Wednesday, April 25, 2012

T-Day: Trillion dollar student debt (video)

Pat Macpherson edited by Seven and Ashley Wells, Wisdom Quarterly

Today marks a watershed in the next economic bubble that will rock the American economy. 

Bigger than Google's future bust after its 100 billion dollar valuation, mounting student debt will rock the country and the world worse than the housing crisis because most student debt cannot be defaulted on.
  • How much is a trillion dollars? A thousand-billion is a misleading answer because a billion is only a thousand-million. Have a look.
In the absence of a Jubilee of biblical proportions, the future for us will be debt bondage and indentured servitude -- slavery, revolt, and draconian crackdown.

Why are foolish "college" commercials proliferating offering job training? It is because they make a great deal of money for fly-by-night schools with very few attending students. The rolls are full, but few complete the training. The few that do do not go on to get jobs.

  • FAMILY GUY: Man brags: "My son got into DeVry!" [DeVry is one of many technical institutes, colleges, universities, schools, and training programs that advertise heavily on daytime TV for people at home watching TV in the middle of the day]. His co-worker replies sarcastically: "Ah, good. What'd he have to do, open the door?"
Jobs in what they were trained in are not in demand when they graduate. We foot the bill anyway because the role of these "colleges" is to book applicants, drop outs, and secure them federally-backed student loans they will not be able to repay but cannot default on.

They are often seduced or forced into attending such sketchy "training programs" in order to qualify for unemployment insurance.

Even if they successfully declare bankruptcy anytime in their future, the debt will survive to haunt them.
The "most powerful man in the world," the US president, said he only recently overcame his student debt. And he is a lovable and successful lawyer, senator, drug-abusing closeted bisexual, and top executive, not to mention a grand sell-out to MIC corporate interests of all stripes.

Wouldn't it be great to live in a Judeo-Christian society?
Then we could have a Jubilee every 50 years.

But American-capitalism, a perversion of what the Nazis envisioned. The MIC we back is out to conquer and enslave the world through debt. This is milking labor (the 99%) for the benefit of an elite ruling caste (the war-happy 1%).

() WAR BY OTHER MEANS: montage of a special report by John Pilger.
The IMF (International Monetary Fund) and World Bank are weapons of war.

Occupy Wells Fargo Banking Corporation
Bloomberg via San Francisco Chronicle (
Wells Fargo & Co. shareholders needed police help to enter today's [April 24, 2012] annual meeting in San Francisco as about 500 [Occupy Wall Street activists] people gathered to protest the bank's lending and foreclosures.

Sounds from the street wafted up to the 15th-floor meeting hall, where Chief Executive Officer John Stumpf was interrupted at least four times by people shouting objections. Earlier, six protesters chained themselves together to block an entrance, and about five to 10 were inside chanting as police cleared paths for attendees at the Merchants Exchange Building in the city's financial district, across from Wells Fargo's headquarters.

Members of Occupy Wall Street are among groups seeking to revive last year's protests against the nation's biggest banks for their role in causing the financial crisis and gaps between the incomes of the nation's richest and poorest citizens. Wells Fargo is the largest provider of U.S. home loans and runs the biggest servicing operation, which handles billings, collections and foreclosures for banks and investors... More
Debt cancellation (Jubilee) is the norm
Tim Atwater (
The Jubilee campaignís origins are linked with the Biblical Year of Jubilee, outlined in Leviticus 25-26, a magnificent and widely ignored text which calls for periodic complete overhaul of the economy.

In the Jubilee, there is release for those enslaved because of debts, a Sabbath rest for land and people, redistribution of lands lost because of debt, and a reordering of prices for land and labor based on proximity to the next Jubilee. 

Leviticus 25 never even explicitly mentions debt -- but the Jubilee is all about debt cancellation, restored community, and freedom from debt bondage. The Jubilee cycle of release builds on the Sabbath Year debt release and rest cycle outlined in Deuteronomy 15 and Exodus 21:2 and 23:10-11, building from an every seventh year rest and release to a super-release in the fiftieth year.

It was no accident that rebels against colonial authority chose a line from Lev. 25:10 "Proclaim liberty throughout all the land, unto all the inhabitants thereof...." as the inscription for their liberty bell. More

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