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Old 01-09-2018, 10:31 PM
 
Location: Myrtle Creek, Oregon
11,042 posts, read 11,455,634 times
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This movement is really rocking the boat. I have always been leery of assuming personal debt, and have been a creditor rather than a debtor for a couple of decades now. The mortgage was not retired until 2008, but my whole balance sheet was well into the black long before that.

A mass movement to deny the legitimacy of debt could happen. There are rumblings.

“Don’t Owe. Won’t Pay.” Everything You’ve Been Told About Debt Is Wrong by Charles Eisenstein — YES! Magazine
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Old 01-09-2018, 10:44 PM
 
Location: Myrtle Creek, Oregon
11,042 posts, read 11,455,634 times
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Like I say, there are rumblings. What the future will look like is an interesting question.

https://www.bullionvault.com/gold-ne...ilee-110220171
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Old 01-10-2018, 12:33 PM
 
Location: Myrtle Creek, Oregon
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Looking at just one sector, student loans, the budgeted lifetime default rate is between 18% and 19% based on loan amount, and between 10% and 16% based on the number of loans. Smaller loans are much less likely to default. These number were collected as the economy was just recovering from the recession, so finding a job was still pretty tough, but the numbers were also collected during a period of rapid economic expansion.

Default rates declined until 2013, then started edging up again. Current default rates are 11.3% based on all loans regardless of size. Currently over 40% of student loan debtors are in default, delinquency or have postponed payments. We can expect numbers to rise rapidly during the next economic downturn.

https://ifap.ed.gov/eannouncements/a...rs20072011.pdf

https://www.edvisors.com/blog/defaul...-drop-09-2014/
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Old 01-10-2018, 02:38 PM
 
Location: Oceanside, CA
1,738 posts, read 827,032 times
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I wonder what the proponents of this idea would do if I were to say "Don't owe, won't pay" for welfare, unions, illegal aliens, government that can't perform essential functions, etc.
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Old 01-10-2018, 06:40 PM
 
Location: Florida
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Fidel Castro told his subjects to not pay their loan debt. We all know how wonderfully his government worked.
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Old 01-10-2018, 06:50 PM
 
Location: Myrtle Creek, Oregon
11,042 posts, read 11,455,634 times
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There's no doubt that it would be paired with massive civil unrest. I think it likely that what they would do is break things. The creditors have courts, police and tax collectors on their side. If they are so unwise as to escalate that to the level of oppression, violence could well result. To quote from the second link I posted:

Quote:
Millions of Americans will soon be calling for it. Some violently. The young, the poor, and the ignorant will all rally for the jubilee. They will, in effect, start piling up stones. And the person who is going to be ritually killed? That will be us.
If riots become an American pastime, it's likely the Republic will not survive. The forms of representative government might persist for while, but power would rest with a dictator.

Maintaining a stable and egalitarian economy is much more important than the balance sheets of a few wealthy families.
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Old 01-11-2018, 07:09 AM
 
Location: Cebu, Philippines
2,168 posts, read 797,279 times
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Quote:
Originally Posted by engineman View Post
Fidel Castro told his subjects to not pay their loan debt. We all know how wonderfully his government worked.
Yes, we do know. A higher life expectancy than the USA. A higher literacy rate than USA. A lower crime rate than the USA. A lower incarceration rate than the USA.
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Old 01-11-2018, 07:47 AM
 
2,240 posts, read 1,386,969 times
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Quote:
Originally Posted by cebuan View Post
Yes, we do know. A higher life expectancy than the USA. A higher literacy rate than USA. A lower crime rate than the USA. A lower incarceration rate than the USA.
That must explain the boat loads of Americans that risked it all to get into Cuba.


Oh wait...
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Old 01-11-2018, 10:04 AM
 
Location: Myrtle Creek, Oregon
11,042 posts, read 11,455,634 times
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Quote:
Originally Posted by Thatsright19 View Post
That must explain the boat loads of Americans that risked it all to get into Cuba.


Oh wait...
They didn't look much like aristocracy when they got here, did they? That's who they were. I can't imagine any way a country can shed its aristocracy without making a huge mess out of things for a while. I wonder where the US aristocracy would flee to? China?
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Old 01-11-2018, 11:17 AM
 
29,462 posts, read 33,699,747 times
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Debt is a result of not having the money to pay or electing to use that money for alternative purposes. The lender of last result may be orneriness but they are still the lender availed to that person. Without that lender their alternative is?
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