So far outside the box you can't even see the box from here.
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Thursday, January 10, 2019
Watching this Protest
I'm keeping an eye on this French protest. The yellow vest protesters want everyone to withdraw their money from the banks setting off a bank run. This could be interesting if it gets any traction.
This is something I've thought about for years. It would be one way to hit the rich class where it hurts. Sure, the little guys get hurt too, but they've been getting hurt for years. This just spreads the pain around. Seems to me like it would be the fastest way to take the system down. No idea how the French officials will deal with this threat.
In this country one of the big issues young people face is massive college debt. Debt has a huge effect on their lives. They have to stay focused on making those payments. Forget about doing something out of love. It's all about the money. Their high debt burdens keep them from living normal lives. They can't buy houses or even afford to get married and have children.
If they would all default on their debt at the same time it would definitely shock the system. More and more young people cannot pay their loans as it is. Imagine if nobody paid them? Student debt is a type of debt slavery as it's a type of debt that cannot be cleared during a bankruptcy.
There's an argument that young people took on that debt knowing full well they'd have to pay it back. True, but they were led to believe they'd be paying it back with high paying jobs. Too many people with college degrees are waiting tables and flipping burgers. So far the powers that be have convinced the majority of them that it's their fault and not a fault of the changing economy. Many, however, have begun to suspect they've been sold a bill of goods.
So I'm really keeping an eye out on what happens in France. My guess is that the French authorities will pull out all the stops to prevent a bank run. We shall see. Interesting times.
I live in an area of NH known as the Great North Woods. I'm in my dome-i-cile out in the county with my lovely wife and a varying number of family and friends
-part red neck, part hippie but all country. Experimenting and enjoying the adventure of life.