. . . some months from now, as the financial unwind worsens, and the mirage of gainful employment shimmers away to nothing, and the technocrats of Europe meet nervously by some Swiss lakeside (and are seen glumly shaking their heads), and Romney and Obama try to out-do each other peddling miracle cures for the tanking national self-esteem – a dangerous meme will go forth across the internet, and this meme will say: Millennials, renounce your college loans and set yourselves free!
And then something truly marvelous will happen. They will at once disempower the swindling generation of their fathers, teachers, loan officers, and overlords and quite possibly bring on, at long last, the epochal collision of pervasive American control fraud with the hard hand of reality.
I think this will happen, and I would venture even to set the meme loose here and now and watch it go viral. The college loan racket has been an even more cynical enterprise than the mortgage racket was because so many people who ought to have known better, people of supposed intelligence such as college deans, cabinet secretaries, and think-tank Yodas, all colluded to support the false promise that the gigantic cargo cult of higher ed would keep churning out fresh careers forever – when the truth was that the entire groaning vessel of hopes and dreams was already under water and sinking into the eternal darkness.
What then?
Mommy Professor gets a cardboard sign “Will Criticize White People for Food”
Edit: Kunstler predicts a “Cultural Revolution” against the Marxist Professors:
When the universities do go down, tossing their employees overboard in the process, it will be interesting to see the former faculty chairpersons and distinguished professors of econometric modeling learn how to plant kale and care for chickens side-by-side with their formerly-indentured students. I can imagine a period of turmoil in America even harsher than, say, the Cultural Revolution of the 1960s in China where officials, professors, and authorities of all kinds were paraded through the angry mobs wearing dunce caps. Weird things happen history.
The government is tightening the noose by refusing travel outside America if you owe uncle shylock. One huge debtor prison…
Has this been extended to student loan debt? I read this was just for official tax debt over 50k.
Also, MW LOL @ last line. Brilliant
So it seems, anonymous. The trend is quite clear and, since student loans are “backed by the full faith and credit of Uncle Sugar” it is not a stretch to conclude student loan default = tax liability.
Well, the banksters got their last dime from me, despite my own gargantuan loan balances incurred over years of graduate training. It seems the sole remaining “escape clause” is for permanent and total disability. Well damn if that doesn’t describe my situation! Do you think I for one New York second worried about the “honor” and “obligation” to “repay” (and re-pay and re-pay and re-pay) the never ending slavery that is compound interest?
I see you do understand!
I will tell you this – the banksters are doing everything in their power to wring their pound of flesh from me despite it all. But they can’t get blood from a stone and no matter their shrieks and howls, this is one soul about to be liberated from bankster enslavement and Shylock collection.
I heartily recommend that “reverse Alinsky” is fair game. Besides — “a deal is a deal” and if they can’t deal with it? NUTS.
Yes, that’s an interesting development. One possible unintended consequence is that the people most impacted will be immigrant business owners — the Gandhi mart people.
Another unintended consequence of this — the increase of the underground economy. Not letting you leave the country for any reason besides being under indictment for a crime is way outside the traditions of this country. We have become a neo-Soviet state, which is no surprise, since the same Tribe of Thieves that comprised the Bolsheviks, now comprise the neo-cons.
“We have become a neo-Soviet state, which is no surprise, since the same Tribe of Thieves that comprised the Bolsheviks, now comprise the neo-cons.”
Exactly.
Well, I’d save $20K I have yet to repay in loans if the system collapses. Which would be nice.
It all depends on how much you have to lose, Cranberry. If you are outside the system, if your assets are not officially recorded in land records and banks, then you are free.
I have my teaching retirement fund to close out (they expire after you don’t teach for so many years, and the money is mine). The house, cars, all in husband’s name. Aside from a few K in a bank account, on paper, I own nothing but that retirement money. Do I cash it out and put the money in my safe to invest at will in a black market biz? It’s about 1/4 of what my loan balance is.
Cranberry,
My advice would be to go to a reputable coin shop with a certified numismatist and buy gold and silver coins. the gold coins cost you no more than about 40 – 50 dollars above spot, and if you can ever get fractional gold, like a quarter ounce panda or a 1/5 ounce swiss thing, get one for sure. Just get maybe 2 oz of gold, and put the rest in silver. the smaller the fraction the better, as long as you don’t pay too much of a premium.
The great thing about gold and silver is that they will keep value when the dollar loses it’s empire status, and I bet you’ll be able to buy a farm for a gold coin and a few silvers.
Other things to get — a Berkey water filter, a water distiller (non-electric), some stored food from the Mormon “Bishop’s Storehouse,”, maybe build yourself a shed that you can later use as a chicken house.
MW, can I cordially disagree with you on the gold issue? Its good to have some gold and silver but if things go far south enough to make the dollar useless no one will part with arable land for any amount of metal.
Land will be singularly the most valuable thing in the world since it will be the only thing stopping your family from starving.
Gold and silver are useful mostly for buying goods someone has in surplus, a few extra ears of maize, 1 box of 22’s, gasoline. That kind of thing. They can also be used for bribes, fees, loans and taxes and such.
If we get a high inflation scenario (something I find unlikely) its also useful but thats an economic bump not a collapse
If you are serious about prepping you need to buy and hold hard goods and land ahead of the game and most important above all else, build a strong network.
You see with the numbers in the US, useful goods especially food will go into major shortages and we are one incident from a mass population dieback and implosion.
To make it through you need skills and friends cause you can eat gold or defend yourself with it.
Yes, gentlemen can disagree on precious metals. I think the crash will be slow enough that there will be a devaluation of land. By the way, learn how to look at court records and land records, and get to know a lawyer who knows how to research title. You may be able to get foreclosed properties at fire sale prices from some bank rep trying to get some liquidity.
Always remember: Student loans are secured debt and can’t be nonchalantly shirked – like all other 21st Century youthful “responsibilities.”
This is the one area The OWS Generation will feel the oppressive sting of a grasping Federal Government as it garnishees wages until all debt is paid. Those with african-american women’s studies degrees who can’t get a job even with the EEOC and find themselves washing dishes will be in excruciating debt for decades.
Yet, home mortgages were once secured debt. Obama and his Leftists saw votes to be bought and cynically responded, conjuring up Federal “Programs” to skirt the law. If I – and we – see this, expect a future Obama Student Loan Debt Amnesty Program packaged as “The Obamacademia Freedom Act”
…just in time for his re-election.
Poetic justice, eh Firepower?
I agree, but only so far as Government leftists fail to realize the OWS kidz propelled Obama to the Presidency.
He’ll quickly pander to them with “free” gov’t goodies, as he rapidly pandered to his female supporters this past weekend with his photo-op show. Those who support the regime get bribes. Those who do not, like seniors, get no raise in theirs.
I wish J.K. was right on these things but in my experience the millennial generation cares very little for the American dream in the material context.
Hell if we just gave them a game console and welfare, passed a few environmental laws and let them Facebook and download I doubt they’d give rats clank about anything.
This isn’t actually apathy oddly enough, I am old enough to be from apathetic generation, its more a radically different set of values that sees cars and big houses and such as unimportant. Useful but not as necessary as a smart phone and many are perfectly happy living at home .This may change or it may not.
In some respects this is actually scarier for the elite , a consumption based economy can’t survive without consumption and tighter families means a weaker state. This will starve the best of something as valuable as money, attention. If things go far South, traditional healthy human social orders will recover much quicker
As for racism, they are natural targets for it. You’ll have a hard sell on the Asians but the rest comes naturally to them. Of course they’ll publicly condemn it but inside, not as much..
In some respects this is actually scarier for the elite , a consumption based economy can’t survive without consumption and tighter families means a weaker state. This will starve the best of something as valuable as money, attention. If things go far South, traditional healthy human social orders will recover much quicker
Great point, Matt! I’m definitely somewhat like that, though instead of video games I like things like horticulture, math, playing around with Fresnel lenses, bicycling, and blogging. I don’t need expensive junk to make me happy.
Deconsumption is a wave of the future, and yes, that’s a nightmare scenario for the elites because it means relentless economic contraction with positive feedback, where the more economic pain that is inflicted, the more independent people become.
This is something I’ve predicted since I started commenting on the Internet in 2000.
It’s true. Many of them are apathetic. They will not revolt against paying back their loans. They just won’t be able to pay them. Being White, they will feel bad. The anger will either turn inward or outward.
Rita Rabbit
Student loan bubble bursts and the Marxist factories have to lay off professors in combination with President Romney wasting trillions making war for YKW could at least give us many more anti-semetic blogs by disgruntled lefties with nothing to lose.
Sorry if this has been already covered, but students can’t just magically discharge their student loans. Bankrupcy, death, nothing. That sucker is getting paid, or at the minimum you are paying 10% of your income for 25 years and hoping to never pass the pay theshold, and it will finally go away.
If millions stop paying at once, though, there will be a System crash.