Canceling Student Debt

The recent proposal to alleviate student debt up to $20,000 per student is a good deal for students and for the United States of America.

It was a long time coming.

Conservatives, and I am one of them, shouldn’t oppose this deal simply to oppose it.

That’s what people like Sean Hannity want you to do.

How is it a bad deal to give a break to young people saddled with student debt?

It’s what Trump should’ve done.

To begin with the student’s tuitions were jacked up by the crooks at the schools and the banks.

They made out like bandits on this unholy alliance.

That’s one reason why schools were able to fund all these building projects on their campuses.

You’ve heard of Girls Gone Wild. Welcome to Buildings Gone Wild.

It was the students who got screwed.

You don’t need expensive buildings to educate students. Furthermore the problem with expensive buildings is that they require expensive maintenance.

Wise sages in Greece didn’t need expensive event centers in order to teach their students. Teaching under a tree was good enough.

What happened in our country though was that schools got addicted to money. So they increased tuition costs unnecessarily in order to feed their addiction.

Much of that money went into building unnecessary gymnasiums, media event centers, and fancy administration buildings.

The students got screwed.

Printing up money to help these poor students out is a good thing.

Conservatives would have you believe that ultimately we the American taxpayers are going to pay the debt.

That’s not true at all.

In reality, nobody’s going to pay this debt.

The money will be fabricated out of thin air by the Treasury Department and Federal Reserve in order to pay off this student loan debt.

The national debt will increase, but so what?

The national debt is not like the debt that you owe for your house or your car.

In the case of your house and car, that’s a debt that you need to pay back.

In contrast the national debt is a debt that is never going to be paid back.

The national debt never needs to be paid back because it’s never meant to be paid back.

The national debt is a giant Ponzi scheme, only in this case the Ponzi scheme artists are us.

If the national debt rises to $30 trillion, all we need do is print up $30 quadrillion in order to make that debt more insignificant.

Then in 50 to 75 years, when the national debt is equal to 30 quadrillion dollars, people in the future will print up $30 quintillion to make that debt more insignificant.

The national debt, something that the media obsesses over, is something you should never be worried about.

What you should be worried about is where the money goes.

Printing up money to alleviate student debt is a good thing because it puts more money in the hands of regular people.

I’ve written this explanation before, and it bears repeating.

Is there is a net $100 in society, and you have $50, and I have $50, then we both have an equal share in society.

If I print up $100 and give it all to myself then there’s a net $200 in society. Yet I now have $150 where is you have $50. I win.

Do you get it?

It doesn’t matter how much money we print; what counts as where it goes.

If I print up $100 trillion and give it to the rich, then regular people lose. On the other hand if we print print up $100 trillion and give it to the poor, then the rich lose.

Consequently, alleviating student debt, which effectively puts money in regular peoples hands, benefits regular people, not the rich.

Why would we oppose that?

Please, please, please, please, get out of this mindset of just listening to either Fox News or CNN, whose job is to create a mindless sporting match out of politics.

You won’t learn anything there.

Think through the issue yourself.

Alleviation of student debt is a good thing.

It would’ve been a better thing had Biden canceled it all.

Yes, I know, what about the people who already paid?

I agree with you. For that reason, I would recommend giving an equal amount of money in cash payments to those people who already did pay.

Short of that, it’s better that we alleviate student debt.

It’s a good move for regular people.

Sincerely,

Archer Crosley

Copyright 2022 Archer Crosley All Rights Reserved

My Financial Advice

I don’t know how many of you are young out there, but I am going to give you some advice that’s going to make you rich.

I want you to become filthy stinking rich at an age where you can enjoy it.

I don’t want you to make the same mistakes that I made.

With that stated, I don’t want you to become so rich so that you can dominate other people, nor do I want you to become so rich that you quit your job and become lazy good for nothings.

I want you to become rich so that you can still work but with a little ease of mind.

In your life, you will have multiple chances to become wealthy.

Now, of course, I’m talking about you investing in other peoples ideas.

When it comes to yourself, of course you always have the opportunity to become wealthy.

In this article I’m talking about you putting otherwise idle money to good use.

In the mid 1980s, when I was young, I invested a sizable amount of money in Apple computer.

I invested in Apple computer because I used Apple computer. I knew that the Macintosh was a versatile computer, so I knew it was going places.

Alas, I sold the stock because I needed the money to accomplish other things in my life.

In retrospect, that was a mistake.

Of course, this was well before the iPhone was invented, so one could argue that no one could predict that Steve Jobs would return to the company that he helped found and turn it into a megagiant.

If I had kept my Apple stock, I would’ve been fabulously wealthy.

Likewise with Las Vegas Sands.

Around the time of the 2008 collapse I was investing in the stock market. At that time I still believed in the Great Casino on Wall Street. This was before the stock market became completely rigged. In those days the stock market was only halfway rigged. Ha ha.

Even though the stock market was bottoming out, and even though Las Vegas Sands was plummeting, I was buying.

I didn’t buy at the low which was $1.42 a share, but I came close. My last purchase was at $1.47 a share.

I had a lot of shares in Las Vegas Sands, so when it rose in value, which I knew it would, I made a pretty fair penny.

I knew that the experts were wrong on Las Vegas Sands because I would frequently travel to Las Vegas and stay at the Venetian.

You might say it was my home away from home.

While the pundits were down on Las Vegas Sands I could see that people were still flooding into the casino.

Plus, I liked the style of its owner Sheldon Adelson. Adelson wasn’t just investing in Las Vegas; he was one of the first Las Vegas hoteliers to invest in Macau, where he was making a fortune.

Sheldon Adelson was the funniest CEO you’d ever want to hear on a conference call.

If he hadn’t been a hotelier, he probably would’ve been a comedian.

So I bet on Sheldon Adelson, and I bet with my eyes, what was before me.

And I did will.

Stick to what you know when making an investment, and stick to what you can see before your eyes.

When you have to choose between the pundits and what is before your eyes, stick to what you can see before your eyes unless there is some compelling reason not to.

In both Apple Computer and Las Vegas Sands, I was investing in things that I used, things that I knew, things that I could check on.

You can do the same in your investing.

If you don’t believe in the product, if you don’t use the product, there’s a good chance that you won’t make a lot of money on it.

It’s that belief in the product that allows you to stick with it when others are against it.

That would be my main advice to you.

Along with that advice I now offer you the advice I did not follow at the time.

Set it and forget it.

Once you make your choice, stick with it to completion.

Don’t sell it.

Unless you have some compelling reason to sell it, don’t sell it.

Leave it alone. Let it grow.

This is what I want you to do.

This is the advice that will make you rich.

Now, I don’t advise that you bet the entire ranch on one stock.

Of course, you should diversify.

Of course, you should bet no more than you can afford to lose.

But if you have made a reasonable bet, money you can afford to lose, set it and forget it.

Now, this is the advice I am currently going to follow through on for cryptocurrency.

I can’t tell you why I believe in cryptocurrency. It’s just a feeling that I have.

I believe that cryptocurrency will eventually become what the gold rush was to many in the 1800s.

Even though the elites are beating down Bitcoin, there will always be a need for Bitcoin.

Bitcoin to me is nothing more than a registry of stored value where we agree not to dilute that value by printing up money.

As long as the elites print up money, Bitcoin will go up in value.

Bitcoin will have to survive because the elites will need Bitcoin also.

There will be too many elites who will see the value of Bitcoin.

When push comes to shove, the elites will have to adopt Bitcoin. They will have no other choice. There are too many advantages of Bitcoin over gold.

The same can be said for other cryptocurrencies like Ethereum.

Now, it may come to pass that Ethereum will not be used in the manner that Bitcoin is used.

The block chain is a powerful tool that can be used in so many areas of endeavor. It may come to pass one day that healthcare records and vaccine records may be stored on the block chain.

Ethereum may well be a carrier for the healthcare industry. In this manner cryptocurrencies, initially designed to store value of money, may be used to store value of other types.

There is no stopping this.

Decentralizing the storage of records over thousands if not hundreds of thousands of servers is far better than centralizing our storage of records on one or two massive servers.

This is one of the great technological innovations that has yet to be fully recognized by our collective consciousness.

As such, it is a great opportunity for young people to invest in.

Of course, the powers that be will always play their tricks.

But this is one game where do you still have a fighting chance.

When you do invest, as I am investing right now, put in an amount of money that you can afford to lose and then walk away from it.

Now, if you don’t believe in it, don’t invest.

But if you do believe in it, invest and walk away.

Do not check the value or the price of your investment every day.

Go live your life.

Sincerely,

Archer Crosley

Copyright 2021 Archer Crosley All Rights Reserved