By Lee Rogers
In the 1970’s credit cards were primarily reserved for the wealthy. In addition, obtaining mortgage loans were difficult unless you had the ability to put down a huge down payment. Fast forward to the 21st century and we see first year students at colleges and universities get bombarded with credit card offers. We see banks giving away home loans using all sorts of creative financing packages. There are a couple of key reasons why I believe these things have changed so quickly.
The first reason is because the system needs people to become a slave to the fiat debt prison as early in life as possible. The U.S. educational system leads students to believe that unless they get a college education that they won’t be able to succeed. This is of course a lie, but it is a good way to get people into debt at a very early age. The higher educational system in this country is ripping people off with tuition and housing fees just for the privilege of earning an undergraduate degree. Most students end up majoring in something that is of little to no value in the marketplace. In fact most of the undergraduate degree programs fail to provide students with any desirable job skill. The grade point average system actually discourages students from pursuing challenging degree programs with difficult courses. A class in sports management is given the same weight as a class in chemistry which is simply not a fair comparison. The chemistry class is obviously more difficult but someone earning an A in the sports management class is considered to have a higher GPA as opposed to someone earning a B in the chemistry class. This is one of the reasons why we see the science and engineering programs in this country filled with students from India and China. It is a common practice that schools base scholarships contingent upon a student maintaining a certain GPA. Additionally there are many parents in [the U.S. & Canada] who expect good grades from their kids even if it discourages them from taking more difficult classes. As a result, the science and engineering programs which would give students truly desirable job skills are simply not being pursued by those born in this country. These distortions leave many graduates swimming in debt with a degree that has little value.
Already in debt with student loans, many graduates are burdened with finding a job that will enable them to find a place to live and pay for the basic necessities of life. On top of that, they have to deal with the Internal Revenue Service stealing their money through the communist inspired income tax system. They also have to deal with the Federal Reserve which devalues the purchasing power of the little money that they are able to save. This forces them to take on additional credit card debt and loans in order to maintain a decent standard of living. This brings me back to the main point. The whole system is designed to put people into debt at an early age. By bombarding students with credit card offers and making student loans readily available it puts them into debt right away. Credit card companies know that the average student will not be able to make a sufficient income while they pursue their degree so they become a perfect target. The more people who are in debt, the more people there are that are forced to provide labor to the debt prison.
The second reason why we have seen an explosion in credit issuance is because when people use credit and debit cards it enables institutions to track what people do. Almost everything can be purchased with a credit card today. Credit cards are the main method of choice used to purchase items on the Internet. Credit cards can even be used to purchase fast food, gasoline and almost anything else you can think of. Even just a decade ago, you couldn’t use a credit card to buy food from McDonalds. Now, it is common practice for someone to use their credit card to buy fast food and all sorts of items. We are quickly turning into a cashless society which gives more power and control to the private banking and credit card companies. It doesn’t sit well with me that all of my cash withdrawals, deposits and credit card transactions are stored on a computer database. It is a total invasion of privacy. Unfortunately in today’s society it is very difficult to maintain a good standard of living and function without a bank account and a credit card. Invasion of privacy is essentially imposed upon you in order to operate with any sort of efficiency.
This is not the way our economic system should be. Transactions should be private business between the buyer and the seller. Technology is enabling banks and credit card companies to create a cashless society that can be used to track what people buy and sell. People have voluntarily entered into this system because credit cards have been sold as an easier way to buy things on a line of credit. You also need to establish a line of credit in order to obtain loans for cars and homes. The only catch with this is that by using these debt instruments you give up the anonymity of any transactions you conduct.