People in White Hats Often Do the Dirty Work

People in white hats often do the dirty work.

Usually that comes from misunderstanding (remember "the road to hell is paved with good intentions"?) and thus the doers of this work are fools. If people in white hats do the dirty work deliberately - it is meanness.
As a matter of fact, it is not clear at all which work is actually "dirty," i.e. it will bring more good or harm. Only future can show this, it cannot be seen here and now. It is also unclear which of the country's top officials is right. Each of them looks great in suit and tie (white hat) on the photo or TV, each one is in favor of everything good and against everything bad, everyone says and does right things, each one smiles…

All politicians are good, but where does a bad politics come from?


On October 21, 2022 the St. Louis-based federal appeals court has temporarily halted President Biden’s student debt relief plan. US District Judge Mr. Autrey ruled the day before that while the six Republican-led states had raised “important and significant challenges to the debt relief plan", he threw out their lawsuit on grounds they lacked the necessary legal standing to pursue the case.

Nebraska Attorney General Doug Peterson, a Republican who leads the lawsuit has welcomed the temporary stay: "It’s very important that the legal issues involving presidential power be analyzed by the court before transferring over $400 billion in debt to American taxpayers.”

The total federal student debt has more than tripled over the past 15 years, rising from about $500 billion in 2007 to $1.6 trillion today. About 43 million Americans owe money on their student loans. Median student loan debt is around $17K.
The cost of Mr. Biden’s plan is $379 billion.

The nation is divided over student debt forgiveness. Even Democrats are arguing about the amount: President Biden suggests forgiving $10K and Chuck Schumer (D-NY) and Elizabeth Warren (D-MA) since 2020 promote the idea to forgive the first $50,000 for all borrowers.

The Democrats obviously hope the student loan forgiveness will boost their support at the midterm elections in November 2022.


So who's right/wrong here?
Everyone wears the white hat. Everybody wants the best to the country. And everyone seems to be right.

President Biden wants to cancel the debts of poor students, so is he good? Or is he bad since he wants to shift $400 billion in debt onto the shoulders of the entire nation? Isn’t he a socialist by chance? Didn’t the students know they would have to pay back their debts?

And Republicans who won't forgive the debts (America considers itself a capitalist country) in student loans - are they bad? Don't they feel sorry for the poor students? Are they good and don't want to increase the debt burden on the American taxpayer?

And what is about the court that suspended the student debt forgiveness mechanism - is it bad, too? Or does it just want to get to the bottom of all that, which makes it a good one?

So who are the bad guys in the white hats and the good guys in the black hats? How do we figure that out to vote correctly at coming November election to turn America in the right direction?


The main question actually is: how ANY government action can be evaluated whether it is for good or for evil?

Any government always does everything right (at least they always say so), but for some reason everything in the US is getting more expensive and it's getting harder to live...

Unfortunately, you will only have to figure that out by yourself. The government doesn't need to do this. It thinks it understands and controls everything.


Those who want to figure out what the student debt forgiveness is about first need to understand the concept of money - what it is, what it is for, where it came from, and what’s wrong with it now (if something is wrong).
The issue of student debt is, after all, a question of money, just like any other issue the government has to deal with. The government in any country doesn't produce anything, it only distributes money.

For this purpose, I wrote a series of articles called "Cryptocurrency is an inevitable step in the evolution/degradation of money”. It is not that much about cryptocurrency, but rather about the evolution (which now turns into degradation and devaluation) of money as a financial instrument, a universal equivalent, which different national governments turned into a surrogate.

After reading “Cryptocurrency is an inevitable step in the evolution/degradation of money”, you will have the needed background to understand what inflation is about, where it comes from, who produces it and why. For this purpose, I wrote a few articles about the inflation – try “President Biden doesn’t understand the nature of inflation” or “Inflation Reduction Act won’t defeat hidden inflation”.
They both explain in a simple way why the Americans work harder, earn more, but can afford less.

After reading the above-mentioned articles, you will understand the obvious: actually, the student debt of $400 billion can be easily forgiven.

Why:
1. This 400 billion forgiveness will of course add to the inflation in the US. But how much?

2. Not much. The Fed issued into circulation around $6 trillion from January 2020 (M2= $15.5 trillion) until September 2022 (M2= 21.6 trillion). That is why the hidden inflation is now high and the Fed can do nothing about it.
400B : 6T= 400B : 6000B = 6.66% which is not critical figure. The government (FRS) constantly manipulates by the people’s money and the extra 7% do not add much to those manipulations from my subjective point of view. The nation thinks that inflation is a natural disaster, so it will survive that easily.

3. President Biden is not “good” because of promoting the student debt forgiveness. He just wants Democrats to win the November election and does not understand the nature of inflation.

4. Republicans are not "bad" because they prevent Democrats from forgiving student debt. They just want to do a bad turn to the Democrats before the election and do not care about the inflation while they are not in power.

5. The federal appeals court, which temporarily halted President Biden’s student debt relief plan, is not “good” or “bad”, too. It is simply alarmed by the appeal of the 6 Republican states about the intention of the Democrats to forgive the student debt, starting from the next week, and understands that it needs to be sorted out first, having no idea about the growth of inflation either.

6. All of this together is called "democratic procedure," which theoretically has to result in the correct decision. From my point of view, since none of the parties involved in the dispute (including the people of the US) understand the nature of money and see the cause of the inflation (which is wrong monetary policy of the Fed), any solution will be to the detriment of the nation. If you want, you can read my article on the subject with a good title “The blind lead the blind”.
We cannot turn America in the right direction, because nobody knows which direction is right.

You may add here any of your own conclusions.


P.S. Dear Reader! I am very much interested in your opinion on the subject of this article. Please, write a comment or ask a question if you want to clarify something.
Yours,
Igor Chykalov