COMMENT: McFadden, Michael J. (MC1973) on debt problems

2019-Apr-28

Regarding Rob Kuhn’s note on “The Golden Dollar,” my nieces recently alerted me to a PA politicians who’s successfully scamming votes from younger people (and their parents?) by supporting an amnesty/forgiveness of student loans. Since I now have a very sexy-sounding Home Assistant sitting by my computer and doting upon my every utterance, I asked, “How much money is currently owed in the US for student loans?” I had a vague idea of the ballpark answer, but it was still a bit of a system shock to hear “her” dulcet tones inform me that there is currently 1.5 TRILLION dollars worth of unpaid student loans.

While my nieces and other innocent younger voters may be thrilled by the magical promise of making all that horrible debt disappear at the snap of some voting fingers, I think the obliteration of that amount of money might be more than a mosquito bite on our economy and taxpayers if it happens.

Thoughts?

Michael J. McFadden
Peace Studies, 1973

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[JR: There is no doubt in my mind that the “national debt” —  the current 121T+ national debt, the guesstimated 200T+ in unfunded liabilities that our posterity will have to deal with, the “mal investment” (a term from the Austrian “school” of economic theory), as well as the “personal debt” that people have taken on — will NEVER be repaid.  While a Gooferment “default” on these debts is unlikely, since it would probably lead to an even GREATER depression than ’29 and may start WW3, I personally believe that the Fed — The Federal Reserve Bank is a misnomer. IT ain’t “federal”. It reserves nothing. And, it ain’t a “bank”. It is a private cartel of the elite banks run for their benefit and that of the entrenched politicians. — will “monetize the debt” by just inflating the currency Zimbabwe-stye.  Even more concerning that some eye-watering inflation rate that will make 21% mortgages look like a bargain, “We, The Sheeple” and their children have been “educated” (i.e., TRAINED like a lab rat) not to save.  The artificially low interest rate, near zero for a decade, has, in addition to ruining “savers”, the poor, and the old fixed income people, has created a generation of “Spend-thrifts”.  They are well adapted for the German Weimar Republic conditions where people would spend any money they received as soon as they got it because in a few hours it was worthless.  So sad.  I’m saving in “hard money” so as to leave my heirs something of value.  It’s a sad end to the “American Experiment”.]

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“Blessed are the young for they shall inherit the national debt.” –Herbert Hoover]

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