Fresh Evidence Student Loans Are a Massive, Generational Scam

PS: it is indeed comforting to see such an article on Vice, Truth is spreading. Slowly and surely.

Here’s Fresh Evidence Student Loans Are a Massive, Generational Scam | Oct 17 2018

VICE.COM: Over the centuries, America has bestowed generous, state-sponsored privileges upon select classes of its citizens. Veterans and old people get free socialized healthcare—and, for the most part, they love it. Corporations (who count as people, look it up) get sweet tax breaks and, in the case of defense contractors, no-bid deals to build extremely expensive weapons unlikely to be used in the near future. And young people get thousands and thousands of dollars of student loans to pay for college, putting them in a hole they might spend the rest of their lives digging out of.

EARTH CUSTODIANS: the few lines above are a glimpse at our money-debt system. Monetarism does only make sense if it rewards money creation, otherwise it would take a big dive and self-destruct. Debt is the essential component of any currency system. If the state does not go into debt, it cannot survive, or it would be represented by a few middle class lawakers having day jobs. It is the reward of money creation that drives bureaucracy — and collusion.

The worst part is that those who sought an elite education on the widely accepted notion that it would help them later in life were basically sold a bad bill of goods.

Classical case of competition again. That is how one gets trapped by those instigating the competition at the next upper level. It always works like this: to self-sustain the upper layer must deceive the lower layer, and so on, til the bottom layer. The institutionalization of competition is a bottomless deception, because it prompts to lie/conceal for a paycheck. Some more than others.

…. according to a new paper released Tuesday by two researchers at the left-leaning Roosevelt Institute. Research fellows Julie Margetta Morgan and Marshall Steinbaum concluded that more and more debt hasn’t significantly boosted income for college grads—it just seems that way because high school grads without BAs are making less than they once did.

There is too much supply on the market, so of course, it cannot be a success. That’s another problem with moenatrism. Money generally taints the sense of integrity because too many chase it. Leading to cycles of financial crises, called “creative destruction”, a term that has always left capitalists mesmerized. But they never learn the lesson because the hunt is unstoppable.

(Julie Margetta Morgan) They also found that looking at decent rates of repayment by student debtors is a misleading way to look at the scale of this crisis. And thanks to workers lacking the power they once enjoyed in an increasingly skill-obsessed economy, young people are often being pressured into getting extra degrees on their own dime (which is to say by taking on more debt) for minimal payoff.

Coercion exposed: peer pressure is constant in a competitive society, but since competition relies on misrepresentation and embellishment of reality, skill obsession can only become a nightmare.

But I think that the reason why it’s sort of been allowed to exist as this quiet crisis is that there’s not a lot of agreement among experts that, on the whole, student debt is getting worse. I think that’s because experts primarily look at measures around successful repayment of the loan as the target…. experts have said that student debt is not a bigger burden now than it was a generation ago. And yet if you delve into the figures a little bit deeper you can see that, in fact, it is worse—

Aahh, the experts, here they are! They only look at the profitability and neglect the human costs. Business as usual. Financial experts should be called vultures and jackals.

… because we are so often fed the college earnings premium as the single measure of whether college pays off over time. Yes of course college still pays off, but it pays off because it’s becoming less and less viable for someone to make a living with just a high-school diploma.

That view is skewed. Or should it rather be said that “student loan sharking” has DESTROYED opportunities for high-school students (willing to earn certifications along the road) as employers finds more profitable to hire college degrees that they can exploit, because college degrees are readily available anyway. Dilemma solved.

You go to college, you study, don’t worry so much about how much it costs, it’s going to be worth it in the end. And they get out on the other side, they have a ton of debt, they are working as hard as they can, but they’re not getting ahead—they’re treading water. They’re making payments on their debt, but not able to buy a house, they’re not able to save for retirement. You were sold on a promise, you come out on the other hand that that promise was false, and everybody looks at you like, What’s wrong?

Definitely looks like a ponzi scheme, and the winners are those issuing and selling the loans.

VICE: It’s hard not to read the paper and feel like taking on student loans is maybe (very often) a mistake or even that the larger system is a scam. Even when students are not being preyed upon by for-profit schools or predatory lenders, the whole seems flimsy or even fraudulent. Is that unreasonable?

Absolutely fraudulent. But if we make a few steps back, and scrutinize society and even the whole planet, the same patterns begin to reveal themselves. Yes, the world is run by a giant scam. And buying cryptos with money backed up by debts, will not resolve the equation. The “black hole” is still there!

(Julie Margetta Morgan) I don’t think it’s unreasonable. I think of it as a failed social experiment that young people are caught in the middle of.

Working for left-leaning Roosevelt Institute, she is afraid of acknowledging the state of affairs. She fears for her job (aka paycheck) and to admit the moral bankruptcy of her own left leaning ideal.

As we look to the future, we have to think a lot bigger. We should be looking at both free and debt-free options for college. Free college at public universities and more debt-free options for students. That’s how we take care of generations moving forward…….. FULL ARTICLE:

Nothing is free in a society run by monetarism… somebody has to pay. The only way to have free and unbiased education is to have a money-free society.

Colin Turner (FWC) answers some common questions about a money-free world.

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