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Debt Jubilee
jmski52
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If a Debt Jubilee is ever declared, who declares it? What types of debt are forgiven and would any types of debt not be forgiven?
A almost zero interest rates, what's the downside of taking on a bunch of debt?
I've been paying down the mortgage and I just have to wonder if I'm going in the wrong direction.
A almost zero interest rates, what's the downside of taking on a bunch of debt?
I've been paying down the mortgage and I just have to wonder if I'm going in the wrong direction.
Q: Are You Printing Money? Bernanke: Not Literally
I knew it would happen.
I knew it would happen.
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Next are the past bailed out companies, even if they've reorg'd. Politically palatable and they'll still get cents on the dollar. Last will be the central banks and then banks. WCS will hit if individuals get hit as those holding the junk want return of principal.
I think it will be in drips and drabs as death by a thousand cuts is also easier to accomplish politically and with too big to jail/fail.
<< <i>If a Debt Jubilee is ever declared, who declares it? >>
Argentina.
<< <i>
What types of debt are forgiven... >>
None.
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and would any types of debt not be forgiven? >>
All.
<< <i>
A almost zero interest rates, what's the downside of taking on a bunch of debt? >>
Perpetual Slavery.
<< <i>I've been paying down the mortgage and I just have to wonder if I'm going in the wrong direction.
Paying down/off one's mortgage is the single best guaranteed investment one can make. Stay the course.
<< <i>If a Debt Jubilee is ever declared, who declares it? What types of debt are forgiven and would any types of debt not be forgiven?
A almost zero interest rates, what's the downside of taking on a bunch of debt? >>
I dunno. Good questions. I think the general idea is very interesting:
"Jubilee comes from many faith traditions including Judaism, Christianity and Islam. A jubilee is an event in which all debts are canceled and all those in bondage are set free. It worked in Biblical times and it can still work today. For example, a kind of jubilee happened in Iceland after the 2008 economic crisis: instead of bailing out their banks, Iceland canceled a percentage of mortgage debt. What these examples show is that debts are just a promise which can - and should - be renegotiated or canceled when the circumstances warrant." credit: rollingjubilee dot org
So I guess Iceland post-2008 might hold some related answers.
<< <i>I've been paying down the mortgage and I just have to wonder if I'm going in the wrong direction.
Haha! (and congrats!)
<< <i>If a Debt Jubilee is ever declared, who declares it? What types of debt are forgiven and would any types of debt not be forgiven?
A almost zero interest rates, what's the downside of taking on a bunch of debt?
I've been paying down the mortgage and I just have to wonder if I'm going in the wrong direction.
If I was your mortgage holder, who in the hell should should have the right/authority to say that you are no longer obligated to honor your commitment to pay it off?
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
<< <i>Paying down/off one's mortgage is the single best guaranteed investment one can make. Stay the course. >>
??? What's guaranteed? What's the return?, prolly most misused and false rhetoric besides we are in for the long term mantra...
For the poor sounds nice , never for the wealthy... One can always make a significantly higher return than what the interest is...
Could the Fed Reserve buy up all the mortgages and then forgive them all? Just print more money to make up the losses. They have been buying up mortgage securities already. All those freed up loan payments made by homeowners would then flow into the economy and not to the banks with already huge cash reserves. The ones screwed would be those that paid off their mortgages. Is that all possible.
Box of 20
<< <i>
<< <i>Paying down/off one's mortgage is the single best guaranteed investment one can make. Stay the course. >>
??? What's guaranteed? What's the return?, prolly most misused and false rhetoric besides we are in for the long term mantra...
For the poor sounds nice , never for the wealthy... One can always make a significantly higher return than what the interest is... >>
It's the ownership of the property. The only downside would be property that would/could be subject to Government theft through eminent/imminent domain.
MY COINS FOR SALE AT https://www.pcgs.com/setregistry/collectors-showcase/other/bajjerfans-coins-sale/3876
The answer is , debt jubilee for the politically connected , for the rest .....
<< <i>The answer is , debt jubilee for the politically connected , for the rest .....
Yes.
And I'll add personal debts? Wouldn't there just be relaxed bankruptcy laws again first? The canary in that coal mine will die of old age.
<< <i>
<< <i>Paying down/off one's mortgage is the single best guaranteed investment one can make. Stay the course. >>
??? What's guaranteed?
A great many things. You, as the borrower, have guarantees regarding the terms of your loan (mortgage). You can 'pre-pay' (without penalty) and so reduce your principle. Principle is the thing that you are paying interest upon ( in advance). In the case of a thirty year mortgage, you are paying for the privilege of using money to purchase your house that you will not actually fully re-pay the principle upon for thirty years. That's expensive. Especially at the beginning of a mortgage. Pre-payments the first year have vastly greater impact than do those in , say, the 20'th year, because they reduce the principle greatly more. Rather than going mostly towards interest (banker chow). The payments are always the same amount but the portion that is credited to interest or to principle reduction are vastly different. Study an amortisation schedule and see.
What's the return?,
It's phenomenal. Benjamin Franklin wrote upon the topic of compound interest and expressed his view that the (then) recently independent colonies could 'grubstake' ( not his word but mine) the future of the US using the capabilities of compound interest to do so.
prolly most misused and false rhetoric besides we are in for the long term mantra...
'prolly' is not a word, nor does this string of text express a coherent thought. Say something or say nothing please.
For the poor sounds nice , never for the wealthy... One can always make a significantly higher return than what the interest is... >>
Yes, right, always.
Duh.
I'm hedged left right and center. I pay down my mortgage, but do not pay off my mortgage in case A. the other investments that I'd have to sell to pay it off may return more than 4%, and B. in case there is some kind of debt holiday or hyperinflation, and I could sell some tangible asset (like gold or silver) later and pay the balance off then.
In the meantime, being balance give me peace of mind. No matter what happens, something is going up in value. Even if it's my ever diminishing quantity of Time allotted.
Liberty: Parent of Science & Industry
For seven years now prudent savers have been punished while reckless borrowers rewarded. But this time it will be different.
Speaking of debt, the US Treasury issued $1 Trillion in new debt in the past eight weeks to pay off maturing debt. Wish I could do that.
Keep an open mind, or get financially repressed -Zoltan Pozsar
<< <i>
<< <i>If a Debt Jubilee is ever declared, who declares it? What types of debt are forgiven and would any types of debt not be forgiven?
A almost zero interest rates, what's the downside of taking on a bunch of debt?
I've been paying down the mortgage and I just have to wonder if I'm going in the wrong direction.
If I was your mortgage holder, who in the hell should should have the right/authority to say that you are no longer obligate to honor your commitment to pay it off? >>
"Paying down" a mortgage generally means paying more than the required amount each month, with the goal of having the mortgage completely paid off sooner.
My Adolph A. Weinman signature
My Adolph A. Weinman signature
Good question. Since I'm the mortgage holder when I work my tail off for these debt conveyances known as dollars, why should "someone else" be allowed to poof more of them into existence by the $trillions and then spend it recklessly and give it away by the hundreds of $billions for "causes" that they should be embarrassed to even consider? Like the UN. Like bank and crony capitalist bailouts. Like studying cow fart emissions? Like all of these Taj Mahals we call universities, subsidized by yours truly. I've never seen such a magnificent light show as when I drive through the university at night. Good thing we aren't having an energy crunch, or maybe that's just for some of us.
Any guesses on how long it will be until "someone" decides to forgive all student debt and then declare "free education" for one and all, including illegal alien immigrants? "Free" means that your cost of living just went up and you have no recourse.
I knew it would happen.
BTW I am not a survivalist. If a true economic collapse occurs, I probably would not want to live in a post apocalyptic world. I also think that the medications I would need to survive would no longer be available, so see no point in trying to become a survivalist.
Collapse Gap
Box of 20
Bottom line, there's no way it's going to happen in the foreseeable future. Even if there was an event like a hyperinflation which somehow wiped out most of the debts - you can bet that the big players would try to re-write the rules after the fact to benefit themselves and prevent Joe Sixpack from taking advantage of that. The American economic system is based on most people being debt-service peons. The system is built around people getting into debt and then working perpetually to pay it back to the banks, with interest and fees added on of course. The truly free households and people are those who have substantial assets (own their own home, etc.) and no debt. Those are the ones who aren't beholden to a job and an employer for their day-to-day survival, and instead have the freedom to pursue their own interests (whether it's running their own business, entrepreneurial, investing, etc.). But it's a very small percentage of people who are in that position.
Free Money
money does not equal wealth
<< <i>If every debt in the U.S. were suddenly "forgiven," money (except for coins) would instantly cease to exist. Federal reserve notes and their electronic equivalents are debt. >>
True in theory, but I betcha those physical dollars and coins would still spend.
Which is why there will NEVER be a debt jubilee. The whole world exploits the labor of others, debt is the best form to do that. Debt is more important than just about everything else.
Tyler