borrowers are the boomers, the lender is the Federal Reserve who magic the funds out of thin air, and the kids are on the hook to pay it all back.
Proverbs 22:7 - The rich rule over the poor and the borrower is slave to the lender.
should have taking the course in Ponzinomics!
Or English, but who's counting?
Welcome to the matrix, coppertops!
1,000 Luft debt bombs
Nena - 99 Luftballons (Official Music Video)
http://www.youtube.com/watch?v=6wMeOSED5W8 (3:24)
Now get out there and get a job (chuckle) and pay back that loan (guffaws), white girl!
Now get out there and get a job (chuckle) and pay back that loan (guffaws), white girl!
OJT.....hooking and pole dancing
It will only hurt for a short long time.
Yep, it is NOT Brazilian wax.
An Elite education is a PRIVILEGE that is earned, not a damn social-engineering entitlement.
I know of people with MBAs who are dumber than a box of rocks and can't walk from A to B without getting confused.
Are you talking about GWB again?
thats why they lock them all up in a place called the Whit House
Yep, just look how vacant they look when you raise the topic of gold and silver as honest money. I realize that I adopt the image of an alien whenever the topic is raised.
What I don't understand is why they don't avoid all that trying to get somewhere and buy maxcoin. I bought yesterday and sold today at 50% profit. That is the third time in a row I was able to capture some bucks the quick and easy way.
I go to college for the fun of it. I like to get paid to read.
Thank you Bitcoin and associated crypto.
And the guy that sold it to you made 100%. At some point when the music stops, there will be fewer chairs.
You produced nothing of real value. You are a douchbag.
The thing that's been pissing me off on this for a minute is that these kids are being LIED TO about what they will earn with their degree, regardless of field. They'll all tell you 40K min, most 50K-70K, first job out of school. I have a good friend that manages a large retail store in a college town. 40+ employees that are almost all college students. We were talking about this the other day. They really believe it because they are being told it is so. And I guess their parents are buying it too.
Programming, propaganda & indoctrination go hand in hand with all institutional Levels of learning.
Stupidity breeds stupidity. No denying
ADULTS with degrees in education, sociology, psychology working as counselors (making ? 40K/yr ?) to KIDS telling them they'll make almost twice as much with the same fucking degree have to know they are LYING!!!!! Even if they are stupid.
The blind leading the blind. Clueless adults guiding our youth.
Major in philosophy and make your own rules. Oh shit is that a logical conclusion?
You get what you deserve.
Adults with 'liars loans' for houses they KNOW they can't afford, I agree. But 18 year old fresh out of high school, especially a shitty govt run high school, are ill prepared to make a true informed decision. And since most older Americans aren't too smart either, you can assume their parents are fucktards too for letting them do this. I don't think kids just put of high school deserve this, and I think the predatory lending practices are criminal.
Predatory lending at its finest aided and abetted my the educational establishment.
"........and I think the predatory lending practices are criminal."
.....and most of those who should be prosecuted, flogged, and hanged, can be found befouling The Congress, the U.S. Government bureaucracy, the federal courts, conspiring banksters, and those administering the colleges and American universities.
Ain't Amerika the Greatest country on Earth, dip shits Generations fucks
Well, at least there could be a $15/hr job waiting for them at McDonald's soon.
Or move to Switzerland for $25 / hour
Australia too.
My wife works as a cleaner in the Adelaide CBD. Last week she showed me her last pay-slip. There were three holidays in it, Good Friday, Easter Monday and ANZAC Day. For those days she was paid at 2.5 times normal pay of almost $22 an hour. So she got $55 an hour. So add another 8% for the holiday pay she will get added from this sum (4 weeks annual leave) and add another 12% for superannuation the employer must now contribute. A couple of percent at least for the sick day entitlements, and we are talking real money. By my sums, it totals to over AU$67 per hour, or US$62.70. But hey, she has to work bloody hard for it as they squeeze out of the cleaners as much in four hours as many would do in an eight hour day.
Gotta love those earners. I get paid only when i work and only max 40hrs. I come in at 8-8:30 and leave 4-4:30. . At my rate i can take a month off and 10 paid holidays and be close to that rate.
Yes, Australia rocks , I guess that is what happens when you don't send all your jobs to China and open your borders for anybody who can fog a mirror to enter.......sadly we are catching up with the US.
I say share the pie around gotta help money velocity but your correct pay em subsistence wages just like in the US of fucked up America
At $15/hour+, MacDonalds will automate and eliminate more than half of their employees. It is already too expensive for the average working person......unless you're buying drugs through the drive-thru window.
To anyone who can get a $50000 to $100000 education loan, my advice is to take it and spend in on cash purchases of gold and silver and to hide it at the bottom of some lake.
When the system crashes and all debt burns, guess what?
Your education debt will have taught you more with the purchase of gold and silver than anything a great many of those courses could have.
Well my daughter is graduating High School this year and she is attending SBCC.. I rented her an apartment in Isle La Vista and her classes will only be about $3 grand a semester. So with rent and classes it will cost me about $15 k per year in which I'm paying. She will have to go there for 3 years and take core classes and then transfer to UCSB the last year for $25k living off campus. Thank god I have a 17 year old daughter that already works two jobs in nice restaurants so she will have no problem getting a job in SB. If you find a way to work the system it is possible. My daughter will be responsible for her own insurance, gas money and living expenses, this way she has skin in the game. The one thing she will not have is debt! I'll work another job if I have to to make sure when she is done she is debt free and not a debt serf like everybody else!~
But what if they only accept yuan or rubles.
"The number of proposed tax increases per year is as follows:
-79 tax increases for FY 2010
-52 tax increases for FY 2011
-47 tax increases for FY 2012
-34 tax increases for FY 2013
-137 tax increases for FY 2014
-93 tax increases for FY 2015
http://www.atr.org/obama-has-proposed-442-tax-hikes-taking-office#ixzz2y...
I have friends who refuse to take my advice on how they should put their son through college. I recommended he live cheaply at home, go to a local (inexpensive) community college for two years and then transfer to a local (modestly priced) 4 year college to get his B.A. Then, and only then, should they spend some big bucks paying for a graduate degree when he's required to be out of state to get the degree he wants. But no.....they are opting to send him to an (EXPENSIVE!!) out of state university for a minimum of 4 years to get his B.A. and then another 2-3 years for him to get that graduate degree he wants. Why? Because his cousin (the son of his mother's sister) is going to a prestigious university and they are damned if they won't kill themselves to do the same thing for their kid...who is a poor student compared to his much smarter cousin. Hard to feel sorry for some of these debt slaves.
I don't have one ounce of sympathy for these dumbasses.
If they co-sign those loans, they deserver every bit of what's coming their way!
Good plan on your part. All the 101s can be learnt from a book. The more advanced topics are better off being studied under tutelage of true experts - who are most likely to be found in the more "prestigous" schools. And it's all good.
Fucktards.
Does anyone actually thing these boom-bust cycles every 4-5 years are a coincidence? The tribe indoctrinates a new batch of useless eaters every 4-5 years, then sends them off into debt land with a roll of unicorn stickers and a gold star on their foreheads.
I thought it was the sun cycle. Silly me.
Pharrell Williams - Happy (Official Music Video)
http://www.youtube.com/watch?v=y6Sxv-sUYtM (4:06)
When I started college in 1969, the guy running the freshman orientation program said " look around you...only five of you out of one hundred will graduate." I went to school on the GI Bill - $130 a month for 36 months, and that paid most of my bills, including my share ($30 a month) of the rented apartment, but I still had part time jobs along the way. And four years later, only five out of one hundred got the cap, gown and diploma. So that guy at orientation was right. Today, 40 years later, it's more like 95 out of 100 beginning freshmen will graduate. So, what's wrong with this picture? I know--believe me, I know--kids didn't get smarter and they didn't study harder. What's wrong with this picture is that they are fed the grades they need whether they earned them or not, to keep them on the hook for the student loan debt, to keep the government operated schools in business, to make sure youngsters are fully indoctrinated in liberal, keynesian, politically correct dogma, to make sure government keeps funding the universities. After retirement, I taught at that same university as an adjunct professor. I was told by the dean to not fail any students, unless absolutely necessary, because they might sue me for not teaching them properly. I lasted one year as a college prof.
We're going to have to import smart people to fill what good jobs we have left. I have no faith left in this country.
I dunno, I went to Famous University about that same time and I think the graduation rate was in the high 80's, which is apparently where it is today in the University of California system.
http://newsroom.ucla.edu/stories/uc-student-graduation-rates-hit-246210
Of course you're not impressed with current stats, but if they're mostly unchanged for the last 40 years maybe the meaning of the diploma isn't really that different, either, there were always "gentleman's C's" and such. But for sure it was a lot cheaper back when.
The "hookers and coke index"is definitely lagging the "Cali UC index". ;-)
You are 100% correct. I have run my own business for 45 years. I purposely stopped hiring college graduates over 25 years ago.
A non-college graduate with 10 to 20 years of successful work experience is a much better employee than one of those worthless parasiteical Liberal college dupes who can barely spell their own name and who view their employer as subservient to their every whim and demand.
Student loans are nothing but instutionalized government indentured slavery and are intended to fill the parasitical Liberal maw with amoral morons with have been fully inculcated with lies and disinformation.
The Ovomit regime is now promising to forgive the student loan enslavement, if the drooling graduate morons will just work for this U.S. Government outlaw regime for a decade or two or volunteer as cannon fodder for a few years in the NWO bankster's permawars.
God help us, we are truly being overwhelmed by Liberal/progressive evil.
1970 ~10% of Americans have a 4 year degree, shit got done
2014 ~32% of Americans have a 4 year degree, done got shit
It would be helpful if the adults would step up and put a stop to the pillaging of the our young people. But then, the adults are the ones who are pillaging these kids for their own benefit...........guess it ain't gonna stop.
What adults?
The same elders that voted to create this student loan horror?
Trust me. There will be total forgiveness for all of this unpaid debt. They;'ll probably throw in a new car from that other article on ZH. Free shit for all.....Just latch on to one of Uncle Sam's endless Tit Buffet.
Thank god that time wasn't wasted
https://www.youtube.com/watch?v=fB9QhjuVvBk
Graduated in 1980 with a BA. $4000 in loans, paid off in 5 years instead of 10. Now, I'd be looking at $60000 and indentured
forever. Thank you USA...(Snark)
no mortgage(fixer upper) no student loan(truck driver)no car note(cash only) im 31 and i make 70,000 feels like i make 140,000. all black males in chicago are NOT THUGS, dont believe the media
If any of these institutions cared about educating kids, the first thing they would teach them are ways to avoid debt.
But no. They all have oh-so-helpful student loan offices. These are not for the benefit of students; they are to keep uncle's money coming in for the faculty and staff.
There are fucking 85 pages of disclosures when someone puts $5,000 in a mutual fund. But consider laying down $100,000 on an education??? Nothing, absolutley nothing. Why? Universities are nothing more than a legal scam. How about some disclosures up front? How about some graduation statistics? How about the truth on what students make when they are done with school?
Fucking thieves...