While I enjoy the idea of a clean slate I also understand how hard it to of always “done the right thing” and honored my debt repayment. I am not envious of those who are struggling, as I have always struggled and am thankful that it will and does help so many people. I have come to a point in my life were my debt is still an issue after paying off tens of thousands of dollars worth of credit cards and loans with our retirement. At some point, even those that have always paid their debt can’t do it anymore. Most are living from pay check to pay check, as we are right now and this virus has taken its toll on us all.
A Real American Voice.
Sit tight D: help is on its way!
It's going to get a little bit shouty for a while; and knowing your compatriots, that might also mean a bit of shooting.
However, I'm reasonably confident that if there is any shooting, Everyone will be aiming at the same target. And that will no longer be each other.
Not that there needs to be any shooting. Shooting isn't going to help. Shooting will, in fact, be socially irresponsible, what with U.S. Healthcare's efforts to cope with the coronavirus.
And I think even the most deluded of America's private gun-owners know that going up against highly-trained, professional bodyguards, isn't going to give them the triumph they've always dreamed of.
So I'm cautiously predicting little or no violence. (And that's the only prediction I really do hope I'm not wrong about.)
But this is Healthcare we're talking about. So after people have had time to adjust to the shock of it all, they'll have to settle in for the Long Term.
And that's when Everyone can start taking stock.
Last time there was a major Economic catastrophe was in 2008. It was caused by loan sharks selling debt to Americans.
The loan sharks (a.k.a. bankers/financiers &c.) borrowed money from the taxpayer, via the Federal Reserve and Government.
They then loaned the money they had borrowed from taxpayers, back to taxpayers, at a higher interest rate.
Then they used the loans they had issued, and the interest streams they were earning, as collateral to borrow even more money from the taxpayers, to lend back (at a higher interest rate) to taxpayers.
Until the whole scheme collapsed in on itself in 2008, and caused 12 years of Economic Misery for most people.
Except the loan sharks. Who were allowed to carry on loan sharking, because all of our politicians are in debt to them, in one form or another.
In order for the whole "Banking" loan shark scheme to work, Everyone else has to work.
Everyone has to keep working, so that they can keep earning.
This is because the collateral you put up when you spend money on a credit card, or take out a bank or car loan, is your Future Earnings.
You agree to be able to get the thing that you need/want right now; in exchange for some of the money you will earn in the future.
All good, just so long as you keep generating those Future Earnings.
But what if you can't work? What if nobody can work?
Then neither you nor anyone else can pay your debts.
And anyone who bet some money up-front, on the basis that you would keep earning until you had repaid all of your debts with interest, suddenly loses that bet.
And in many cases, they've used their betting slips as collateral to make other bets.
Quite a lot of cases, in fact. Most cases, now that I come to think about it.
Now in 2008, to make up for the sudden loss of Future Earnings, Governments around the World just started printing money and giving it directly to the loan sharks.
And the loan sharks carried on loan sharking.
Now, 12 years later, "Future Earnings" have disappeared for the, uh, foreseeable future. And that means a lot of people, especially in the United States, are simultaneously not going to be able to service their debts.
And to make matters worse, their current inability to service their debts will, in a shorter space of Time than anyone believes possible, mean that they will never be able to service their debts again, because they won't be able to earn anything at all.
In 2008, politicians viewed a similar Landscape, and had the opportunity to plug the Free Money Supply in at the bottom of the Economy. I.e. give it directly to Citizens, rather than to the loan sharks.
But ever since Ronald Reagan was President, the U.S. has been locked onto the idea of "Trickle Down" Economics. Meaning that if you make Business as easy as possible for those at the top of the Pyramid, allow them to make and have as much money as they desire, they will spend freely and liberally, and their spending will "trickle down" through the rest of the Economy, bringing success and prosperity to all.
As we know, things didn't turn out quite as rosy as that.
So this time around, through clenched and gritted teeth, your government has *HAD* to give free money to U.S. Citizens, instead of the loan sharks.
Previously, people like SomeGuy would have cried "No Fair!" at the thought of a complete cancellation of all debts; and loan sharks would have said, "Don't you dare!".
But now, what with the virus and everything... And the fact that all debt repayment has already stopped (thought it'll take a while for Everyone to catch on to that...)...
Nobody really gives a fuck if the loan sharks go out of business or not.
Pretty soon, some Bright Spark will point out that if the whole loan shark System was brought under the control of the Taxpayers, then taxpayers could lend to taxpayers at the same, low interest rate they'd previously been lending to the loan sharks at. And any interest/profit earned, would accrue to the taxpayers.
Which is another way of saying that pretty much the entire Global Banking System is about to be Nationalised. Or potentially even Globalised, if I have my way!
So hang on in there D. One way or another, I don't think debts are going to be bothering people quite so much in the very near Future.