Historically, easy money and cheap credit have never produced good results. One would think that the 2008 credit crisis, whose effects have not quite withered away, would teach politicians, bankers, and consumers something about the causes of meltdowns. Think again.
Economics is blindingly easy. It's ironic that the only barrier to economic growth is economists who can't see that individual freedom is what always drives growth.
In broad daylight anarchists in Athens attacked an auction house known for selling off the homes of poor families in debt. Communique below.
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The issue of auctions has become a taboo in public discourse. Theoretically, nobody likes auctions, apart maybe from the troika. The governments so far are supposedly giving ”negotiation battles” in order to prevent auctions. Banks are telling us they do not want auctions because they are recorded as loss. Notaries supposedly abstain from these procedures collectively, pretending they have some kind of social empathy.
Aggregate private household debt, 1990-2014. Consumer debt is measured on the left-hand scale; mortgage debt on the right-hand scale (source).by Gaius Publius"In the modern economy, most money takes the form of bank deposits.
Fannie Mae on Wisconsin Avenue, in northwest Washington. (AP/Manuel Balce Ceneta)
So what do you do when a massive student loan bubble results in crippling leverage for an entire generation of your population rendering them financially unqualified to obtain mortgage financing and their ‘God-given right’ to a slice of the ‘American Dream’? Well, you simply change the rules to allow mortgage lenders to ignore all that pesky student debt…anything less would simply be evil and potentially racist, sexist and all sorts of other -ist words.
Homeless Korean War veteran Thomas Moore, 79, left, speaks with Boston Health Care for the Homeless street team outreach coordinator Romeena Lee on a sidewalk in Boston. M (AP/Steven Senne)
“You get all of these promises that, ‘Hey, you do 20 years and you’ll get this.’ And when it comes down to the end, it’s like, damn. You really can’t support your family when they are taking your whole check away.”
(ANTIMEDIA) Nebraska — “You get all of these promises that, ‘Hey, you do 20 years and you’ll get this.’ And when it comes down to the end, it’s like, damn. You really can’t support your family when they are taking your whole check away.”
Supporters of the communist-affiliated union PAME burn a EU flag during an anti-austerity rally in Athens, Wednesday, Mar. 1, 2017. (AP/Yorgos Karahalis)
(ANTIMEDIA) As the vulture pundits in the mainstream media pick apart hollow political scandals, the essential bankruptcy of the federal government looms just ahead. The national debt is creeping toward 20 trillion dollars, and the United State’s largest problem is once again staring the world in the face.
