Posted 3 years ago on June 1, 2017, 9:06 a.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
Yves Smith at Naked Capitalism posted a short Michael Hudson essay about student loans and debt in general on June 1, 2017:
"A lot of people forget that having debt you can't pay back really sucks. Debt is not just a credit instrument, it is an instrument of political and economic control. ..." Yves Smith
"Bankers sit on the boards of the leading universities – not simply by buying their way in as donors, but because they finance the transformation of universities into real estate companies. Columbia and New York University are major real estate holders in New York City. Like the churches, they pay no property or income tax, being considered to play a vital social role. But from the bankers' vantage point, their role is to provide a market for debt whose magnitude now outstrips even that of credit card debt!..." Michael Hudson
Austerity measures are imposed to reduce debt. Spiraling debt grows and wealth becomes more concentrated because of the interest, which is the profit of those who invest in debt. We go into debt, as does our govt. because we have insufficient income. Debt dividends are the income of the banksters and billionaires who own everything.
Do you really think the banksters and billionaires are going to let us or our government, their two biggest cash cows, get out of debt through austerity or any other means we poor mortals can devise? The debt spiral that feeds the parasitic monsters who own everything is the death spiral for the economy and the human race.