Quote from: larry_vw_1955 on Today at 01:04:14 AM

no one is "writing off" student debt, they're just forcing american taxpayers to pay it for these former students many of whom can afford to pay it themself but don't want to because they want someone else to pay it for them even though they agreed to pay it back themself when they got the loans.

As franky1 has explained, no money is actually changing hands. They are simply writing off liabilities. You know, just like they did for billions in PPP loans fraudulently taken out by billionaires. Roll Eyes

Quote from: larry_vw_1955 on Today at 01:04:14 AM

the only time it gets devalued is when we print more of it. that only happens at certain points in time, not "all the time".

I assure you it happens all the time. Only around 3% of new money is printed by the government. 97% of new money comes from regular banks being fractional reserve and creating new money out of thin air every single time they hand out a loan, a mortgage, a line of credit, and so on, just like when they handed out these student loans. If anything you should be angry about the student loans existing in the first place since they created a whole bunch of new money out of thin air.

Quote from: larry_vw_1955 on Today at 01:04:14 AM

banks are a necessary part of modern society thus we have to keep them running.

But people aren't? Billions to bail out banks which are worth hundreds of billions, but let people be made homeless and starve because fuck them? Lol.

Quote from: larry_vw_1955 on Today at 06:09:39 AM

he might as well be paying people 10k in cash because it has the same affect.

Not even close.

Quote from: larry_vw_1955 on Today at 06:09:39 AM

wrong. now that everyone knows student loans are unenforceable and the government really doesn't require them to be repaid, no one is going to worry about making their payments on time. if at all.

And now that banks know they can do anything they like and still get bailed out, they won't worry about playing by the rules at all.

Quote from: larry_vw_1955 on Today at 06:09:39 AM

i don't know about that franky. they paid out cold hard cash so students could pay tuition, rent, food,etc and now you're telling me that cold hard cash was just imaginary? well then who did it come from?

Thin air. That's how banks make loans. Have a read of this paper from the Bank of England: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf