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Jim Cook



Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

Best of Bill Buckler
November 2, 2011
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Over the past year, the amount of student loans taken out by young Americans desperate to get a degree (which will probably do them no good in the dwindling jobs market) has increased by over $US 100 Billion. It is projected that by the end of 2011, the total student loans outstanding will exceed $US 1 TRILLION. That is more than the total debt being carried by Americans on their credit cards. Over the past five years, the total of outstanding student loans has doubled. Over the same period, the total of credit card loans has decreased as has the total of home loans. Credit card loans can be shed through bankruptcy and home loans through foreclosure. But student loans are “special”. The lenders to students, including the US government of course, have far wider powers to collect principal and interest than do mortgage or credit card lenders. Student loans, for example, cannot be repudiated in bankruptcy.

These young Americans who have put themselves in peonage to pay for their “education” are the same Americans who have been saddled with the task of servicing the out of control debts of the US government. They are also the ones who are expected to pay the Social Security and Medicare checks of their parents and especially their grandparents. The stories about people with post-graduate degrees working at Wal Mart and McDonalds are old hat by now. What has yet to hit the headlines (although the Occupy Wall Street movement may well be the start of it) is any concrete evidence that young Americans understand what is being done to them. They are condemned to pay for the fiscal sins of their parents in a way that few previous generations of Americans can match.

Servicing Debts With No Earnings:

An American whose paycheck does not run out before the week does is faced with an insoluble dilemma. If he or she has borrowed to buy any type of asset - whether via a mortgage or a car loan or a credit card - the chances are VERY high that the loan amount now exceeds the value of the asset. Should that same American have anything left over after their debt servicing costs, what are they to do with it? Stock markets have become too volatile for most of them to risk. Interest rates offered on any type of prudent savings are either minuscule or non-existent. Cash under the bed is guaranteed to lose purchasing power, the only question being how fast. Is there any wonder at the rising anger now being expressed by Americans of all ages at their government? Their financial plight would make a medieval serf wince.


.Ó 2009 – The Privateer

(reproduced with permission)


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