@@chrisj984 you already *have* that solution, you just *aren't* "happy to support it" or you would be. You'd support Katie Porter if that were true.. Other western first world nations have this. The UK has these programs, their tax rate is lower than ours. Switzerland's is too.. Sweden is comparable to ours. The Netherlands is slightly higher, but all in all the US does *not* have the lowest tax rate to make up for not also having social programs common among the other nations mentioned. The difference is oversight in how tax dollars are spent. Trillions go "missing" from the military budget alone. That isn't for "secret ops" btw. Those are accounted for. It just "goes missing" every year.. We also have guarded installations to warehouse hilariously outdated equipment. These buildings also of course have full utilities and personnel to guard these things. This isn't equipment that will ever conceivably be used though. It is undeniably obsolete. We could save money if we simply stopped hoarding it. Even just melting it all down and closing the warehouse would save money.. Meanwhile there are the "Christmas in September" spending sprees of budget money that was left over from but that they didn't want left unspent so it might not be granted at a later time.. so they go on sprees and spend it on $9000 chairs etc. No, really.. there were $9000 chairs. Never mind snow crab and lobster dinners. Meanwhile we have untreated and homeless veterans who die on the street every year. "Support the troops" huh? It's be nice if it actually *reached* the troops and vets.. And that is just one main area of the American Budget. Let's not even start on unpaid taxes by those who can afford to pay them most, or that the main source of elite wealth (inherited wealth) is not considered income. The vast majority of the wealthy elites don't pay taxes on it at all. Those that do often pay a way lower percentage rate than the average American does. For example, in 2012 Estate tax raised $8.5 billion out of $1.2 trillion inherited that year. That's less than 1%. It is much cheaper to buy senators to represent their interests instead of that of their constituents than it is for them to actually pay their share of the tax bill. Don't pretend we "can't afford" the kind of programs common in all other western first world nations without raising the tax burden. We can. Clearly. We just need people to start paying their fair share of the taxes that already exist, close loopholes used to hide money from taxation,, tax inherited wealth so high that people live off just the interest as income, and hold agencies accountable for massive waste and budget loss from our spent tax dollars. Just like the rest of us would be. All in all this nation needs a decent accountant. We'd be able to afford what we need just fine and make sure we are financially sustainable and competitive. That takes long term thinking though. Not just about showing pretty numbers to shareholders at the end of the business day due to prioritizing ultra short term profit over long term sustainability. Wanna be the Greatest Nation on Earth? Because.. we can be.. but not by doing things the way we are right now..
@@chrisj984 We do "have" the common sense solutions. Most people feel discouraged, and like you end up kind of giving up after voting for a 3rd party candidate once or twice. Most people do want this though. We are the majority. Katie Porter is making a career out of common sense and a dry erase board.. Other nations have done this. We can too. This last election first time voting teens at the local community college went with local folks to the polls. They were scared of potential violence so these college kids went with them so they could vote in peace. It doesn't make the news. It doesn't out-shout news about Trump calling elections fraudulent before they even take place.. but it *is* happening. People talk about "kids today" like every generation does.. but you know what? Ours might actually have some common sense after all ;) So be part of that in what way you can. As the past ways of profit over progress are less and less sustainable, change *will* come. They know it too. That's why they are fighting so hard right now to get their last hurrahs in. With or without you, change will come. Understand though, that it won't be *against* you. If you feel it can't be done, at least try not to stand in the way of those doing it.. ☮️
Don't you mean THE SOLUTIONS to the issues of today are all proposals we heard from Bernie years ago? The way your comment is currently formulated it sounds like everything is all Bernie's fault, which would obviously not make a whole lot of sense.
But...Bernard and Jane Sanders made out a bank loan application with FALSE INFORMATION leading to the bankruptcy of a small Burlington VT college, i.e. the Sanders COMMITTED BANK FRAUD. And these armchair socialist phonies own 3 homes. LOLLOLLOLLOLLOL
Let US *Recall* that one the first things that vice President *Joe* *Bye-DONE* did was to order the Attack and *BULLDOZING* of all the *Occupy* *Wall* *Street* encampments. Let US be *Reminded* that vice President Kamala Harris' husband is key player in the *Student* *Loan* *INDUSTRY!* So... *Confront* *Wall* *Street* *Corruption???* Gooooood Luck!!! *Forgive* *Stident* *Debt???* Probably *NOT!!!*
@@johnjepsen500 yes! AND I also heard that Bernie and Jane also illegally tore the Tag off of their mattress! *OMG!!!* John Jepsen; when you "strain at gnats and swollow camels", you expose yourself to be just another foolishly obedient *Trump* *Apologist.* Go *Apologize* for ridiculous man-child despot elsewhere, because nobody Here is going to take you seriously.
Biden supported and voted FOR it! Why aren’t Democrats educated on such matters??? Source: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The focus was on consumer credit card debit NOT being able to be rapidly discharged but SLD was also included in the ‘package’. Biden’s prior voting support from 2000-2002 for pro-banking legislation is also well documented.
This debt machine is the way people with $$ make more money sitting on their asses while the hardest workers are the poor. All the major industries are using this debt template for future plans of growth… their growth, not yours. When I realized there is no winning this game in the US, I left. Now the only debt I have is the house that I bought! My first house, at age 57.
We are cash cows, sad that they only way the rich can make money is by imprisoning us, (local rural economies) or enslaving us in debt, (Medical debt, Student debt etc...). Just put a dollar sign on our back or tattoo on our foreheads.
@@jwesplayinify youre talking mainstream media. most news and communication isnt mainstream. out of the 20+ places I keep up with weekly either through podcasts, videos or print articles, only 3 are mainstream. theres a whole world out there beyond predatory capitalism
@@newsoul8626 you're right, but more outlets are being silenced by the minute. They risk being silenced if they show something like this. We really need the mainstream to show it though, most Americans are buried in the mainstream.
@@jwesplayinify I know, the silencing of independent media is frightening! I always thought most americans were buried in mainstream media too, but I'm not so sure anymore. online for sure, independent gets more watches than mainstream at times...but if you really read the ratings articles which are boring and confusing lol the most watched news is around 3 million ppl, worldwide...that's not that much. however I think most ppl if they are done with MSM may not turn to independent, they may just drop it until they need to pay attention, not everyone is absorbed into politics 😁
Jubilee will never happen until people have had enough and everybody's in the streets. The same people who use the Bible to advance their status are the same that ignore the equality and the morality of its teachings💯
People have to know, really know, because the authority is in the knowledge. Then people can act. That's the point of the animation - frequent debt cancellations go back 5000 yrs and were the "clean slate" that allowed life to progress into a better tomorrow.
A "show up then go home" rally is never going to do it. Neither is voting, because the oligarchs behind the curtain who are pulling the politicians' strings have captured virtually all of the traditional institutions of democratic change. You are only presented with candidates that are acceptable to the ruling elite. It's the result of big money in politics. The only power "we the people" have left is the power of superior numbers, assembling in the streets en masse in sustained acts of civil disobedience. Wealth and power will never be ceded voluntarily by those who have it. By "en masse" I mean hundreds of thousands of people in the streets speaking with one voice. By "sustained" I mean for as long as it takes.
Yes and thats why they fight tooth and nail to tie your health insurance to your job, a person striking and protesting in france never has to worry about losing insurance, its guaranteed.
In '...and forgive them their debts: Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year' economist Michael Hudson discusses the very long history of debt forgiveness. In short, the practice was employed to avoid undermining those civilizations which did so. We are now witnessing in the US the results of failing to wipe out debt.
Hudson also has some good interviews on yt and they are well worth a look. Also type in, everything is a rich mans trick, scroll down till you find it, made by a guy called conolly. Blows Trump Style out the water. lol
@Teratology Thanks for the recommendation. I've heard an interview discussing the film a while back and may check it out. In general, I tend to be an unreformed reader. ;-)
I recommend Michael Hudson's work as frequently as I can. He's currently working on the sequel to ". . . And Forgive Them Their Debts", which will be called "The End of Antiquity". He's shared a few tidbits with his Patreon supporters and I'm really looking forward to it. If you type this stuff into a YT search, he has given many excellent talks outlining these arguments.
@@chrisj984 That's a very important point. This is why Michael Hudson is always advocating for public banking instead of private for-profit banking. If debts are owed to the state, and the state decides that canceling them will be a net benefit for the society, it's relatively easy to do. We could also argue that bad debts created by private lenders are bad business and essentially predatory in nature, and do not deserve protection under the law and should be canceled. But that's a much bigger hill to climb. The Lincoln administration argued about how to compensate slave owners after emancipation, until they eventually decided not to. There are enormous amounts of our tax dollars, however, currently being horribly misallocated, which could be used to hugely enhance the economy in this way. It doesn't have to be more taxes.
@@USMCCGAGNG Yes. Their income is passive income. There's really no productive contribution to the betterment of society. It's an overhead on the system, created by those who hold power, designed to extract wealth from those who have been denied wage increases commensurate with inflation over the past 40 years or so.
You shouldn't punish the lenders of loans. They are doing a good thing. God bless the lenders with more paying graduates. Whom should be punished are the colleges raising prices without real justification on cost of education.
Love this episode of Democracy Now, the beautiful guest is a great realistic artistic rendition of what is the truth for our nation’s misery, social injustice, income inequality. Put this lady in Congress to lecture the useless republicans and democrats serving by talking talking talking for decades and leaving us no better and actually worse
@@pohakumana You're close. Usury was a pervasive evil in the ancient world, so it was forbidden by Jesus. But since feudal kings still wanted to oppress people, they got around the Bible by making non-Christians carry the societal burden of being usurers. Debt cancellation was a key part of ancient society, but the closest thing you could get in the medieval world was to force the Jews to be moneylenders, then expel or murder all the Jews whenever you needed to wipe out the debt.
No. Capitalism and the class system is the problem. The government is corrupt all levels of government are corrupt. This is all brought to you by the military industrial complex and the corrupt system that we have to endure.
@@tmnt10000 The only reason Venezuela is failing of because of US interference not because of their system.What is wrong with capitalism is no moral compass. They destroyed Libya because of the wealth distribution measures including introducing a strong currency. You might say well that is Hillary but Republicans have been instrumental in sabotage as well .
@@tmnt10000 The United States is holding down Cuba and the Democratic People's Republic of Korea, and that they are doing as well as they are in spite of having the vast US international system arrayed against them is a testament to the strength of their revolutions. Venezuela is being starved out by US embargo in the hopes of overthrowing their legitimately-elected government and installing a puppet regime that will surrender its oil revenue to the US. The same thing we did in Iran, Iraq . . .
It is crazy to think people can now afford to pay on their student loans, especially with the price of food that is ridiculously high!!! My autistic daughter is already very anxious, and unemployed.
My grandmother worked her butt off all her life and had money and cds in the bank along with life insurance policies. At the end of her life, she was in a nursing home for 6 months and died PENNYLESS!!!!!! I can not believe all she saved was just worthless. It went to the GREED of the nursing home while the employees got paid almost nothing. I was flabbergasted to see how this all worked. Beware, if you want to pass anything down in your family. They will take it all! And it will go back 5 years! Beware!
I appreciate that this topic is being discussed, but it is flawed if the topic of reparations for black people who are the Descendants of American Slavery (ADOS), is not specifically addressed. Please stop using black and brown or people of color when discussing the harms that have and are still occurring to black people in America. To be clear the wealth gap for ADOS can only be closed by a multigenerational reparations plan, such as that structured by Germany for Jewish people harmed by the Holocaust. Make us whole.
My student debt has grown 1/3rd higher than when it started. Its getting bigger. And if student debt is ever canceled in the future it only counts as "STUDENT" debt if its NOT refinanced for lower interist ratees because then im just paying a bank for a normal loan and it doesnt qualify as a student debt anymore. I hate this so much
@@pohakumana so they can garnish my wages and tank my credit score so bad that ill never own a home in my life without getting even riskier debt? No thanks. I dont even like credit scores but its the system we in now
@@TheWaffleFactory YO son, it IS NOT the system I live in. I let no credit use me, or my labor or accumulation of wealth. WRONG, so wrong. Credit Score????? I don't have one. If I do I have no idea what it is or do I care. I don't use credit. I don't do interest. I pay cash. Bought a house with cash. Pay bills with cash. Buy everything with cash. Usury is a Lost Hebrew invention and I don't abide by their MORT gage system. Death gage. You didn't learn how to save and COLLECT interest or appreciation of assets/investments?
Unfortunately, I don’t think lack of awareness is the problem. Inability to enact change is the problem. Our mechanism for change (the ballot box) has failed us. What now?
A bitter pill to swallow, eh? This is exactly what Lenin said. RUclipsr Hakim has a video called "Electoralism Always Fails . . . Now What?" if you want to see the more radical view of this unavoidable reality. I think the overall conclusion, though, is that we need to build alternative power, in whatever form and every form we can. We're helpless as individuals and the electoral system is specifically designed not to serve us. (It was designed to keep the Roman plebs quiet while the landed aristocracy retained control -- we're patterned after Rome.)
Putting an end to debt, will also but an end to borrowing, so what I am hearing is "live within your means", which is what I have always tried to practiced. This will only work with a non-profit healthcare system.
That isn't even the issue... did you even watch the video or do any research about the origins of the current debt crises? People are being deliberately underpaid and given massive amounts of illegitimate debt for corporations to profit off of. This is by design, it has nothing to do with people not being responsible with their money.
People who can't afford to pay their debts should just stop paying them. We need to learn to start passing the problems back up the chain where they belong.
Not enough houses to go around plus population increases every day. More customers, less houses, makes them more lucrative. Why aren’t people learning how to build their own house in the woods somewhere? Why aren’t individual people producing anything anymore?
With corporate-sponsored politicians on both sides, the middle class is screwed. Vote for those who don't accept big money donations to ensure they'll work for you.
Big money in politics ensures that the only candidates for critical offices you will be presented with at voting time are ones that are acceptable to the ruling oligarchs, regardless of what those candidates have said as they campaigned.
Yeah! The way he is doing it, is by endebting all countries in South America with the IMF that’s what Moreno did and what Lasso keeps on doing borrowing money, endebting every single ecuadorian with an again unplayable debt.
Money bags filled with holes! Haggai 1:6 “Ye have sown much, and bring in little; ye eat, but ye have not enough; ye drink, but ye are not filled with drink; ye clothe you, but there is none warm; and he that earneth wages earneth wages to put it into a bag with holes.”
Unfortunately, they can repossess your entire life because student loan debt, unlike most other debt is forever. They will literally rip money out of your bank account and force you to sell everything you own to pay. It's fucked up.
@@pohakumana I meant “go on.” Autocorrect won’t let me be great. And yes, I went to college and grad school. No need to question my intelligence over a small typo.
@@CocoaCookies_ Yea I can question your intelligence BECAUSE you blame your "auto correct". That fact you USE auto correct shows you got ripped off on your education. "and grad school" So you followed their curriculum? lol What did you do when you "went", party? Auto correct is for handicapped literates.
A multi- coupon mortgage with a % of the property assigned to each coupon could help prevent full foreclosure and prevent full mortgage default . Also it would help to have limits on credit card interest rates and have disability and life insurance on home debts, student loans and credit card balances.
Isaiah 5:8 -- "Woe to those who join house to house, who add field to field, until there is no more room, and you are made to dwell alone in the midst of the land." Usurers would gradually take control of more and more land every time there was some kind of downturn that forced people into debt. Over time, this meant that more and more people were landless and had no means to support themselves, and were forced into bondage. The ancient Hebrews had laws to address this (as did the Mesopotamians) and Christ was demanding something similar in Rome, which held the power of the oligarchy to be sacred. The Romans did not respond well to Christ's suggestions. (I don't mean to explain away the spiritual message of the gospels, only that it was bound up in real-world issues too.)
Jubilee. I have said this was a necessary debt correction since the 2008 crash. Today, I would add to the Jubilee ancient right of debt correction, at the very least the right to start locking up the rich crooks who brought the rest of us to this point of financial ruin. These crooks should count themselves lucky at that. In ancient times a debt jubilee would also have seen the execution of these fascial criminals.
Why focus so heavily on student loan debt if your goal is greater equality? Canceling college debt would only help the elites fortunate enough to have attended college.
Here's how I dealt with student debt and the endless cycle of deferments adding interest: I walked away from it. What happened after that? Their calling machine talked to my answering machine for a few months. The little lights blinked back and forth and eventually stopped. They had written it off or done whatever they do to fantasize about the infinite miracle of compound interest and I chose to live my life. Period. You can do that too. Or you can finance their wars against other poor slobs in the world that were run into their trap. That's up to you.
yep, they aren't going door to door trying to collect, junk mail and calls from Pioneer Credit or other contract companies who buy student debt from banks for pennies on the dollar is all you'll get. Empty threats..
I dealt with this too. The sad part is the decades I spent in poverty while trying to keep up, being a “good citizen”. Finally I gave up. They ruined my credit and ability to move forward in life anyway, so I just let it all go. I noticed this debt template has been adopted by every industry that can force it upon us, cars, credit cards, medical industry, even the legal system. What did I do? I prioritized what was necessary to legally leave the country…. And I did. I now have one debt… my house, that I will own in less than 8 years.
If I could get the equivalent of the 1960s minimum wages (currently equivalent of $25+ per hour), I would have zero debt and have saved up additional funds while being able to take a modest vacation of one week every year. Everyone I know would have zero debt if paid a fair wage.
Did you learn that from Michael Hudson or somewhere else? It's so strange that our national mythology is so concerned with "freeing people from bondage" but we never talk about what that actually means. Slavery, indentured servitude and serfdom of different varieties have been a central evil in human history.
@@rsavage-r2v yes, I learned that from Michael Hudson. Another point is that language is used against everyone. For instance: what is capital? Everybody confuses capital with currency. Capital is not currency, it is your brains, your muscles, what you produce. Capital - head or top, I am, tally. Write down as many words as you can with the letters “CAP “in them. Everyone involves your head. Four instance: captivated: you are enamored by something. In other words, your cap, head, is enamored by something.
I don't agree with this -- YOU OBLIGATED YOUR SELF to pay the debt....nobody made you take the loan... YOU could have chosen other options for your education. YOU made the CHOICE YOU WANTED. Moreover WE KNOW how people spent their student loan money on alot of 'expenses' not related to education: designer clothes, luxury cars, vacations, eating out, *bucks?????? Why tf is it now the responsibility of the Taxpayers to pay FOR YOUR PAST LEISURE. YOU DID THIS...THESE ARE YOUR CHOICES -- Is personal accountability still a thing?
I like how the animation touched on the racial wealth gap, yet ends with a "Jubilee" that will further INCREASE the racial wealth gap. Putting monetary restitution into the hands of the descendants of the people who built the wealth of this country FOR FREE would be true justice, and a true "Jubilee", not relief of student loan debt. You all literally entered into these loans knowingly, and with a promise to return the payment, yet taxpayers, black taxpayers as well, should fund YOUR debt relief? Make it make sense, Democracy Now!
Businesses/Corporations and Rich people get out if paying not just bills but also taxes! They want everyone else to carry their debts while those folks are drowning in their own. Ugh!
"People aren't living above their means. People are being denied the means to live." Amen.
Student debt is penalty incurred for attempting to raise one's station in America.
People do not live beyond their means they're denied the means to live.
Some people suck at managing money.
@@mg5679 like billionaires?
Several other countries...college is free...same with health care....wake up people
Nothing is free, we will just have to pay like %50 in taxes
@@oofogman420oo2 yeah nope that's not what would happen.
@@oofogman420oo2 BS that isn't what happened in the other western first world nations.
@@chrisj984 you already *have* that solution, you just *aren't* "happy to support it" or you would be.
You'd support Katie Porter if that were true..
Other western first world nations have this.
The UK has these programs, their tax rate is lower than ours. Switzerland's is too.. Sweden is comparable to ours. The Netherlands is slightly higher, but all in all the US does *not* have the lowest tax rate to make up for not also having social programs common among the other nations mentioned.
The difference is oversight in how tax dollars are spent.
Trillions go "missing" from the military budget alone. That isn't for "secret ops" btw. Those are accounted for. It just "goes missing" every year..
We also have guarded installations to warehouse hilariously outdated equipment. These buildings also of course have full utilities and personnel to guard these things. This isn't equipment that will ever conceivably be used though. It is undeniably obsolete. We could save money if we simply stopped hoarding it. Even just melting it all down and closing the warehouse would save money..
Meanwhile there are the "Christmas in September" spending sprees of budget money that was left over from but that they didn't want left unspent so it might not be granted at a later time.. so they go on sprees and spend it on $9000 chairs etc. No, really.. there were $9000 chairs. Never mind snow crab and lobster dinners.
Meanwhile we have untreated and homeless veterans who die on the street every year.
"Support the troops" huh? It's be nice if it actually *reached* the troops and vets..
And that is just one main area of the American Budget.
Let's not even start on unpaid taxes by those who can afford to pay them most, or that the main source of elite wealth (inherited wealth) is not considered income. The vast majority of the wealthy elites don't pay taxes on it at all. Those that do often pay a way lower percentage rate than the average American does.
For example, in 2012 Estate tax raised $8.5 billion out of $1.2 trillion inherited that year. That's less than 1%.
It is much cheaper to buy senators to represent their interests instead of that of their constituents than it is for them to actually pay their share of the tax bill.
Don't pretend we "can't afford" the kind of programs common in all other western first world nations without raising the tax burden. We can. Clearly.
We just need people to start paying their fair share of the taxes that already exist, close loopholes used to hide money from taxation,, tax inherited wealth so high that people live off just the interest as income, and hold agencies accountable for massive waste and budget loss from our spent tax dollars.
Just like the rest of us would be.
All in all this nation needs a decent accountant.
We'd be able to afford what we need just fine and make sure we are financially sustainable and competitive.
That takes long term thinking though. Not just about showing pretty numbers to shareholders at the end of the business day due to prioritizing ultra short term profit over long term sustainability.
Wanna be the Greatest Nation on Earth? Because.. we can be.. but not by doing things the way we are right now..
@@chrisj984 We do "have" the common sense solutions.
Most people feel discouraged, and like you end up kind of giving up after voting for a 3rd party candidate once or twice. Most people do want this though. We are the majority.
Katie Porter is making a career out of common sense and a dry erase board..
Other nations have done this. We can too.
This last election first time voting teens at the local community college went with local folks to the polls. They were scared of potential violence so these college kids went with them so they could vote in peace. It doesn't make the news. It doesn't out-shout news about Trump calling elections fraudulent before they even take place.. but it *is* happening.
People talk about "kids today" like every generation does.. but you know what? Ours might actually have some common sense after all ;)
So be part of that in what way you can.
As the past ways of profit over progress are less and less sustainable, change *will* come. They know it too. That's why they are fighting so hard right now to get their last hurrahs in.
With or without you, change will come. Understand though, that it won't be *against* you. If you feel it can't be done, at least try not to stand in the way of those doing it..
☮️
Seems that the issues of today are all proposals we heard from Bernie, years ago.
Don't you mean THE SOLUTIONS to the issues of today are all proposals we heard from Bernie years ago? The way your comment is currently formulated it sounds like everything is all Bernie's fault, which would obviously not make a whole lot of sense.
@@laluba3603 so true! He keeps proposing it but people keep voting in corporate dems and republicans!
But...Bernard and Jane Sanders made out a bank loan application with FALSE INFORMATION leading to the bankruptcy of a small Burlington VT college, i.e. the Sanders COMMITTED BANK FRAUD. And these armchair socialist phonies own 3 homes. LOLLOLLOLLOLLOL
Let US *Recall* that one the first things that vice President *Joe* *Bye-DONE* did was to order the Attack and *BULLDOZING* of all the *Occupy* *Wall* *Street* encampments.
Let US be *Reminded* that vice President Kamala Harris' husband is key player in the *Student* *Loan* *INDUSTRY!*
So...
*Confront* *Wall* *Street* *Corruption???*
Gooooood Luck!!!
*Forgive* *Stident* *Debt???*
Probably *NOT!!!*
@@johnjepsen500 yes! AND I also heard that Bernie and Jane also illegally tore the Tag off of their mattress! *OMG!!!*
John Jepsen; when you "strain at gnats and swollow camels", you expose yourself to be just another foolishly obedient *Trump* *Apologist.* Go *Apologize* for ridiculous man-child despot elsewhere, because nobody Here is going to take you seriously.
Excellent animation!! Simple, elegant, true.
Wow!!! Well done by all. 👏👏💯🔥🔥
Thank you Democracy Now.
Bad management award goes to the Amerikkka Government, the great dividers.
The federal government has been spending money it doesn’t have. As a result of printing money it has caused inflation.
The 1%ers would call it Great Management.......it’s us 99% Plebs / Chumps who call it Bad Management ......
America was built on divide and conquer.
Another good question is why student loans are one of the few that cannot be discharged in bankruptcy.
That question still perplexes me today! Of all the debt you can accrue, the one that shows the world you're investing in yourself, can't be forgiven.
Come on now, we all know the answer to that by now.
As Brandon next time you see him
@@skeptick6513 let's go Bannon STRAIGHT to PRISON!
Biden supported and voted FOR it! Why aren’t Democrats educated on such matters???
Source: The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The focus was on consumer credit card debit NOT being able to be rapidly discharged but SLD was also included in the ‘package’.
Biden’s prior voting support from 2000-2002 for pro-banking legislation is also well documented.
This debt machine is the way people with $$ make more money sitting on their asses while the hardest workers are the poor. All the major industries are using this debt template for future plans of growth… their growth, not yours. When I realized there is no winning this game in the US, I left. Now the only debt I have is the house that I bought! My first house, at age 57.
We are cash cows, sad that they only way the rich can make money is by imprisoning us, (local rural economies) or enslaving us in debt, (Medical debt, Student debt etc...). Just put a dollar sign on our back or tattoo on our foreheads.
Where ya move?
Indeed, where ya move to?
This video should be played nationwide as an Infomercial on every network during peak viewing times many times a day/week. Excellent Video, thank you.
I thought the same thing! I want everyone I know to see this immediately
Good luck with that. Only like 5 companies (maybe less now) own broadcasting and communications. They dont want people to know this.
@@jwesplayinify youre talking mainstream media. most news and communication isnt mainstream. out of the 20+ places I keep up with weekly either through podcasts, videos or print articles, only 3 are mainstream. theres a whole world out there beyond predatory capitalism
@@newsoul8626 you're right, but more outlets are being silenced by the minute. They risk being silenced if they show something like this. We really need the mainstream to show it though, most Americans are buried in the mainstream.
@@jwesplayinify I know, the silencing of independent media is frightening! I always thought most americans were buried in mainstream media too, but I'm not so sure anymore. online for sure, independent gets more watches than mainstream at times...but if you really read the ratings articles which are boring and confusing lol the most watched news is around 3 million ppl, worldwide...that's not that much. however I think most ppl if they are done with MSM may not turn to independent, they may just drop it until they need to pay attention, not everyone is absorbed into politics 😁
Jubilee will never happen until people have had enough and everybody's in the streets. The same people who use the Bible to advance their status are the same that ignore the equality and the morality of its teachings💯
Well said ✊🏿✊🏿✊🏿✊🏿✊🏿✊🏿✊🏿 we need a revolution👀👁👁👁👁👁🎩✊🏿
That's what I have being thinking 🤔.
People have to know, really know, because the authority is in the knowledge. Then people can act. That's the point of the animation - frequent debt cancellations go back 5000 yrs and were the "clean slate" that allowed life to progress into a better tomorrow.
A "show up then go home" rally is never going to do it. Neither is voting, because the oligarchs behind the curtain who are pulling the politicians' strings have captured virtually all of the traditional institutions of democratic change. You are only presented with candidates that are acceptable to the ruling elite. It's the result of big money in politics. The only power "we the people" have left is the power of superior numbers, assembling in the streets en masse in sustained acts of civil disobedience. Wealth and power will never be ceded voluntarily by those who have it. By "en masse" I mean hundreds of thousands of people in the streets speaking with one voice. By "sustained" I mean for as long as it takes.
Truth.....
Debts exist as a means of insuring that underpaid employees can't easily Leave their jobs in search of a less stressed life.
Yes and thats why they fight tooth and nail to tie your health insurance to your job, a person striking and protesting in france never has to worry about losing insurance, its guaranteed.
Exactly...they want people broke busted and disgusted
In '...and forgive them their debts: Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year' economist Michael Hudson discusses the very long history of debt forgiveness. In short, the practice was employed to avoid undermining those civilizations which did so. We are now witnessing in the US the results of failing to wipe out debt.
Hudson also has some good interviews on yt and they are well worth a look. Also type in, everything is a rich mans trick, scroll down till you find it, made by a guy called conolly. Blows Trump Style out the water. lol
@Teratology Thanks for the recommendation. I've heard an interview discussing the film a while back and may check it out. In general, I tend to be an unreformed reader. ;-)
@@vaughnz.8824 , the movie is based on the book by the same name written by Michael Lewis.
I recommend Michael Hudson's work as frequently as I can. He's currently working on the sequel to ". . . And Forgive Them Their Debts", which will be called "The End of Antiquity". He's shared a few tidbits with his Patreon supporters and I'm really looking forward to it.
If you type this stuff into a YT search, he has given many excellent talks outlining these arguments.
@@chrisj984 That's a very important point. This is why Michael Hudson is always advocating for public banking instead of private for-profit banking. If debts are owed to the state, and the state decides that canceling them will be a net benefit for the society, it's relatively easy to do.
We could also argue that bad debts created by private lenders are bad business and essentially predatory in nature, and do not deserve protection under the law and should be canceled. But that's a much bigger hill to climb. The Lincoln administration argued about how to compensate slave owners after emancipation, until they eventually decided not to.
There are enormous amounts of our tax dollars, however, currently being horribly misallocated, which could be used to hugely enhance the economy in this way. It doesn't have to be more taxes.
Usary it's the American way...Sad ain't it?
Bingo
Turning off student loan interest permanently , or make the interest very low, say half a percent, on all old and new loans would go a long way.
Those interest payments are someone’s income. These people have the gov’s ear. Those in debt have … debt.
@@USMCCGAGNG Yes. Their income is passive income. There's really no productive contribution to the betterment of society. It's an overhead on the system, created by those who hold power, designed to extract wealth from those who have been denied wage increases commensurate with inflation over the past 40 years or so.
Set a limit to student debt and make colleges to give 80% discounts to those reaching the maximum debt.
If there is progressive taxation, shouldn't there be regressive loan interest?
You shouldn't punish the lenders of loans. They are doing a good thing. God bless the lenders with more paying graduates. Whom should be punished are the colleges raising prices without real justification on cost of education.
The borrower, is a slave to the lender! The more people in "debt" the more leverage and power the lender wheels 🙄 Capitalism is Criminality.
Love this episode of Democracy Now, the beautiful guest is a great realistic artistic rendition of what is the truth for our nation’s misery, social injustice, income inequality. Put this lady in Congress to lecture the useless republicans and democrats serving by talking talking talking for decades and leaving us no better and actually worse
"Forgive us our debts as we forgive our debtors." Jesus
USURY invented by the jews.
Nice
💞💞💞💞💞
First you have to understand that you're dealing with the devil when you're talking about money witchcraft is what it is
@@pohakumana You're close. Usury was a pervasive evil in the ancient world, so it was forbidden by Jesus. But since feudal kings still wanted to oppress people, they got around the Bible by making non-Christians carry the societal burden of being usurers. Debt cancellation was a key part of ancient society, but the closest thing you could get in the medieval world was to force the Jews to be moneylenders, then expel or murder all the Jews whenever you needed to wipe out the debt.
This is exactly what is wrong with capitalism and the class system.
The rich get richer, the poor become poorer and in greater and greater numbers.
Blaming capitalism is getting old.
Capitalism isn't holding people down like socialism/communism.
Just look at North Korea, Cuba or Venezuela
No. Capitalism and the class system is the problem. The government is corrupt all levels of government are corrupt.
This is all brought to you by the military industrial complex and the corrupt system that we have to endure.
Old because it has always, always been true.
@@tmnt10000 The only reason Venezuela is failing of because of US interference not because of their system.What is wrong with capitalism is no moral compass. They destroyed Libya because of the wealth distribution measures including introducing a strong currency. You might say well that is Hillary but Republicans have been instrumental in sabotage as well .
@@tmnt10000 The United States is holding down Cuba and the Democratic People's Republic of Korea, and that they are doing as well as they are in spite of having the vast US international system arrayed against them is a testament to the strength of their revolutions.
Venezuela is being starved out by US embargo in the hopes of overthrowing their legitimately-elected government and installing a puppet regime that will surrender its oil revenue to the US. The same thing we did in Iran, Iraq . . .
It is crazy to think people can now afford to pay on their student loans, especially with the price of food that is ridiculously high!!! My autistic daughter is already very anxious, and unemployed.
The rich doesn’t have this problem .. they get to attend the best school .. while the poor get the worst .. plus debts
Biden alone can do this. It's time Biden do the right thing for the people.
Biden doesn't care about the people.
My grandmother worked her butt off all her life and had money and cds in the bank along with life insurance policies. At the end of her life, she was in a nursing home for 6 months and died PENNYLESS!!!!!! I can not believe all she saved was just worthless. It went to the GREED of the nursing home while the employees got paid almost nothing. I was flabbergasted to see how this all worked. Beware, if you want to pass anything down in your family. They will take it all! And it will go back 5 years! Beware!
Dolores...Absolutely right...You work your whole life and if you get sick and have some savings,nursing homes wipe it out if you become disabled...
You know we live in a messed up world when a human being has to pay to get knowledge just so he/she can make society better that's kind of backwards
Loved it !!! Everyone should watch it.
Most debt is traded between companies pennies on the dollar which is definitely far less than the interest being charged the debter...
Wow, such a great and so much needed video, beautiful deep animation too👏✌
I appreciate that this topic is being discussed, but it is flawed if the topic of reparations for black people who are the Descendants of American Slavery (ADOS), is not specifically addressed. Please stop using black and brown or people of color when discussing the harms that have and are still occurring to black people in America. To be clear the wealth gap for ADOS can only be closed by a multigenerational reparations plan, such as that structured by Germany for Jewish people harmed by the Holocaust. Make us whole.
Another truth 👏.
We can never change the past. We must live for today, and make things right from this day forward.
My student debt has grown 1/3rd higher than when it started. Its getting bigger. And if student debt is ever canceled in the future it only counts as "STUDENT" debt if its NOT refinanced for lower interist ratees because then im just paying a bank for a normal loan and it doesnt qualify as a student debt anymore. I hate this so much
Gotcha comin & goin.
We can thank Joe Biden for introducing the bill that student loans can NEVER BE DISCHARGED through bankruptcy. Thanks Joe
@@vallee7966 yeeeep
Don't pay it. They won't arrest you. Stop using credit in your life. problem solved.
@@pohakumana so they can garnish my wages and tank my credit score so bad that ill never own a home in my life without getting even riskier debt? No thanks. I dont even like credit scores but its the system we in now
@@TheWaffleFactory YO son, it IS NOT the system I live in. I let no credit use me, or my labor or accumulation of wealth.
WRONG, so wrong.
Credit Score????? I don't have one. If I do I have no idea what it is or do I care. I don't use credit.
I don't do interest.
I pay cash.
Bought a house with cash.
Pay bills with cash.
Buy everything with cash.
Usury is a Lost Hebrew invention and I don't abide by their MORT gage system. Death gage.
You didn't learn how to save and COLLECT interest or appreciation of assets/investments?
Unfortunately, I don’t think lack of awareness is the problem. Inability to enact change is the problem. Our mechanism for change (the ballot box) has failed us. What now?
A bitter pill to swallow, eh? This is exactly what Lenin said. RUclipsr Hakim has a video called "Electoralism Always Fails . . . Now What?" if you want to see the more radical view of this unavoidable reality.
I think the overall conclusion, though, is that we need to build alternative power, in whatever form and every form we can. We're helpless as individuals and the electoral system is specifically designed not to serve us. (It was designed to keep the Roman plebs quiet while the landed aristocracy retained control -- we're patterned after Rome.)
760 billion military spending, no money for the students…lol ,,, I love democracy…
We we don't live in a democracy, we live in an oligarchy with the facade of democratic choice, at this point I thought that was stipulated
Putting an end to debt, will also but an end to borrowing, so what I am hearing is "live within your means", which is what I have always tried to practiced. This will only work with a non-profit healthcare system.
It's time for a jubilee!!!
Best thing I ever did was get rid of student loans & pay down my house. Why aren’t we teaching money management to kids in school?
no profit in that, I paid cash for my house.
That isn't even the issue... did you even watch the video or do any research about the origins of the current debt crises? People are being deliberately underpaid and given massive amounts of illegitimate debt for corporations to profit off of. This is by design, it has nothing to do with people not being responsible with their money.
After college, I went to work and paid my student loan debt! Now, I'm debt free! I did it right!!
Great work! Fantastic job D.N.
People who can't afford to pay their debts should just stop paying them. We need to learn to start passing the problems back up the chain where they belong.
Good idea, but we'll have to band together for it to work.
@@rsavage-r2v Agreed
People are slowly catching on. That's the good news. The big question is how can it be dealt with peacefully? Can our leaders do the right thing?
Cancel all debt! It’s been done before and it works! Those wealthy 1%ers don’t need the high interest that the future is paying 🎤🔈📢⏰
They should not only have the debts forgiven but tax the top 1-2 % from now on
The top 20% already pays 87% of income taxes
Things are working exactly as intended.
In Phoenix, AZ in 1951 my parents paid $5k cash for a 3bdrm house!!! WTF happened to make that impossible to today???
Not enough houses to go around plus population increases every day. More customers, less houses, makes them more lucrative. Why aren’t people learning how to build their own house in the woods somewhere? Why aren’t individual people producing anything anymore?
@@carlosgener3669 your whole statement is not true. Please stop spreading misinformation
@@carlosgener3669 Because so many manufacturing jobs have been sent overseas?
Inflation plus outsourcing/automating jobs. The globalist threw American manufacturing workers under the bus.
Debt by Design!
With corporate-sponsored politicians on both sides, the middle class is screwed. Vote for those who don't accept big money donations to ensure they'll work for you.
Big money in politics ensures that the only candidates for critical offices you will be presented with at voting time are ones that are acceptable to the ruling oligarchs, regardless of what those candidates have said as they campaigned.
Glad I don't have any debt. Also no college education. But I started my own company and now I make like 2 grand a week. School has become a scam
Your Student Loans can't be forgiven because the rich are too busy making money off of them. That's them wanting to be good and Christian.
Good luck in getting that Jubilee any time soon.
Excellent reporting 😎👍
If you don't want to be in debt, don't borrow money with compound interest 🤷♂️. Live within your means and figure out how to buy what you want.
Not that easy with medical bills. I chose not to die. Should I feel guilty now? GTFOH!
Yeah! The way he is doing it, is by endebting all countries in South America with the IMF that’s what Moreno did and what Lasso keeps on doing borrowing money, endebting every single ecuadorian with an again unplayable debt.
DO IT !!!
Cancel debt
Forgiveness of debts is biblical. Free 🇺🇸 free the people. It's about time.
Amazing documentary! Wow!
Money bags filled with holes!
Haggai 1:6
“Ye have sown much, and bring in little; ye eat, but ye have not enough; ye drink, but ye are not filled with drink; ye clothe you, but there is none warm; and he that earneth wages earneth wages to put it into a bag with holes.”
Thanks , thanks and thanks again.
This video is impeccable. Wow. Moving.
They can go on ahead and repossess this degree because I’m not paying 💩.
Unfortunately, they can repossess your entire life because student loan debt, unlike most other debt is forever. They will literally rip money out of your bank account and force you to sell everything you own to pay. It's fucked up.
@@NeorecnamorceN not true
"gone ahead"? you went to college?
@@pohakumana I meant “go on.” Autocorrect won’t let me be great.
And yes, I went to college and grad school. No need to question my intelligence over a small typo.
@@CocoaCookies_ Yea I can question your intelligence BECAUSE you blame your "auto correct". That fact you USE auto correct shows you got ripped off on your education.
"and grad school" So you followed their curriculum? lol
What did you do when you "went", party?
Auto correct is for handicapped literates.
Don't make your poor choice my emergency. Cancel home debt, for those ,who saw this coming.
A multi- coupon mortgage with a % of the property assigned to each coupon could help prevent full foreclosure and prevent full mortgage default . Also it would help to have limits on credit card interest rates and have disability and life insurance on home debts, student loans and credit card balances.
its stated in the famous LORDS PRAYER to ''forgive debtors''. this obviously is a NOT NEW idea
Isaiah 5:8 -- "Woe to those who join house to house, who add field to field, until there is no more room, and you are made to dwell alone in the midst of the land." Usurers would gradually take control of more and more land every time there was some kind of downturn that forced people into debt. Over time, this meant that more and more people were landless and had no means to support themselves, and were forced into bondage. The ancient Hebrews had laws to address this (as did the Mesopotamians) and Christ was demanding something similar in Rome, which held the power of the oligarchy to be sacred. The Romans did not respond well to Christ's suggestions. (I don't mean to explain away the spiritual message of the gospels, only that it was bound up in real-world issues too.)
America enjoy the fruits of capitalism, you get what you pay for.
Jubilee. I have said this was a necessary debt correction since the 2008 crash. Today, I would add to the Jubilee ancient right of debt correction, at the very least the right to start locking up the rich crooks who brought the rest of us to this point of financial ruin. These crooks should count themselves lucky at that. In ancient times a debt jubilee would also have seen the execution of these fascial criminals.
A masterpiece of art and history.
Debt is a rich mans trick.
people don't live beyond their means...
they are denied the means to live.
a-fuckin'-men.
A picture paints a thousand words.Peace
Truth!
Wth if you can't pay it don't take a loan
I loved this!💚🌷
powerful film
Why focus so heavily on student loan debt if your goal is greater equality? Canceling college debt would only help the elites fortunate enough to have attended college.
Let you in on a little secret elites dont go in to debt for education mommy and daddy just write a check
Here's how I dealt with student debt and the endless cycle of deferments adding interest: I walked away from it. What happened after that? Their calling machine talked to my answering machine for a few months. The little lights blinked back and forth and eventually stopped. They had written it off or done whatever they do to fantasize about the infinite miracle of compound interest and I chose to live my life. Period. You can do that too. Or you can finance their wars against other poor slobs in the world that were run into their trap. That's up to you.
yep, they aren't going door to door trying to collect, junk mail and calls from Pioneer Credit or other contract companies who buy student debt from banks for pennies on the dollar is all you'll get. Empty threats..
I dealt with this too. The sad part is the decades I spent in poverty while trying to keep up, being a “good citizen”. Finally I gave up. They ruined my credit and ability to move forward in life anyway, so I just let it all go. I noticed this debt template has been adopted by every industry that can force it upon us, cars, credit cards, medical industry, even the legal system. What did I do? I prioritized what was necessary to legally leave the country…. And I did. I now have one debt… my house, that I will own in less than 8 years.
Stupid advise, don’t do this. Your debt will be paid off by others. When the time comes your paychecks will be levied
If I could get the equivalent of the 1960s minimum wages (currently equivalent of $25+ per hour), I would have zero debt and have saved up additional funds while being able to take a modest vacation of one week every year. Everyone I know would have zero debt if paid a fair wage.
Excellent film indeed. I specially like the history part.
🥳 Yes 🙌🏽
It would’ve been nice to point out that the statue of liberty holds up the torch as Hammurabi did. It means that all debt was forgiven.
Did you learn that from Michael Hudson or somewhere else?
It's so strange that our national mythology is so concerned with "freeing people from bondage" but we never talk about what that actually means. Slavery, indentured servitude and serfdom of different varieties have been a central evil in human history.
@@rsavage-r2v yes, I learned that from Michael Hudson. Another point is that language is used against everyone. For instance: what is capital? Everybody confuses capital with currency. Capital is not currency, it is your brains, your muscles, what you produce. Capital - head or top, I am, tally.
Write down as many words as you can with the letters “CAP “in them. Everyone involves your head. Four instance: captivated: you are enamored by something. In other words, your cap, head, is enamored by something.
Oh yeah , I never pay my emergency room (doctors visits) EVER
What about all those that struggled to pay off their student loan debt in the past? This won’t end well.
Excellent video.
I don't agree with this -- YOU OBLIGATED YOUR SELF to pay the debt....nobody made you take the loan... YOU could have chosen other options for your education. YOU made the CHOICE YOU WANTED. Moreover WE KNOW how people spent their student loan money on alot of 'expenses' not related to education: designer clothes, luxury cars, vacations, eating out, *bucks?????? Why tf is it now the responsibility of the Taxpayers to pay FOR YOUR PAST LEISURE. YOU DID THIS...THESE ARE YOUR CHOICES -- Is personal accountability still a thing?
It's sad you have to draw cartoons for people to the understand.
Let the moratorium end...and the debt strike begin!
All about Greed ,Greed ,Greed ,Greed ,Greed , it is the Fall of the USA to be irrelevant in the World .
The real deal!
that was great
I like how the animation touched on the racial wealth gap, yet ends with a "Jubilee" that will further INCREASE the racial wealth gap. Putting monetary restitution into the hands of the descendants of the people who built the wealth of this country FOR FREE would be true justice, and a true "Jubilee", not relief of student loan debt.
You all literally entered into these loans knowingly, and with a promise to return the payment, yet taxpayers, black taxpayers as well, should fund YOUR debt relief? Make it make sense, Democracy Now!
Credit rating is crushing me!😵
I love how this c o n n e c t s the dots.
Businesses/Corporations and Rich people get out if paying not just bills but also taxes! They want everyone else to carry their debts while those folks are drowning in their own. Ugh!
Ms. Taylor is a Badass(et)! 😊😜Figure it out! 😜
Loan sharks for students. A world record prison population. People suffering. In the United States
Aw so sweet you guys have student loan in my country there is no such things
Bernie should run for President as a independent.
This is an issue of monetary policy.
It's disgusting to see people using the argument for reparations as an argument to forgive debt for people who benefit from our oppression.
Another thought...forget the debt incurred through tuition, but not car payments, restaurant bills, and condo rent
Excellent
Thank you Democracy Now for giving a voice to every lunatic