Open Letter to Glenn Beck:
Saving America from the Great Reset Requires Canceling Student Loans and Other Debt
By Lake County Lobbyist
While Democrats push for Great Reset goals like Build Back Better, the assumption of the sanctity of debt on the part of conservatives is a major impediment to destroying the Great Reset. Conservatives are mentally trapped in a logic that favors creditors (banks) over both the economy and the general welfare.
The average conservative fails to ponder why the Fed illegally buys corporate junk bonds everyday, totaling Trillions, but won’t buy out much smaller student loan debt in the Billions. It is rather pathetic that our young people, often assuming loans that they do not understand at age 18 and that they cannot discharge via bankruptcy (Joe Biden did that), are made into debt slaves, while JP Morgan Chase, Citigroup, and Goldman Sachs all get bailed out – in 2019 before Covid.
It is unlikely that most students understand that when they take out a loan for $50K at 7%, they will owe $100K over 10 years due to interest charges. That is before late fees that might be incurred due to loss of employment. These can quickly accrue to make the amount owed $200K or more. Please read this essay by economist Michael Hudson to appreciate the dire situation faced by many young people today.
The banks DO understand student debt; which is why they view universities as their cash cows providing more income to them than credit card debt.
The typical conservative believes that there is a sacred obligation to “repay a debt”, while failing to hold lenders responsible for extending loans that they know are not repayable. And yet, holding lenders responsible for their loans is Biblical. The Bible forbids interest charges (any) and it also incorporates a 7th year “Sabbath rest for debts” that is the basis of our bankruptcy law. What lender would lend an excessive amount or for more than 6 years knowing that any remaining debt would be written down on year 7? God also assumed that the Israelites would ignore his many financial instructions, and created a further fail-safe device—a write down of all debts every 50 years called the “debt jubilee”.
Economist Michael Hudson, advocates a Debt Jubilee for America. He would be a wonderful guest for your show. Here is a podcast. https://archive.org/details/michael-hudson-on-the-debt-jubilee-part-1
Dr. Hudson also says that a Debt Jubilee is the only way to avoid a depression. https://www.washingtonpost.com/opinions/2020/03/21/debt-jubilee-is-only-way-avoid-depression/
The Fed, ECB, and other central banks have long known that the world was fast approaching a time when all debts would become unpayable. Young people, with mountains of student debt, are merely the canary in the coal mine. The Fed understands that student loan debts, mortgage debts, personal credit card debt, and car loans are growing at an exponential rate, while the economy is not growing and is moving towards a depression. The Fed can see that defaults will cascade and ripple to create losses for the large banks that own the Fed (Citigroup, JP Morgan Chase, and Goldman Sachs).
The big banks know that debts that can’t be paid will not be repaid. They know that their revenue stream of fees and interest will evaporate. In short, if you are one of the big three banks, and you know that eventually most debtors will default, then what do you do? Everything and anything you can to get be compensated and made whole now, so that in the end you can own everything. In short, you create a world where the ordinary person “owns nothing”. You create the Great Reset. You return to serfdom.
The Great Reset has stated its biggest objective: “You will own nothing and be happy”. But you owning nothing means that the insiders at the large banks, the Fed, and their friends plan to receive legal title to all property and own everything. That is an open declaration of economic warfare on humanity. That warfare has already started via lockdowns, massive inflation, and regulation. Easy credit is first extended getting everyone into the debt trap – the boom feels good and businesses overbuild and everyone overreaches. The trap is then shut as the Fed sets higher and higher interest rates. The higher rates, coupled with Fed-created inflation, make it harder and harder to repay debt. Nations, companies, and individuals, with declining income and increasing costs, are all thrown into default.
Logically, this means our state Attorney Generals should be looking to prevent the transfer of legal title to all ESG participating institutions. It means that every state needs to revise its bankruptcy law so that individuals, municipalities, and businesses can all take refuge in bankruptcy. It means that governments will need to refuse to do business with ESG businesses.
It also means that the Federal Government will need to write down lots of debts, otherwise property will transfer to those large banks that are driving the Great Reset. It means that the large banks will need to absorb their losses rather than being allowed to go to the Fed’s Discount Window for loans that are nearly free money (0.25% to 1.00%) that provide a continuous back-door bailouts.
Back in 2008 the Federal Government allowed homeowners to default while bailing out the large banks directly. A better approach would have been to bail out homeowners by paying off their mortgages. Still better would have been if the government nationalized these banks, sold off their assets, and used the proceeds to allow individuals to retain their homes. This would have signaled to other banks to stop reckless lending or risk going out of business.
The Great Reset was created first and foremost to confiscate property. God’s debt Jubilee, forbidding the transfer of legal title to ESG banks and a write down of many debts, is the answer. The alternative is enslavement into BONDage for everyone.
Alas, we can’t get there until conservatives rethink their unwavering loyalty to creditors, based on a flawed morality. Conservatives need to learn about how money is created, as debt. I wrote an essay explaining how the banking system is legalized fraud here:
Better yet, listen to the amazing podcasts of the Economist, Michael Hudson, who has written and spoken extensively on the need for a national debt jubilee.
Many conservatives who look at student loan forgiveness lament that someone is getting money that they do not deserve. Fundamentally that is envy. The function of government is to collect taxes and redistribute the funds to whatever service or group they choose. Are they mad at Grandma too because government subsidies reduce the cost of her medicines? Is paying off a portion of a person’s debt less of a value to society when that person is so mired in debt that they can’t buy groceries and need food stamps, thus costing society in other ways?
Other conservatives might be indignant because they believe that ultimately their taxes will pay for student loan forgiveness. Taxes pay almost none of our federal expenses. Federal Reserve money creation pays most federal expenses. If the government directs the Fed to create money to buy a car, that would be inflationary, because the extra money in circulation bids up the price of cars. If, however, the money the Fed creates is used to pay down a debt owed to a bank, the net effect is deflationary. Why? Because money is debt. Banks create the money they loan, and repaying a bank debt reduces the money supply.
Finally, it should be understood that when the Federal Reserve writes down a debt, that is a neutral action. Please see my essay: Banking Explained to the Average Citizen….And How It Steals From You:
So, the effect of any debt forgiveness depends upon the details of how it is implemented. The Biden White House has not delivered details yet. Regardless, conservatives need to come to terms with the idea that debt forgiveness is going to be necessary as a way to avoid both property confiscation and enslavement. The Fed wants a CBDC (central bank digital currency) model, in part, in order to enslave us to debt in perpetuity to the same elite aristocracy that is largely calling the shots now. If we get out of this mess, you will know that there is a God.