student-debt

Global Research News Hour – Student Debt Trap: Breaking the Grip of the Predatory Lenders – 03.16.15

In the month of February, fifteen former students of the for- profit Corinthian Colleges System declared they would no longer be paying off their sizable federal student loans. They see the Corinthian system as corrupt, making false promises and part of a predatory leding racket. This action sets the stage for a conversation about the Student debt crisis and the nature of money.

Ellen Brown author, former civil litigation attorney and founder of the Public Banking Institute comes on in the first half hour. She explains how student debt is not only crippling the debt holders with unfair debt repyment obligations, it is used by money managers as a commodity not unlike the Subprime mortgages that infamously led to the financial meltdown of 2008.
In the second half hour we hear a September 2011 speech given by San Francisco Bay Area-basedIndependent journalist and podcast producer Kellia Ramares-Watson. She goes further than Ellen BRown in suggesting that the money system not only has to be reformed but disbanded altogether. She suggests in the speech that students should default on their debts as a political action.