Wiping everyone's debt

[say what]

Last night I dreamt that the banks were hacked and everyone's debts around the world were wiped clean.

What do you think would happen at an individual, community, and world level if this happened? War? Chaos? Joy? Freedom? How would impact country level debt? What would happen to economic growth? What would you do it you woke up one day and weren't in debt?

 

[ZcM4xzkjgzCjytBc]

Last night I dreamt that the banks were hacked and everyone's debts around the world were wiped clean.

lol, and then you woke up

What do you think would happen at an individual, community, and world level if this happened?

I think it would just happen all over again since the world is still the same.

What would you do it you woke up one day and weren't in debt?

Same thing (ignore my debt)

 

[say what]

lol, and then you woke up

It was a harsh harsh reality this morning!!

 

[Skarekrow]

Last night I dreamt that the banks were hacked and everyone's debts around the world were wiped clean.

What do you think would happen at an individual, community, and world level if this happened? War? Chaos? Joy? Freedom? How would impact country level debt? What would happen to economic growth? What would you do it you woke up one day and weren't in debt?

I think somebody just watched “Fight Club”....lol.

It’s a nice fantasy...I think it would cause all those things you mentioned on a smaller or larger scale.
I’m sure our wonderful financial institutions and the holders of our debt have it backed up, in a disconnected server, if not a plain old hard-copy on paper somewhere just in case of such a scenario.

 

[muir]

We live in a debt based system...its how they control us

remove debt and you remove a large part of their control

Historically debt was periodically written off in debt jubilees to stop the equvilent of depressions and also to prevent social upheval

The brilliant Prof Michael Hudson talks about these write-offs and the possibility of modern write downs going way back to ancient Sumer

[video=youtube;cCsxKy6Lbvg]https://www.youtube.com/watch?v=cCsxKy6Lbvg[/video]

 

[Skarekrow]

We live in a debt based system...its how they control us

remove debt and you remove a large part of their control

Historically debt was periodically written off in debt jubilees to stop the equvilent of depressions and also to prevent social upheval

The brilliant Prof Michael Hudson talks about these write-offs and the possibility of modern write downs going way back to ancient Sumer

[video=youtube;cCsxKy6Lbvg]https://www.youtube.com/watch?v=cCsxKy6Lbvg[/video]

We could only hope for such a thing in our modern time...but the concept is almost laughable now...the debt-holders would never go for such a thing without concessions.
Of course we can write off debt for car manufacturers and banking institutions...billions and billions of dollars (if not more), but NO WAY for some just out of college struggling to find work 20-somethings.
That would be ridiculous.

 

[muir]

We could only hope for such a thing in our modern time...but the concept is almost laughable now...the debt-holders would never go for such a thing without concessions.
Of course we can write off debt for car manufacturers and banking institutions...billions and billions of dollars (if not more), but NO WAY for some just out of college struggling to find work 20-somethings.
That would be ridiculous.

There are a few bubbles on the horizon

The housing market bubble burst of 2008 sparked the global financial crisis

We now have a new housing bubble being created as well as a commerical property bubble

We also have a student debt bubble and a bond bubble

Something is going to go POP soon and there will not be the money to bail anyone out this time round

Some of the debt is owed to other countries and some to global investors...i'm talking billionaires and trillionaires

When the banks went bust in 2008 the politicians could have written down the debts to the ability to pay and supported the real economy (of production and consumption) but they didn't. they destroyed the real economy by taking taxpayers money and giving it to the bankers creditors who were the global investors

So they took money from the public (who had nothing to do with the failures of the banks; see derivitives markets, toxic assets, corrupt regulators etc) and they gave it to the global investors who already have massive personal fortunes

It was a giant con.....the biggest heist the world has ever seen

It also showed who the politicians really work for

If people found the clip above of Hudson a bit dry and a bit long the following clip moves fast and is full of good points and he pretty much covers all i've just said...this is one of the best interviews i've ever seen

[video=youtube;A10bor8FBAk]https://www.youtube.com/watch?v=A10bor8FBAk[/video]

 

[the]

As someone with only debts and no debtors, I am completely in favor of jubilie type events.

 

[Skarekrow]

There are a few bubbles on the horizon

The housing market bubble burst of 2008 sparked the global financial crisis

We now have a new housing bubble being created as well as a commerical property bubble

We also have a student debt bubble and a bond bubble

Something is going to go POP soon and there will not be the money to bail anyone out this time round

Some of the debt is owed to other countries and some to global investors...i'm talking billionaires and trillionaires

When the banks went bust in 2008 the politicians could have written down the debts to the ability to pay and supported the real economy (of production and consumption) but they didn't. they destroyed the real economy by taking taxpayers money and giving it to the bankers creditors who were the global investors

So they took money from the public (who had nothing to do with the failures of the banks; see derivitives markets, toxic assets, corrupt regulators etc) and they gave it to the global investors who already have massive personal fortunes

It was a giant con.....the biggest heist the world has ever seen

It also showed who the politicians really work for

If people found the clip above of Hudson a bit dry and a bit long the following clip moves fast and is full of good points and he pretty much covers all i've just said...this is one of the best interviews i've ever seen

[video=youtube;A10bor8FBAk]https://www.youtube.com/watch?v=A10bor8FBAk[/video]

Makes you sick doesn’t it?! I does me anyhow...
Well, if said bubble does burst...I don’t think that will stop them from coming after the average working-class Joe...I’m sure the banks have all kinds of protections and loop-holes set-up to save their precious asses that the normal person does not. What is to stop them from saying - We need the balance of your debt NOW - pay it or we will get the IRS to garnish your wages.

 

[Shaqie]

I have solutions for your debt, but you will have to wait for around 10-15 years, I guess.

 

[muir]

Makes you sick doesn’t it?! I does me anyhow...
Well, if said bubble does burst...I don’t think that will stop them from coming after the average working-class Joe...I’m sure the banks have all kinds of protections and loop-holes set-up to save their precious asses that the normal person does not. What is to stop them from saying - We need the balance of your debt NOW - pay it or we will get the IRS to garnish your wages.

Well the next move they will make is to do bank 'bail-ins' instead of bail outs

This is where they just reach into peoples bank accounts and take the money straight from the account

This is all part of a wider move that has been going on for a while; they created neoliberalism as a way of basically moving public wealth into a small number of private hands...this lead to the inequality that the occupy movement were shouting about with the 99% v's the 1% but the bank bail outs have only deepened that divide

What they want to do is hand all the money to the top 0.01% who make up the cabal. they will then use this money to buy up all the things the corrupt government will privatise so that the cabal end up owning all the roads, tunnels, bridges, hospitals, water supplies, land, schools, islands, energy supplies etc etc

Once they own all that and the people have nothing then it is only a short step to them saying: lets just create a centrally controlled planned economy run by us

The people won;t be abe to resist because they will be so impoverished and dependent on food banks and other hand outs that they will just agree to the new system. The oligarchs will own everything anyway so they won't oppose any moves to change things. The strong totalitarian government they will create will then enforce the new system

 

[muir]

As someone with only debts and no debtors, I am completely in favor of jubilie type events.

I have no debts and no debtors and i am in favour

The debts of society have largely been created in fraudulent ways

Certain people can acquire access to money much cheaper than others and also some avoid paying tax etc etc

 

[Stu]

[h=1]Consumer protection agency warns about automatic defaults on private student loans[/h]


[h=3]By Renee Schoof[/h] [h=3]McClatchy Washington Bureau[/h] The federal Consumer Financial Protection Bureau on Tuesday reported that some people who faithfully pay back their private student loans are being surprised with sudden "automatic defaults."
CFPB Student Loan Ombudsman Rohit Chopra said that the agency has heard from borrowers in good standing who suddenly have their loans placed in automatic default when the parent or grandparent who co-signed the loans dies or files for bankruptcy.
The default is serious because it harms a person’s credit rating and can make it impossible to get a mortgage or business loan, Chopra said.
CFPB director Richard Cordray said that lenders should have “clear and accessible processes in place to enable borrowers to release co-signers from loans.”
Richard Hunt, president and CEO of the Consumer Bankers Association, said in a statement that members of the association work with their customers with compassion in tragic circumstances. Hunt said it is common practice for student loan lenders to release cosigners from loan obligations if the student borrower dies or is disabled.
In addition, he said, “We are not aware of lenders accelerating the payment of a loan in good standing upon the death or permanent disability of a cosigner as a typical practice and believe it to be a rare occurrence.”
Chopra, however, said that the practice was mentioned in complaints to the agency. The problem was only with private student loans, not federal ones, he said. Federal student loans rarely require another person to sign on to a loan and when they do they do not lead to sudden defaults, he said.
The CFPB report said lenders can take steps to avoid pushing a private student loan borrower into default and demanding the entire loan balance when a co-signer dies or goes bankrupt. In some cases, the lender can determine that the borrower qualifies for a co-signer release.


Read more here: http://www.miamiherald.com/2014/04/21/4072412/consumer-protection-agency-warns.html#storylink=cpy

http://www.miamiherald.com/2014/04/21/4072412/consumer-protection-agency-warns.html

 

[ThomasJ79]

I'm just happy that I will have my student loans paid off in 1-2 months

 

[ThomasJ79]

Then I'm a free man.

 

[say what]

I'm wondering what would happen to the people who are so in debt, they can't afford to take money out to go to school. I know this doesn't really solve their problem of more debt if they just go right back into it...but it might allow them new opportunities.

 

[muir]

I'm wondering what would happen to the people who are so in debt, they can't afford to take money out to go to school. I know this doesn't really solve their problem of more debt if they just go right back into it...but it might allow them new opportunities.

Absolutely...many people are crippled by debt

Walmart and McDonalds don't even pay their employees a living wage so the government takes taxpayers money and uses it to supplement their wages

Imagine that...image you started a burger joint and paid your employees each half of the minimum wage and then just told the government that they need to pay the other half...cos that's what they are doing

But then the corporations are part of the club at the top that is parasiting off society

Wiping off the debt releases people from debt servitude

In the past a worker who was bound was called an 'indentured labourer' now they are a wage slave

Here's a novel idea...what about FREE higher education for all?

It's like Hudson says in the clip above the government gets everyone to pay social security money and instead of then using that to pay for peoples retirement they used it to give tax breaks to the rich so now they have to raise the retirement age

The whole system is crooked and designed to steal from the poor and give to the rich

 

[muir]

[video=youtube;1jxghKGLOHc]https://www.youtube.com/watch?v=1jxghKGLOHc[/video]

 

[the]

My concern is that if we did away with debts in this way, then we would revert to people buying up all the land as a means of control. which I view that as a worse situation.

 

[Skarekrow]

Higher education used to free in the 1950's and 60's...there was a slight increase in the 70's but one could still work a part time job and afford college....until my good friend and yours, Ronald Reagan deregulated and privatized everything.
Now not only is University education out of reach for many deserving students...but even community college is for some (not that you can get a Master's there)....so now we have seen a rise in the private "trade" schools...like ITT or DeVry....who charge an even higher amount to get what you can via community college...but they make it sound like it is better...that they'll help with job placement...the program is accelerated..etc. And often they have financial offices that use a whole slew of tricks to take out unnecessarily large loans in your name...usually requiring a co-signer.
Here is the thing though....I'll use medical trades since I have a good idea of the wages and the prices.
A 16 mo. Program costs around $25,000 or more (certainly NOT less) to be a Medical Assistant....once out a Medical Assistant probably makes around $12.00 an hour...if they had no bills to pay whatsoever, and, they worked 40 hrs. A week...they could theoretically pay it back in just under a year and a half. How many people can do that though? Most people who go to trade schools like that either do not have the time or grades to go to regular college or university.
These schools are being scrutinized even now as we speak for inflated job placement numbers and wage rates.
Most are now being viewed as predatory lenders...(not all are bad, just most) and are treading on thin ice.
Our workforce used to be the most educated in the world...now we aren't even close...and with that lack of education comes a lack of innovation and competition. One result of that is the outsourcing of highly-skilled jobs being given to folks outside of tue US...which is normally fine, but not when we have such high numbers of unemployment and high numbers of poorly educated people here.