In an informative presentation by Elizabeth Warren in 2008, before the American standard of living truly got hammered, she discussed how children are now growing up in more households that filed for bankruptcy than divorce. The real sin is that people feel more ashamed of bankruptcy than divorce. It should be the exact opposite.
Since many divorces are the result of financial pressures and the lack of financial education, the overlap with the present day bankruptcy epidemic is worth investigating – both from a practical and philosophical standpoint. The misinformation and neglect of financial education that is necessary to promote the financialization of everything in order to increase the interest income for the banks is not only destroying families, but the world. A decision to declare bankruptcy should be a financial one, not one predicated on false shame promoted to keep the loan payments flowing. It doesn’t matter if it’s an individual or a country that is being asset stripped by the banksters, declaring bankruptcy should be considered an exorcism from the money changers.
I will skip over the issue of the two-income household, that was proven to be a farce in Ms. Warren’s data, which shows the middle class is worse off now than in the one-income family of the 70’s. Women may have won the right to work, but they lost the right to stay home.
The woman’s lib movement was exploited and promoted by the banksters that understood that when the dollar was severed from gold, and the connection between productive capacity and money vaporized with Nixon’s decision, then the devaluation of money in the pockets of people would require additional family income to keep the natives from becoming restless. This manipulation by the establishment is no different from what they are doing over global warming (I mean climate change), student loans, and Obamacare. For example, now that the consumer has been cutting back on credit card usage, the banksters who must keep the credit Ponzi going, have got their grubby little fingers latched onto the most vulnerable – students and the people whose egos are inextricably linked to their car.
“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” — Thomas Jefferson
Unsuccessful business ventures declare bankruptcy everyday without batting an eye. Why? Because most successful financial decisions are made without injecting emotion, which includes embarrassment and shame. Why has there been such a stigma attached to personal bankruptcy? If you were a lender, wouldn’t you try to brainwash the public that bankruptcy is a sin so borrowers would keep trying to pay back their loans – no matter how imprudently made? The irony is that it has been the fraudulent practices of the big banks, who overplayed their hand, that caused the financial crisis and the destruction of jobs and incomes, which forced so many bankruptcies. The banks use the same twisted logic to make you believe they are too big to fail the more insolvent they become.
If you understand the asset stripping strategies employed by the economic hitmen in emerging economies, and highlighted in John Perkins’ books (Hoodwinked and Confessions of an Economic Hitman), then why would anyone find it hard to believe that they wouldn’t apply the same techniques to individuals? Over-burdening a country or person with debt for the purpose of extracting as much wealth and resources as possible has been the MO of the big banks for decades. In a bit of an ironic twist that was predicted, and proves the loans never benefit the civilians, Russia will likely be the beneficiary of the IMF loans.
The tactics used to convince the public or nations to take out a loan it can’t afford are similar – convince them that the future income stream will be sufficient to pay off the exorbitant loan. However, the methods used to collect on the loan varies slightly. Countries do not declare bankruptcy when they should (i.e. Greece, Ireland, Spain, Ukraine, etc.) because the political leaders can be bribed and blackmailed to extort the loan payment from citizens through austerity measures. Individuals are simply pressured, embarrassed, or in the case of student loans – forced to pay back loans that cannot be expunged through bankruptcy.
Do not fall for the BS of bankster’s and the establishment! Analyze your financial situation, and make a sound business decision. If bankruptcy is the BEST practical decision for you, DO IT! If you don’t plan on using credit/debt again, which you shouldn’t, then who gives two sh*ts what your credit score is (which is an entirely different scam/fraud being run by the credit rating agencies)?
I’m sorry, but people like Dave Ramsey and Rush Limbaugh, as well-intentioned as they may be, are living in a world constructed by their financiers. Being debt free is a good and smart thing, but if you are already underwater because you did not forecast that the banksters would destroy the economy and cut your income in half, then don’t be a debt slave to a bunch of banksters that should be more than embarrassed for the multitude of frauds they have committed and only paid cost-of-doing-business fines. Why shouldn’t individuals only pay a 1% fine to have their “miscalculation” eliminated, like the banksters? If a bank can get a minimal fine with no jail time for laundering money for drug cartels, or conspiring to manipulate interest rates, or facilitating bogus transactions for Ponzi artist like Bernie Madoff, then why should a borrower that lost their job feel bad about telling a bank where to go look for their loan? It’s called Karma.
On a similar but different topic, Rush justifies paying the doctors whatever they can milk out of Medicare, simply because they overspent on college and/or patients deserving any procedure, no matter the cost. While it is true that when your sight or hearing are dependent on having the best doctor, it’s easy to demand the best service when you don’t have to pay for it – at least directly. This attitude is one of the reasons that procedures are so expensive. The bigger problem that Rush and others conveniently forget is that the monopolistic practices of the healthcare lobby prevents competition from making more procedures affordable and insurance from being actual insurance instead of a transfer system from the public to the health care industry, with govt skimming their bloated and wasteful fee.
You should be thinking of bankruptcy as an exorcism of the biggest cancer on our society – usury and the unbacked credit creation that is leveraged by a fraudulent fractional reserve lending system that is designed to enrich the big banks at the expense of everyone else. If you want a deeper understanding of these subjects, please consider the following:
Finally, if you need anymore convincing, please consider that ALL of the big banks have EACH been fined BILLIONS for their fraudulent actions. From Bank of America, which was fined AGAIN, this time for $727 Million over its credit card extortion practices; to JP Morgan’s record $13 Billion settlement over “toxic” mortgages, that they made toxic; the list of unprosecuted frauds by the big banks over the last two decades could fill dozens of pages.
If nothing else, declaring bankruptcy could be viewed as the publics way of LEGALLY doing what the Justice Department and SEC won’t do, giving the banks their just deserts. The sooner we reset the leveraged debt, the sooner hope can be revived for the youth.