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REPORT ABUSIVE REPLY
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Message Subject
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Today Obama Used His Executive Powers To Push Student Loan Reform
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Poster Handle
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Jake101 |
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Post Content
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Very few people will like this solution, and I'm sure everyone will call me a Communist.
But the ONLY way to solve this problem, is to forgive ALL debt. From the rich oil barons to the ghetto rats. Also, the National Debt needs to vanish, since it was created from thin air in the first place.
Currency needs to then be backed by SOMETHING so out of control printing never occurs again, and the Federal Reserve needs to be disbanded.
Then make it abundantly clear that from now on, banks AND borrowers will be responsible for their own lot. Borrow money you can't pay back, and you'll likely never be given another loan again. Loan money you know someone can't pay back? Well, then you'll lose that money for making a bad decision.
Loans are supposed to be a risk. Currently the US government takes the risk out of it for banks.
Quoting: Jake101 I agree with all of this, except that before you just forgive all debt you would need something in place, say treasury issuing non interest bearing notes for operating expenses. Banks all carry public and private debt as assets on their balance sheets, wipe out the debt and wipe out all assets from their ledgers. Banks provide the currency which everyone uses in the exchange of their goods and services, it provides credit for the goods production process, i.e. bills of credit. So, you need something in place before you pull the plug, personally I think gold and silver would work just fine but that's just me. Yes, you have to have something to fill the void. And perhaps Gold and Silver would be viable.
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