Econ 101: Servicing Debt

When rich people owe money to other rich people, say for instance corporate banks & hedge fund operators owing debt they can’t repay to the Fed & US government– a bailout eventually occurs. That’s because any bourgeois government is a committee of the ruling class.

So when rich people owe money to working people, say in the form of pension fund obligations, Social Security, Medicare, Medicaid– financial theft & bankruptcy of those institutions eventually occurs. There simply is no money for a bailout. The “taxpayers” can’t afford it.

When working people owe money to rich people, in the forms of credit cards, student loans, mortgages, auto loans, medical bills, et al– every form of coercion known to man is used to extract full repayment with interest.

When nations go to war, all foreign debts are cancelled by the rich winners, and heaped upon the poor losers.