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Old 09-04-2019, 01:08 PM
 
Location: Niceville, FL
7,811 posts, read 16,278,485 times
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It wasn't the abandonment of the gold standard; it was the deregulation of the banking industry that allowed financial institutions to try all kinds of things, some of which later turned out to be Bad Ideas.

One of the signs you're a Generation Xer is that you got your first credit card at a college student activities event. Citi or Chase or Bank of America gave you a beer coozie, frisbee, or maybe a t-shirt if you were lucky as the big sign up bonus for that card.

And then there were complaints about how the banks took advantage of those poor innocent college kids who didn't realize they had to pay their credit card bills and the rules were changed so it's much harder for the 18-22 year olds to get credit cards now.
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Old 09-04-2019, 01:23 PM
Status: "Whatever it takes - Ďcause I love the adrenaline in my veins" (set 2 days ago)
 
Location: San Francisco
2,540 posts, read 602,173 times
Reputation: 1403
Quote:
Originally Posted by mysticaltyger View Post
Just to clarify, I'm not saying we should toss college aside--at least not for everyone. But for some? Yes, absolutely. There are lots of people who really shouldn't be in college. College has been dumbed down to accommodate them.

But yes, being more strategic in selecting what to study would be helpful to those who are smart enough, but just kinda aimless.
A four-year degree isnít for everyone, but Iím speaking in terms of continuing education of some sort even if it means certification (and acquiring a marketable skill) to make one more employable/competitive in todayís job market (and less prone to financial struggles). It should also include a well-rounded preliminary understanding of finance/budgeting. We simply arenít preparing people to enter (or stay in) the middle class.
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Old 09-04-2019, 02:42 PM
 
1,920 posts, read 645,790 times
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Originally Posted by beachmouse View Post
It wasn't the abandonment of the gold standard; it was the deregulation of the banking industry that allowed financial institutions to try all kinds of things, some of which later turned out to be Bad Ideas.

One of the signs you're a Generation Xer is that you got your first credit card at a college student activities event. Citi or Chase or Bank of America gave you a beer coozie, frisbee, or maybe a t-shirt if you were lucky as the big sign up bonus for that card.

And then there were complaints about how the banks took advantage of those poor innocent college kids who didn't realize they had to pay their credit card bills and the rules were changed so it's much harder for the 18-22 year olds to get credit cards now.
I'm inclined to agree, since an explosion of credit also occurred in the 1920s when we were still on the gold standard.
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Old Yesterday, 10:17 PM
 
26,461 posts, read 28,865,343 times
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Originally Posted by blistex649 View Post
The reason credit expanded was the complete abandonment of the gold standard. That's why inflation skyrocketed (paper money and loss of its value: adjustment to new reality).

You know when you play poker with unlimited chips? That's basically what we've had since then. Just took some time to get it right and work out the kinks.
You could be right. I'm not sure I completely agree, but I lean in that direction.

I think the core issue we have is actually the debt based banking system. Effectively, money can't be created without being some form of debt. That is fundamentally wrong (morally and just practically), IMO.
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Old Yesterday, 10:18 PM
 
26,461 posts, read 28,865,343 times
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Originally Posted by CorporateCowboy View Post
A four-year degree isnít for everyone, but Iím speaking in terms of continuing education of some sort even if it means certification (and acquiring a marketable skill) to make one more employable/competitive in todayís job market (and less prone to financial struggles). It should also include a well-rounded preliminary understanding of finance/budgeting. We simply arenít preparing people to enter (or stay in) the middle class.
Yes, I agree with all of that. And I think a lot of these certifications could be done in high school.
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Old Yesterday, 10:20 PM
 
26,461 posts, read 28,865,343 times
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Quote:
Originally Posted by beachmouse View Post
It wasn't the abandonment of the gold standard; it was the deregulation of the banking industry that allowed financial institutions to try all kinds of things, some of which later turned out to be Bad Ideas.

One of the signs you're a Generation Xer is that you got your first credit card at a college student activities event. Citi or Chase or Bank of America gave you a beer coozie, frisbee, or maybe a t-shirt if you were lucky as the big sign up bonus for that card.

And then there were complaints about how the banks took advantage of those poor innocent college kids who didn't realize they had to pay their credit card bills and the rules were changed so it's much harder for the 18-22 year olds to get credit cards now.
Yes, I definitely think this is a contributing factor.

But at the core, I think it's because almost all money is created as some form of debt. It goes to the core of the way the financial system is set up.
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Old Today, 08:53 AM
Status: "Whatever it takes - Ďcause I love the adrenaline in my veins" (set 2 days ago)
 
Location: San Francisco
2,540 posts, read 602,173 times
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Quote:
Originally Posted by mysticaltyger View Post
Yes, I agree with all of that. And I think a lot of these certifications could be done in high school.
In the past, it has been - but there is less of it now. Minimally, high school needs to prepare every student with a basic education in English, Math, Science, History, Government and Personal Finance (and allow for certification, community college or vocational training post graduation for those who do not opt to attend a University). The more students are prepared to enter (and stay in) the middle class, the fewer the struggles - and the more likely they will be able to adapt to our changing world.
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