Summary of “Let’s Cancel Everyone’s Student Debt, for the Economy’s Sake”

What if we could have achieved those objectives, at roughly the same price, by forgoing tax cuts – and wiping out every penny of student debt in the United States, instead?
In America today, 44 million people collectively carry $1.4 trillion in student debt.
Many of these workers are struggling to keep their heads above water; 11 percent of aggregate student loan debt is now more than 90 days past due, or delinquent.
According to the Levy Institute paper, authored by economists Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum, canceling all student debt would increase GDP by between $86 billion and $108 billion per year, over the next decade.
In the case of student debt forgiveness, concerns about unfairness are largely informed by status quo bias.
One implication of this, as the policy analyst Matt Bruenig has demonstrated, is that student debt is significantly increasing the racial wealth gap among younger Americans.
More broadly, the explosion of student debt in America was orchestrated by deliberate government policies, which were justified on premises that have proven to be false.
Student debtors were, in many, many cases, persuaded to make poor financial decisions by their own government – which, as the owner of their debts, now stands to profit from those mistakes.

The orginal article.

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Nearly 70% of millennials prefer debit to credit cards, according to a 2015 report from Chime, and Transunion reports they have fewer bank-issued and private label cards than older generations.
The credit industry is incredibly opaque and predatory.
A credit card is also an important tool that, when used responsibly, can help better your financial situation over the course of your life.
Cons:.It’s less secure than a credit card, especially for online purchases.
Issuers refund fraudulent credit purchases much more quickly than debit purchases.
Can be used to build up credit score to help with borrowing-your payment history is the most important component of your FICO score, but the length of your credit history is also considered.
Cons:.Easy to fall into debt if you overspend: The average household with credit card debt has balances of $16,883, according to NerdWallet.
Can hurt your credit score if you’re not careful with your spending.

The orginal article.

Summary of “When Unpaid Student Loan Bills Mean You Can No Longer Work”

Many student loans are backed by guarantees by the state or federal government, which foot the bills if borrowers default.
In Louisiana, the nursing board notified 87 nurses last year that their student loans were in default and that their licenses would not be renewed until they became current on their payments.
In 2015, Mr. Zolnikov co-sponsored a bill with Representative Moffie Funk, a Democrat, that stopped Montana from revoking licenses for people with unpaid student debt – a rare instance of bipartisanship.
“Deny professional licenses to defaulters until they take steps to repayment,” the department urged in 1990.Two years ago, South Dakota ordered officials to withhold various licenses from people who owe the state money.
Nearly 1,000 residents are barred from holding driver’s licenses because of debts owed to state universities, and 1,500 people are prohibited from getting hunting, fishing and camping permits.
In a state with little public transit, people who lose their driver’s licenses often can’t get to work.
Hawaii has a broad statute, enacted in 2002, that allows it to suspend vocational licenses if the borrower defaults on a student loan.
The state’s licensing board has never done so, said William Nhieu, a spokesman for Hawaii’s Department of Commerce and Consumer Affairs, because no state or federal student loan agencies have given it the names of delinquent borrowers.

The orginal article.

Summary of “Taibbi: The Great College Loan Swindle”

Beaten down after more than a decade of struggle with student debt, after years of taking false doors and slipping into various puddles of bureaucratic quicksand, he was giving up the fight.
“I’m sure people who take polo lessons or sailing lessons earn a lot more on average too,” says Alan Collinge of Student Loan Justice, which advocates for debt forgiveness and other reforms.
The average amount of debt for a student leaving school is skyrocketing even faster than the rate of tuition increase.
In 2016 the average amount of debt for an exiting college graduate was a staggering $37,172.
This month marks the 10th anniversary of the Public Service Loan Forgiveness program, one of the few avenues for wiping out student debt.
The idea, launched by George W. Bush, was pretty simple: Students could pledge to work 10 years for the government or a nonprofit and have their debt forgiven.
While universities sit on their stockpiles of cash and the loan industry generates record profits, the pain of living in debilitating debt for many lasts into retirement.
In rehabilitation, Martish’s $8,000 loan, with fees and interest, ballooned into a $27,000 debt, which she has been carrying ever since.

The orginal article.

Summary of “Deutsche Bank analysis on the frequency of financial crises”

Financial crises are happening more frequently, becoming almost a fixture of modern life, according to research by Deutsche Bank.
Deutsche Bank argues that crises have been increasingly frequent since the breakdown of the Bretton Woods system, which, after World War II, fixed exchange-rates and essentially linked them to the price of gold.
The Federal Reserve, Bank of Japan, and European Central Bank now hold more than $13 trillion of assets on their balance sheets, up from less than $4 trillion in 2007, according to Yardeni Research.
The modern framework can allow credit stockpiles to climb: Global government debt is approaching 70% of gross domestic product, the highest since World War II and up from less than 20% in the 1970s, according to Deutsche Bank.
“We think this leaves the current global economy particularly prone to a cycle of booms, busts, heavy intervention, recovery and the cycle starting again,” Deutsche Bank said.
Where will the next crisis come from? Deutsche Bank says there are plenty of things to worry about.
One of the most obvious problems is how to unwind central bank balance sheets of unprecedented size, during a time of record-high peacetime government debt, while bond yields are at multi-century low interest-rates.
The bank’s strategists say they’re “Quite confident” there will soon be another financial shock, a pattern that will be repeated until the world figures out a more stable financial framework.

The orginal article.

Summary of “Michel de Montaigne on How to Learn a Language Effortlessly”

Many of us want to learn a languages but find that we fail over and over again.
Long-time readers will know I am a fan of Michel de Montaigne, the great skeptic and father of the modern essay.
In his Essays he writes of how he learned fluent Latin “Without books, without grammar without rules, without whips and without tears.”
When people try to develop a new skill, they like to ask, “Well, what’s the best method? What’s the fastest, most efficient and shortest route to success?”.
Why? Because I find people who ask this question often ignore their psychology.
“The Debt Snowball method is similar to the traditional approach except that instead of attacking high-interest rate debts first, you attack low-balance debts first. Why? Because you’ll get the psychological lift of pinging debts off in rapid succession. And if you’re like me, this makes all the difference.”Although you save more money by paying off your higher-interest debts first, this only matters if you don’t give up.
A powerful productivity technique is to do the shortest task on your to-do list first, regardless of importance.
Now, let’s connect this idea with language learning.

The orginal article.

Summary of “Toys ‘R’ Us Plans Bankruptcy Filing Amid Debt Struggle”

Toys “R” Us Inc., which has struggled to lift its fortunes since a buyout loaded the retailer with debt more than a decade ago, is preparing a bankruptcy filing as soon as today, according to people familiar with the situation.
The Chapter 11 reorganization of America’s largest toy chain would deal another blow to a brick-and-mortar industry that’s already reeling from store closures, sluggish mall traffic and the threat of Amazon.com Inc. Filing for bankruptcy would allow Toys “R” Us to restructure $400 million in debt that comes due next year, potentially letting the chain rebuild as a leaner organization.
Its vendors have been curtailing shipments amid concern that Toys “R” Us might not be able to pay its bills.
JPMorgan Chase & Co., Barclays Plc, Goldman Sachs Group Inc. and Wells Fargo & Co. are said to be vying to provide financing for Toys “R” Us while it goes through bankruptcy.
In 2005, Bain Capital, KKR & Co. and Vornado Realty Trust loaded Toys “R” Us up with debt to take it private.
“With these debt levels, how much actual flexibility do you have in this environment?” asked Charles O’Shea, who covers Toys “R” Us for Moody’s Corp. “You have to invest online – because your principal competitors there are really good – and you’ve got to deal with the debt load and your maturities on top of that. The pie is only so big.”
As the woes have piled up, the cost of insuring against default on Toys “R” Us debt has surged.
If Toys “R” Us can get its debt under control again, the chain still has promise, TTPM’s Silver said.

The orginal article.

Summary of “deadspin-quote-carrot-aligned-w-bgr-2”

As screenwriter Craig Mazin says, “The most exciting script in the world is the one you’re about to write. The least exciting script is the one you’re on page 80 of.” So that idea debt metastasizes, threatening to hold up the real projects, or halt them so long that they too become idea debt.
Do you have a lot of ideas but no clue how to organize them? Or maybe ideas come to you and by the.
In his 2006 video Brain Crack, Ze Frank imagined his unused ideas “On a beautiful platter with glitter and rose petals.” To avoid getting addicted to his brain crack, Frank said, “When I get an idea, even a bad one, I try to get it out into the world as fast as possible.”
The problem solves itself, he tells me: “I have often times come up with an idea that’s a lot of work, and then I have T-Rex describe the idea in a comic as a way to scratch that itch.”
One upside of idea debt’s perverse appeal is that the idea can seem so good, so worthy, that you just want someone to make it happen, whether or not that someone is you.
Novelist Neil Gaiman says people come up to every author with the same offer: “They’ll tell you the Idea, you write it down and turn it into a novel, the two of you can split the money fifty-fifty.” Business ideas are similarly unsellable.
As investor Tim Berry says, “The way real people with real ideas get value from them is by building a company to implement those ideas.” Unless the Patent Office will let you register it, it’s worthless.
They’re fun ideas: A puzzle game based on DNA editing; a simulation of Lenin’s final days; a cow-clicker game about blogging; a Qbert MMO. “Ideas are cheap,” Beschizza wrote.

The orginal article.