The College Education Bubble Is Coming To Its Logical End
This past weekend a grown, 30 year old man shot his father over unhappiness with his allowance according to reports in Associated Press as reported at ZeroHedge.
While we rarely believe what we hear in the media... if this report is even slightly close to the truth it is a sad commentary on how so many from the Millennial generation have been warped, indebted and destroyed by the very systems their father's generation have been part of creating.
Tom Gilbert Jr., the son who reportedly shot his hedge fund managing father over his allowance, had an economics degree from Princeton where he graduated in 2009.
According to the reports he has since been jobless. This makes sense because he wasted four years of his life, and likely went into a large amount of debt, to "learn" useless communist style Keynesian economics.
There really aren't all that many jobs out there for a person who knows less-than-nothing about economics! There are just a few jobs that require this level of ignorance of economics and those include Chairman of the Federal Reserve and lead economics writer of the New York Times. Both of those positions, as point of interest are or were held by Princeton "trained" economists. Ben Bernanke was the chairman of the Princeton economics department prior to selling his soul to the devil and Paul Krugman is the most well known "economist" currently at Princeton.
As a point of interest, even Ben Bernanke admitted to Congress in 2012 that his own son will graduate from college with $400,000 in student loan debt! Luckily his son didn't take Keynesian economics but a much more valuable line of study in medicine (although many occupations in medicine are as fascist drug dealers of toxic pharmaceuticals including dangerous antidepressants which Gilbert Jr. was reported to be on) and so there may be some job opportunities for him and he may eventually crawl out from under his debt.
The student loan debt bubble which has dragged millions of the younger generation into unabsolvable (it cannot be negated in bankruptcy) debt in order to get mostly worthless pieces of paper was largely funded and championed by people like Ben Bernanke and Paul Krugman.
Krugman, in 2002, called for a housing bubble when he said, "To fight this recession the Fed needs…soaring household spending to offset moribund business investment. [So] Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble."
Of course, that happened and since the housing bubble collapsed the focus has been on the college bubble to get people to spend four years of their lives getting mostly useless pieces of paper and going deeply into debt to "save the economy". This has resulted in an explosion in student loan debt.
In fact, student loan debt, of which almost all of it, at now over $1.2 trillion, is held by the US federal government has far surpassed the mortgage debt held by the government.
Student loan debt has now surpassed mortgage debt at the peak of the housing bubble in 2008.
More scary, is that only 56% of student loan debtors are currently making payments! Compare that to less than 10% of mortgagees who were delinquent when the housing bubble collapsed and you can see this is a ticking time-bomb.
GET OUT OF SCHOOL
It is bad enough that most people today waste twelve years of their youth in public indoctrination camps... but then to go and actually pay and go into debt for four more years is the height of ludicrosity for all but a small percentage of people who desire to work in certain specific and scientific fields (and even that is highly debatable as even places like M.I.T. offer all their courses online for free).
In today's age of the internet, with all human knowledge literally in your pocket and freely accessible, there is absolutely no need for these anarchronistic multi-year schools where 90% of what most people "learn" (or better, memorize) is quickly forgotten as it is mostly useless.
Technology is advancing at such a rapid pace that many things learned in school will be outdated by the time you graduate. Take, for example, journalism. There is simply no need to go for years of college to learn to be a journalist and many of the things learned won't be applicable by the time you finish. I spoke with Luke Rudkowski of We Are Change and Dan Dicks of Press for Truth on these very topics. They will be conducting a one-day seminar of Change Media University at Anarchapulco in February which cost $145 and will give you everything you need to know about being an investigate journalist and reporter in today's digital age.
The entire concept of school is outdated. Dayna Martin, a leading expert in unschooling will also be hosting a one day seminar on how to raise creative, entreprenurial and vibrant children by keeping them out of the school system altogether.
And also, recently, I spoke with Skinner Layne of Exosphere about how you never learn about being an entrepreneur in traditional schools. We spoke about why getting an MBA is a complete waste of time and won't teach you anything about business.
Skinner and I will be holding a two day Exobase worksho on entrepreneurialism at Anarchapulco where you can get more in two days than you would in two years of "business school" and for just a few hundred dollars.
Most of the great thinkers and minds of our time never went to traditional school and this is no accident. People like Albert Einstein, Henry Ford, Mark Twain, William Shakespeare and Steve Jobs just to name a few.
Perhaps fifty years ago going to University and getting an MBA or a degree in Economics had some value. But it simply does not anymore in today's day and age. And, especially after people like Ben Bernanke and Paul Krugman have been a part of destroying the economy through central bank money printing and fiasco-communism.
Don't end up like Ben Bernanke's son with $400,000 in student loan debt or like 30 year old Tom Gilbert Jr. who wasted his time getting a degree in Economics at Princeton and ended up killing his father over a $400/month allowance that he felt entitled to.
Government intervention in the "higher education" sector has, like all government intervention, destroyed any value that it may have once had. Don't fall for the trap and educate yourself. All information is now free... who would have thought that all information in the world would be free and people would still be paying hundreds of thousands of dollars and going into massive debt to get it?
To reverse paraphrase Mr. T, don't be a fool, get out of traditional school.
Courtesy of https://www.dollarvigilante.com/
Anarcho-Capitalist. Libertarian. Freedom fighter against mankind's two biggest enemies, the State and the Central Banks. Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast,Anarchast. Jeff is a prominent speaker at many of the world's freedom, investment and gold conferences as well as regularly in the media.