The least principled colleges realized that if they invented a bunch of meaningless degrees that were attainable to anyone, they could make a killing – and the banks realized that they too could make a killing, through overvalued loans to students with unrealistic expectations of success. Bringing up the rear was Big Government, who smelled a chance for regulation and bureaucracy.
Another hilarious exposé of our Ponzi scheme society:
College graduates represent the fastest growing demographic of consumers who have filed for bankruptcy over the past five years, according to a new report out Tuesday.
Wait, really? Our high school guidance counselors always told us that a college degree guaranteed financial success down the road.College Grads Behind Increase in Bankruptcy Filings
If you hang around Libertarians, you’ve probably heard them say that a Federal Reserve Note (a.k.a. the dollar bill) is only worth the paper it’s printed on. What gives the bill its value is 1), the theoretical amount of real-world value it represents; and 2), the consensus of the masses that this green slip of processed wood pulp is actually worth something.
A dollar bill used to represent something real. Not only did it represent a real amount of real gold, it also represented a nation that organized, invented, and constructed things of real value. Now the dollar bill is backed up by neither: we got rid of the gold standard, and switched our economy from an agricultural/industrial powerhouse into a “service economy” of paper-pushers and burger flippers.
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