Even the world's most resource-rich country has now been caught in the debt trap. Its once-proud government programs are being subjected to radical budget cuts--cuts that could have been avoided if the government had not quit borrowing from its own central bank in the 1970s.
Thanks to the Occupy movement, more people than ever are thinking and talking about monetary and banking reform. I would like to propose that monetary reform begins in the mind, and then in communities.
Today, student debt is an exceptionally punishing kind to have. Not only is it inescapable through bankruptcy, but student loans have no expiration date and collectors can garnish wages, social security payments, and even unemployment benefits.
Is it fair to say that the student loan industry is a scam that targets borrowers who will never be able to repay their debts? Are these students like the people who were seduced into taking out subprime loans?