Student Loan Debt Slavery
by David Sims
THE FEDERAL Reserve and the banking system have many ways to make a slave out of someone, via his debts. Most people stupidly over-borrow and find themselves out of their depth, unable to repay even the interest on what they owe, helplessly watching as their aggregate debt rises toward infinity with exponential speed. They can’t get any more loans. They lose their homes.
And people who thought that they were keeping a manageable ceiling on their debts, upon losing their jobs, find themselves in the same situation as their more reckless fellow citizens: forever rising, forever unpayable debt, no more credit, and homelessness.
And people who get through their entire lives without debt, when they become old, begin to suffer the infirmities of age, and that’s when the price-scam for medical care kicks in to make a debtor out of even the most prudent citizen, assuming that he doesn’t decide that an earlier death is preferable to losing what little wealth he has to leave to his children.
The video below by Stefan Molyneux tells the story of a foolish girl who thought that it was worthwhile to borrow a lot of money to pay for a worthless college degree, and how impossible this decision made her financial circumstances for the next thirty years. She realized, too late, that she had become a slave.
Don’t let it happen to you. College was, once upon a time, worth what it cost. It no longer is. And if you do go to college, be certain that you are earning a degree that will bring you money enough to justify the effort and make it possible for you to pay your way clear of debt.
[And consider devoting your life to something great instead of just pursuing money as an end in itself. The libraries, and the ’Net, are full of the greatest books ever written. Real education has always been free. One thing among several that Molyneaux totally misunderstands or misrepresents in the video is that the banks do not give up any resources when making a “loan”; the money is created out of nothing. That’s called fractional reserve banking and that’s the kind of banking we are saddled with all over the Western world. It’s a Jewish system (scam, really) and it makes all of us slaves. — K.A.S.]
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