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Require simple clear elementary, middle, and high school classes on how to avoid getting trapped in debt

By Patrick   Mar 2, 11:36am   4 links   1,915 views   21 comments   watch (2)   quote      

Near the most important lessons anyone can learn in life is that debt is a trap. Once captured, it is extremely difficult to escape and effectively makes you a slave to the interest payments.

Interest never sleeps nor sickens nor dies it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation; it never visits nor travels; it takes no pleasure; it is never laid off work nor discharged from employment; it never works on reduced hours. Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you. -- J. Reuben Clark

And yet the evil of debt is simply not taught in our schools. Of course the ruling class has no interest at all in educating the public about debt, because their goal is to create obedient workers, not free, creative, productive, well-informed citizens.

There are many more of us than there are of the elite though, and we can simply democratically demand that the evils of debt be hammered home throughout all publicly-funded schooling. All debt should be publicly disparaged, unless it is for productive investment i.e. likely to have a much greater return than cost.

  • student loan debt for uneconomical majors
  • mortgage debt if it's cheaper to rent the same thing
  • credit card debt, always stupid
  • medical debt - usually involuntary
  • national debt - always involuntary

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patrick.net's 40 proposals

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Comments 1-21 of 21     Last »

1   NuttBoxer   Mar 2, 11:40am     ↑ like   ↓ dislike   quote    

The best way to teach this would be a clear demonstration of what a central bank is, why they exist, and how money is created in a fiat debt system. When you understand the very root of your economy is debt, the rest becomes pretty clear.

2   someone else   Mar 2, 11:43am     ↑ like   ↓ dislike   quote    

I agree. The Fed should also be taught about, though it rapidly gets confusing, which is part of the Fed's defense strategy. Security through obscurity.

What could a 3rd grader understand about it? Maybe this:

* The Federal Reserve creates money without doing any work.
* Everyone else has to work for money.
* Therefore everyone works for the Federal Reserve and has no choice in the matter.

3   Heraclitusstudent   Mar 2, 11:43am     ↑ like (2)   ↓ dislike   quote    

Are you crazy? You want to sink the economy?

4   Tenpoundbass   Mar 2, 12:11pm     ↑ like   ↓ dislike   quote    

Ah I remember Economics and Business Math 101. I managed to take that and did quite well before dropping out.

5   FP   Mar 2, 12:17pm     ↑ like (2)   ↓ dislike   quote    

Just pound it in their heads that they must buy a house as soon as possible and at any cost. It is the only way to avoid the poor house and it always works. As soon as possible, by all means, and at any cost.

6   someone else   Mar 2, 12:30pm     ↑ like   ↓ dislike   quote    

7   NuttBoxer   Mar 2, 3:35pm     ↑ like   ↓ dislike   quote    

Patrick says

I agree. The Fed should also be taught about, though it rapidly gets confusing, which is part of the Fed's defense strategy.

I think high schoolers could understand treasury bond sales, how every dollar created requires a bond that promises to pay it back and then some 5, 10, or if the Fed gets there way 100 years from now. If people just know that money can't be created without increasing debt, that would be enough. Again, context is fiat economy.

8   casandra   Mar 2, 3:41pm     ↑ like (1)   ↓ dislike   quote    

a fool and his money are soon parted; why take away our fun!

9   PockyClipsNow   Mar 2, 3:46pm     ↑ like (1)   ↓ dislike   quote    

Voucher system/school choice is the ONLY way you can get this taught.

The centralized public school system is obviously not going to go against the banker overlords. So the only hope is that parents can send thier kids to an indepedent private school, hopefully with vouchers, that will teach this and other 'forbidden' topics.

VOUCHER SYSTEM NOW

10   jvolstad   Mar 2, 5:21pm     ↑ like   ↓ dislike   quote    

Unfortunately, many of our veterans are in debt. I have suggested to the VA that they offer a financial budgeting class for vets.

11   zzyzzx   Mar 2, 5:23pm     ↑ like (2)   ↓ dislike   quote    

Democrats would never allow teaching fiscal responsibility in schools!

12   someone else   Mar 2, 6:01pm     ↑ like   ↓ dislike   quote    

NuttBoxer says

Patrick says

I agree. The Fed should also be taught about, though it rapidly gets confusing, which is part of the Fed's defense strategy.

I think high schoolers could understand treasury bond sales, how every dollar created requires a bond that promises to pay it back and then some 5, 10, or if the Fed gets there way 100 years from now. If people just know that money can't be created without increasing debt, that would be enough. Again, context is fiat economy.

Some high schoolers could understand that, but it's pretty complicated. I bet a lot of them won't get it unless we start even earlier, so that first of all they even know what a bond is.

13   rootvg   Mar 2, 6:17pm     ↑ like (3)   ↓ dislike   quote    

jvolstad says

Unfortunately, many of our veterans are in debt. I have suggested to the VA that they offer a financial budgeting class for vets.

Dave Ramsey will also tell you that no one with net worth of less than $1M should ever purchase a new vehicle due to depreciation.

If you want a nice vehicle and have stable finances, there are other options. We bought two late model BMWs through craigslist. You have to know what you're looking for and have the finances to take advantage of any opportunity if and when it presents itself. Avoid dealerships, for sales or service or anything at all. If you need a part, order it online and have it installed by an independent specialist.

14   rootvg   Mar 2, 6:18pm     ↑ like (1)   ↓ dislike   quote    

zzyzzx says

Democrats would never allow teaching fiscal responsibility in schools!

You're right. Econ was required by the school district I came from but I'm told that is far from the norm. I don't know if it's required today.

15   Strategist   Mar 2, 6:58pm     ↑ like (1)   ↓ dislike   quote    

Patrick says

Require simple clear elementary, middle, and high school classes on how to avoid getting trapped in debt

Most of it is common sense, and I don't think common sense can be learnt. True Anecdotal . e.g.

A Doctor couple I knew were heavily in debt because they just could not manage their finances. The hospital had to get them a financial analyst to help them, because it was interfering with their practice.
A garbage man I heard of had his small home in Riverside Ca, free and clear, and was debt free.
Moral of the examples:
The Doctors had brains, but no common sense. The garbage man, may not have had the brains, but he had a lot of common sense.
Go figure.

16   Strategist   Mar 2, 7:01pm     ↑ like   ↓ dislike   quote    

Patrick says

Patrick, this image is too disturbing. Please replace.

17   someone else   Mar 2, 7:06pm     ↑ like (1)   ↓ dislike   quote    

It is very sad, but it is also very real.

Debit is used to crush and kill people daily.

I'd rather leave it to make the point.

18   Strategist   Mar 2, 7:34pm     ↑ like   ↓ dislike   quote    

Patrick says

It is very sad, but it is also very real.

How can it be real?
People who are literally starving don't make payments on anything.

19   Ceffer   Mar 2, 7:37pm     ↑ like (2)   ↓ dislike   quote    

Maybe they should have classes on how to enslave others with debt to weed out those with no bankster aptitude.

20   JZ   Mar 2, 10:15pm     ↑ like (1)   ↓ dislike   quote    

Patrick, I used to think about solutions to causes that wreck people's lives. I gave it up.
Across human history on all continents, one thing remains the same and that is wealth transfer.
There are two forms of wealth transfer, one is the form of violence, the other is in the form of schemes. Debt is the scheme form of wealth transfer.
If you try to educate people to be aware of any form of scheme wealth transfer, you will end up getting the violent wealth transfer.
Because wealth transfer HAS to occur for two reasons.
1. Humans do NOT have natural enemies. If the entire human race live in harmony, human will grow out of balance. Nature ensures human destroy humans to conserve population. Wealth transfer is in the blood of humans in order to cause human to destroy each other.
2. Economic competition ensures there are winners and losers. Those who lose can NOT survive, and they will go think about how to transfer wealth from the winners. This is the famous Greenspan quote, "sound money is incompatible with democracy".

If wealth transfer HAS to occur, you would want it to happen under scheme form rather than violent form. Enticing/trick/force people into debt or casino is the scheme form of wealth transfer.

Above are my views of the debt.

21   someone else   Mar 2, 11:35pm     ↑ like   ↓ dislike   quote    

I like the theory, but I think we can do better.

JZ says

Nature ensures human destroy humans to conserve population.

Feminism is extremely effective brith control. I'm not a great fan of it, but it does limit population.

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