What if there was No Debt?

Some Thoughts on Current Economics

While I was working a couple days ago, a thought came to me regarding food and housing. While I live in a quaint apartment in the city, I would drive out of the city and head to my mother’s home in the suburbs. On my way there, I maybe go through four blocks to get to the highway down to my mother’s. However, I would pass many homeless people on my way. Some days, I maybe see three or four. Others, I see as many as twenty or thirty.

Many days, I would offer what I could in food such as part of my sandwich, some water, or anything nutritional so they can still keep on living. One day, when I was driving home from work before Covid-19 swept the world, I saw a woman carrying a Louis Vuitton bag in one hand while in the other a cardboard sign asking for help, she was homeless. The look on her face told me she had just lost everything and now had to turn to the streets to survive.

Another day, I missed my turn on the highway to my mother’s and had to make a U-turn in an outskirt of the city. Here, I saw more homeless people than I could count; however, there was a feeling in the air that no one would help them. The area was too poor for others to help each other and was a fight for your own survival mentality. Many abandoned buildings, groups of people concealing guns, and eyes of vultures on anyone with a car older than 2005. After taking five minutes driving through there, I left feeling many eyes of envy, sorrow, and anger.

The current economic system in the United States is highly reliant on money to keep running to the point where excessive borrowing, excessive debt, has been fed to a society that essentially has all citizens on borrowed time. If one cannot pay their debts and has nothing to fall back on, shame on them and they’re on the streets – a mentality I highly disagree with.

We live in an economic system that creates massive amounts of consumption, massive amounts of trash, massive amounts of debt to the point where the population is in a state of mental enslavement to maintain this system of mass consumption for the benefits of those who control money and praise it like God. I find there is more to life than continuously, and blindly, maintaining a system of mass consumption on borrowed money to the point where if you cannot continue your part in the system, you’re thrown to the streets.

Retrieved from the US National Debt Clock on May 26th, 2020 at 9:40 PM EST

Whole Lotta Red

Being someone who was in the banking and business worlds, of course I see flags of concern when seeing a strong amount of red. If we look at the US National Debt Clock, photo above, there’s a whole lot of red we have to consider.

In the United States, the red that we are seeing is considered to be America’s Money; however, debt originates from many sources. Regarding the actual financials of how this money is spent, many reports may vary – especially with the political turmoil in the United States between Red and Blue.

What I am most concerned about, and many people I think should also worry about, is the level of debt in the country and where it would lead us. Money was created as a tool to be a medium of exchange between goods and services – nothing more and nothing less in my mind; however, how did a nation rack up $25 Trillion Dollars in Debt, and counting?

Another shocking number from the National Debt Clock is the amount of people living in poverty. As of 9:40 PM EST on May 26th, over 36 million people are living in poverty. To couple this number, over 550 thousand people are estimated to be homeless as of 2018. If we take these numbers towards the current US Population of 329 million, as of May 26th 2020, we have 0.17% homeless, 10.94% in poverty, and 100% in the chains of debt.

According to FEE, it would take the United States 713,470 years to pay down the national debt if we paid $1 per second of the year. However, with over $147 Trillion in unfunded liabilities from Social Security to Medicate, I think this number is on the low end of estimation.

Did God/The Higher Power really intend for this system to be at a point where we are slaves to a fiat currency, or is this just human desire for power over others and praising Money to be God? In my honest opinion, I think it’s the latter of the two.

Image by Gerd Altmann from Pixabay

Where is this Debt Leading Us?

In my view, we are already in debt to God/The Higher Power for allowing us to live with the Earth and to live mutually with all life around us. Many faiths and religions of the world have not only denounced Greed, but also share key points debt. For example:

  • “No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.” Bible, Matthew 6:24
  • “When the Last Tree Is Cut Down, the Last Fish Eaten, and the Last Stream Poisoned, You Will Realize That You Cannot Eat Money” Alanis Obomsawin, Cree Native American
  • “The first happiness is to enjoy economic security or sufficient wealth acquired by just and righteous means (atthi-sukha); the second is spending that wealth liberally on himself, his family, his friends and relatives, and on meritorious deeds (bhogo-sukha); the third to be free from debts (anana-sukha); the fourth happiness is to live a faultless, and a pure life without committing evil in thought, word or deed (anavajja-sukha).” Venerable K. Sri Dhammananda Maha Thera

I find it hard to believe that any system that allows this much debt to be accumulated, allows any number of their population to be homeless or living in poverty, and encourages the total population to live in debt like a ball and chain around their ankles to be the best humanity has to offer to the world for a sound economic system for all humanity.

In my previous post, The Possibility of No Money, I talked about how there should be a system that allows a medium of exchange that heavily discourages the use of debt – along with six other key points that will be discussed later. I believe the current economic system wrongs more people than needed for the benefits of the few who control the dollar. I also believe that this level of debt, no matter who sits in the Oval Office, will lead to more economically hard times for many people in the near future – if we continue living as if borrowed time is never-ending.

Image by Robert Balog from Pixabay

Final Thoughts

In the system we currently have in place, I cannot help myself but think of the Titanic slowly sinking after hitting an Iceberg. No matter what policy is in place to mitigate debt, perform quantitative easing, allow payment plans to citizens regarding their debts to have more room for spending and tax revenue from other means, I truly do not see a future for the system we currently have.

With many people living paycheck to paycheck, before and after Covid-19, and struggling to pay debts not only in the United States, but across the world, I think a society that does not encourage, and perhaps even go as far as prohibit, issuing debt onto others. In my view, holding onto debt promotes a love of money to make more to pay off more and keeps us chasing the dollar to the point where we may crash into the streets or in poverty.

In my view, all life is created for a reason and we are all here out of God’s/The Higher Powers will. No human life is below another to allow people to be chained to debt no matter what nation we are born into. Living a life at the expense of others and having them continue to live at another’s expense is not a real life and not a life worth living. What if there was no debt, in your opinion?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s