American Debt Erasing Jubilee

www.yahoo.com...

Wow, wow and wow. It appears that some candidates will promise almost anything to get elected.

(Bloomberg) — In ancient Babylon, a newly enthroned king would declare a jubilee, wiping out the population’s debts. In modern America, a faint echo of that idea -- call it jubilee-lite -- is catching on.

Support for write-offs has been driven by Democratic presidential candidates. Elizabeth Warren says she’d cancel most of the $1.6 trillion in U.S. student loans. Bernie Sanders would go further -– erasing the whole lot, as well as $81 billion in medical debt.

Not just student loan debts, but all debts. My big question is what will this fix? Sure in the short term it will help people, but it doesn't get to the root cause of the problem. This basically punishes responsible people and rewards the irresponsible. In a way this could also make education more expensive. If people expect a write off, colleges will keep increasing the costs and people will keep lapping it up.

so lets say this becomes an option and it is known by all that this will take place. What is to stop people from maxing out all their credit cards, buying new vehicles, etc. It is just really, really, stupid. Reminds me of cash for clunkers.

So, where is the money supposed to come from to erase that debt? It has to come from somewhere.

In ancient Israel, a loan was only for seven years and people would sell themselves into servitude to get a loan. After seven years their debt was considered wiped out. So, is this what the Democrats want, people being slaves for seven years?

originally posted by: Charliebrowndog
so lets say this becomes an option and it is known by all that this will take place. What is to stop people from maxing out all their credit cards, buying new vehicles, etc. It is just really, really, stupid. Reminds me of cash for clunkers.

Maybe this is a trick, they do a massive debt wipeout, but what we don't know is that they only do it once. Then, your scenario will happen and people will be much much worse off!

a reply to: JAGStorm

Funny that the millennials and bleeding-heart liberals don't realize you cannot just "CANCEL" debt... the money will need to come from taxpaying citizens OR the lenders (AKA the banks) are on the hook for that.

Anyone with 3+ brain cells knows that politicians are beholden to their constituents AKA the corporatocracy and other sleezy politicians, NOT the voters/people.

How many times does this need to be said? When will these dumbasses who don't understand basic economics or study history start to listen?

The funny thing is that all this debt is really just modern day slavery. All of this stuff will just end up in the trash. People are working themselves into the grave to buy disposable junk. And ultimately, all of this stuff they're buying is generally stuff that could be a lot cheaper (but isn't because the people at the top are so greedy). People are working with $500 a month car payments for vehicles that will be practically worn out in less than ten years.

They get to retire (if they're lucky) about ten years before their health goes to hell in a handbasket and then they get to sit around and wonder which will come first - death or inability to pay the bills.

Debt is criminal. How did this become a way of life? How did it become normal? An entire generation of people is working itself to debt to pay for a place to sleep while they prepare for the next day of working themselves to death. Oh, and don't forget the kids! They're working to put their kids through slave training so they can have all the wonderful things their parents had. They'll have all those wonderful things waiting for them when they come home at the end of the day cursing their entire existence and blaming everyone else for it (denial is important to retain some scraps of sanity).

No. I'm not just another socialist railing against Capitalism. I don't know what I'm saying TBH. It's just sickening that this is the best we can do.

a reply to: JAGStorm

They will never do it. Democrats are a bunch of pandering/lying pieces of #... Politicians in general lie through their teeth and over promise and under deliver.

a reply to: JAGStorm

Yes, like freeing the slaves hurt slave owners

originally posted by: bender151
a reply to: JAGStorm

Yes, like freeing the slaves hurt slave owners

Hahaha this is marvelous.

a reply to: Charliebrowndog

How does it resemble cash for clunkers lol. Instead of taking 3k of dealer cash, like they might otherwise offer anyway, they offer that same amount and basically get a free car in return. Idiots offer up what they might otherwise have equity in, in return for an offer they could have received without it. On top of that, there's usually fine print that allows the dealers to subsidize your trade in (like they do anyway, if you're dumb enough to tell them up front you have a trade in). Explain the similarity, boomer.

Sure..just write a check..

a reply to: JAGStorm

Actually a jubilee would work if and only if it was a grand jubilee and all debt is erased. From there a new non-Federal Reserve monetary policy would be established returning US currency to the Federal Government as written in the Constitution.

The catch being the rest of the world getting onboard but the concession being they could also jubilee away their debts at that time and change heir currency as well.

But as it stands today, the difference between a dollar bill and a smooth blue rock is widespread acceptance. If everyone accepts the rock and rejects the dollar, guess which one works and carries no debt?

originally posted by: BrianFlanders
The funny thing is that all this debt is really just modern day slavery.

Ummm... no. It isn't that hard to not get into debt, it just takes a little discipline, and a few functioning brain cells.

People are working themselves into the grave to buy disposable junk.

Stupid people, maybe. I try not to even buy disposable junk, and certainly don't go into debt for it.

And ultimately, all of this stuff they're buying is generally stuff that could be a lot cheaper (but isn't because the people at the top are so greedy).

Yeah, those workers demanding to be paid a lot more than they are worth sure are greedy!

See how that works?

People are working with $500 a month car payments for vehicles that will be practically worn out in less than ten years

Stupid people, maybe. Not me.

Debt is criminal.

Rotflmao! A nonsensical statement if I've ever heard one.

a reply to: JAGStorm

They will have to cancel debts eventually because they printed/coined/electronically created more dollars than we have assets to back.

That means there is more debt owed than all the existing dollars in circulation.

The only mathematical solution I can see is to eliminate at least a portion of the debts so we can balance the economy.

a reply to: tanstaafl

The problem is that these "stupid people" are going to affect our lives eventually.

So, as I see it, in my own self interest, I have to proactively face the problem and help solve it.

When the Great Depression hit, tons of "smart people" got ruined with the "stupid" ones. Maybe not as hard usually but in some cases worse.

Point is, if you and I are truly "smart" as we pretend we are - than it's our responsibility to lead the blind to the Light.

Yes, it's up to us. No one else is qualified to fix it, they are too "stupid". We have to educate and lead by example with virtue.

These dumb politicians don't have a clue. But maybe you and I might? If we do - it's on us to shift the tides.

The Dims know this will never happen so they will promise anything...no matter how stupid...to get elected.

a reply to: JAGStorm

So $1.6 trillion is cancelled and ... no one pays it?

originally posted by: muzzleflash
Point is, if you and I are truly "smart" as we pretend we are - than it's our responsibility to lead the blind to the Light.

Ok.... well, I guess I'm not that smart, because I have no clue how to stop people from being debt-stupid, other than talk to someone who is engaging in debt-stupidity when I am aware... and I've tried at least 2 times (nephew, and friend), and they simply didn't want to hear it.

"You can lead a horse to water, but..."

I constantly here people saying “it wouldn’t be fair to the rest of us who sacrificed and paid off our student debt!”

If a person wants everyone else to go through the same hardships they did because they turned out fine, they didn’t in fact turn out fine.

a reply to: muzzleflash

The problem is that these "stupid people" are going to affect our lives eventually.

Yes that's the problem, it's not isolated to just people with debt. Last housing crash the prices hurt everyone.
It didn't matter if your house was paid off. Some say it won't just be a housing crash this time. It will be a car loan crash, a student loan crash, a consumer debt crash.

If those dominoes fall, we are all going to get hit.