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United Against 'Debt Trap' of For-Profit Colleges, Students Fight Back with Loan Strike


#1

United Against 'Debt Trap' of For-Profit Colleges, Students Fight Back with Loan Strike

Lauren McCauley, staff writer

Taking a stand against the for-profit schools which they say have saddled them with mountains of debt, a number of recent graduates, dubbed the Corinithian 15, on Monday launched a student debt strike.

The former students, with help from the anti-debt collective Rolling Jubilee, are refusing to pay the federal loans that Corinthian College Inc., the for-profit college chain, reportedly duped the students to sign up for, in exchange for a degree which they say is worthless.


#2

Solidarity! Education should be publicly funded along with health care, transportation and housing --that is if we are ever to be a nation rather than a company town. Student strike, rent strike, general strike--total non cooperation.


#3

For profit education is every bit as bad as for profit hospitals and clinics are. Both take advantage of both staff and patents or students. State schools should offer expanded online classes when they become competitive in quality with face to face educators.


#4

Please! why does everyone refuse to see the wood in the trees?
There is one, and only one, cause of all our economic woes. During the early 1900's our stupid/corrupt politicians signed away our Sovereign "rights" , that allowed us to print and issue our own interest free, debt free money; and since then we have all become "debt slaves". Our rights to print and issue our own money out of thin air were ceded to private banking Corporations, thus now, we borrow all our money from them, and they simply print it out of thin air, and charge us interest for the privilege. Given the nature of our economic cycles, the booms and busts, it is virtually impossible for us ever to repay all such debts, especially since, when they print our borrowings, they do not also print the money to cover the interest repayments. This particular economic consequence was recorded centuries ago in the well known fable about the boy who possessed a goose that laid "golden" eggs; he sold the goose for a paltry sum and forever thereafter he was destitute.

The remedy for our problems is simple; we abrogate any agreement previously made, reclaim our Sovereign "rights" to print and issue our own debt free interest free money.

This will enable us to stop income-taxing of individuals; we may pay everyone that needs it a social wage, based on a break even computation, this will eliminate poverty and deprivation; those in receipt of the Social wage will be encouraged into employment, without loss of this Social wage, and to work for any employer for additional income, mutually agreed between them. this gives control of work and income to the "workman". Employers will gain a workforce of people willing to accept much lower wages than previously paid, thus making the employer production cost significantly lower; plus, the employer no longer collects taxes for the Government. The employer Corporation/business will pay tax annually as usual. The collection of V.A.T. or G.S.T., consumer taxes will cease.

All Government expenditures will be provided by the planned issue of our own debt free interest free money using legislation approved by Parliament. Health, Education, University courses, Infrastructure of all kinds, etc. etc.

Provided that all of these expenditures are actually "spent" into circulation they will not create inflation; inflation will occur, for instance, when too much money chases too few "goods". The Government must own and run it's own Bank, just like the original Commonwealth Bank. No Private Bank or Corporation will be permitted to create money, under any guise; our financial system will revert to one of "sound " money. Sound money is that which turns around sound borrowing and lending, controlled by being liquid cash, backed by the ownership of assets, and strict criteria keeping them in balance; borrowing and lending outside of these criteria, characterised as "high risk", will be permitted between parties willing to accept such risk, and then, only when it involves their own wholly owned assets.

Interest rates in the private sector will be set by the private sector. The floating exchange rate will be converted into "fixed" rates decided by Government, and as decided between Sovereign Nations and embodied in trade agreements. Our currency will not be traded on "Exchanges", our Nation will be immunised against the manipulated predations of the "Market".

The foregoing explains the broad brush strokes involved, but in summary we would have a Nation with little or no foreign debt, a Nation whose domestic economy sits on a solid unshakeable base, a Nation better able to compete in the wider World, a Nation without poverty whose peoples are empowered to think and work for themselves, a Nation rescued from the avarice of the "Money Lenders", and above all, a Government able to be free and Independent, instead of being owned by Corporate money and influence. This is named "The Universal Economy" because it will operate anywhere.

For those who doubt the efficacy of this proposal, I suggest they study the United States example. The clever banking Corporations engineered the U.S. dollar to be the Worlds reserve currency. Ever since the U.S. has been printing money out of thin air, the only Nation to do so, now they have military bases in more than one hundred and seven Nations, they have engineered regime change and wars in countless Nations, and recently have printed trillions of dollars, called quantitative easing, and poured it into foreign banks and financial Institutions trying to prevent the next meltdown; but it is not working because their printed money was not spent into circulation, instead it inflated the prices of shares and real estate, the bust cometh.


#5

"During the early 1900's our stupid/corrupt politicians signed away our Sovereign "rights," that allowed us to print and issue our own interest free, debt free money."

Damn, why didn't I live before 1911.
Then we could all print our own money, as you say, and nobody was poor.

"Beware the person of one book," says the proverb.

I suppose that the corporations pay low wages, and stash 2 TRILLION in overseas banks, has nothing to do with our economic crisis, right Mr. Adams. It's all about the FED. Thank you. Now I'm enlightened.


#6

Your proverb is unknown to me, so your comment will not help me respond. Those that understand the value of printing ones own debt free, interest free money will also understand my post; obviously you do not, and it would help your cause if you did. Thank you for taking the time to respond.


#7

Scam U: Sign up for a lifetime career and get a lifetime debt.

Graduation rates? Job placement rates?

No. Just interest rates. But those are really high.

This is what happens when you take something that should be a right and make it a privilege of wealth.


#8

And here I was thinking it was capitalism--the system of exploitation--that was at the root of the problem. Since money is only a medium of exchange let it revert back to its intended purpose, do as you suggest as far as printing our own money and stop the current system of inequality.


#9

Ron Paul may have been the only politician that dared to speak these truths.