Crotchety battle-axe Margaret Thatcher famously quipped:
“The problem with socialism is that you eventually run out of other people’s money.”
She was useless on race but she did provide the occasional clever quote. Of course Maggie didn’t live to see that problem “solved” by creating endless “money”.
America is no longer a country. It is a giant strip mall that runs on consumer and government debt while in the midst of a simmering racial civil war.
It is difficult to the point of impossible for normal people to understand just how much debt we are talking about. The government debt is so massive and uses numbers so large and imaginary that it isn’t even really worth talking about, especially since that “debt” will never be repaid. How would it? There is no talk of even reducing spending to a point where we aren’t spending made up “money” created by new debt, much less paying down what is outstanding, and soon the interest payments on that debt are going to swallow the Federal budget like Kamala Harris looking for a cushy government job.
In a way it is like a giant Ponzi scheme, borrowing “money” to spend today that will be paid off by future generations but is even worse because there is no way to pay it off.
The debt held by Americans and people living in America is a little easier to understand but it is still a huge problem and made worse because unlike the American government, the American people do have to pay back that debt.
Headlines like this are pretty common:
US Household Debt Hits Record $18.6 Trillion As Student Loan Defaults Explode
Most of that is mortgage/housing debt of course….
Even still, unsecured debt like student loans are a whopping $1.65 trillion, surpassing credit card debt ($1.23 trillion) and roughly equal to car loans ($1.66 trillion).
There are something like 133 million households in the United States so that means that if total household debt is $18.6 trillion, the average household debt in America is around $140,000. That doesn’t seem bad until you factor in that something like 45 million households are renting their domicile and according to Grok the average mortgage balance in America is around $258,000. Younger and therefore more recent borrowers have higher balances….
Variations by Demographics:
- Younger homeowners (e.g., Gen Z and millennials) carry higher balances on average due to recent purchases at elevated prices.
- Older borrowers (e.g., baby boomers) tend to have lower balances as they pay down debt over time.
Also a surprisingly high percentage of home owners own their home outright (do not have a mortgage), around 40%. Most of those are presumably Boomers and older, people who have had decades to pay off their mortgage meaning that younger borrowers are likely carrying an even larger average debt than it might seem at first.
While we live in the country in a lower cost of living state, when I bought my fairly large house on some acreage with a couple of barns almost 15 years ago I didn’t pay anywhere close to $258,000. To buy the same house today would cost me double at a minimum.
That is just the mortgage part but that doesn’t even include the consumer goods people often buy on credit and unlike your home those goods are not going to appreciate in value.
That is great and all but what does that have to do with Marxism? Being able to go deeply in debt to buy a house is the pinnacle of “capitalism”!
At the most basic level, Marxism/Bolshevism/communism/globalist socialism is not about economics. It is not really about the state owning everything or “from each according to his ability, to each according to his need”. That is all just window dressing. What all of those various forms are really about is control.
The Soviet Union wasn’t a “workers paradise”, if anything it was more rigidly hierarchical than under the Czar. Taking away everything from the people meant they had to crush dissent violently and ruthlessly. What if instead of overtly taking everything away from people, you left them with the illusion of choice while gently shackling them?
Practically speaking what we are seeing is essentially the same control they had under Communism without the guard towers and barbed wire, although we certainly have gulags and secret police. Sure you technically “own” some stuff although your most valuable “possession”, your home, is only yours as long as you keep paying the mortgage and even after it is paid off you still only get to stay in your home as long as you pay an annual fee to the government in the form of property taxes. The government can seize your house for all manner of reasons.
How about your car? Many people are paying as much for a single car loan per month as I am for my mortgage. Even if you pay it off, as is the case with your house, you only get to use your car if you pay an annual fee for the registration and in some states you have to have your car inspected on a regular basis in order to get a magic sticker. Also like your house, the government can seize your vehicle for all sorts of reasons.
All of the other stuff that you own from your coffee maker to your tighty whiteys? It was paid for using fiat currency that thanks to inflation is constantly losing purchasing power. For many/most Americans, their consumer goods are often purchased using debt, with credit cards the obvious culprit in most cases but far too many people leverage home equity to refinance revolving consumer debt, in essence putting their house up as collateral for some new bath towels.
The essence of the latest iteration of Bolshevism, fancifully styled The Great Reset, can be boiled down to one phrase “You will own nothing and be happy”.
This won’t be accomplished by the old, blunt force method of the Bolsheviks where everything was openly seized. Instead it will happen like bleeding out in a warm bath. Americans will get deeper and deeper into debt and at the same time inflation caused by printing money will erode the current value of wages. A lot of relatively low skill jobs I see posted pay as much as or more than I was paid as a bank manager not that terribly long ago. Even with these wildly inflated wages people are losing ground quickly as prices increased significantly faster than wages under the AutoPen regime and if we are honest it started under Trump during Covid with the “stimulus” payments.
In encouraging news, Trump is now proposing 50 year mortgages to make housing more “affordable”. Really. If we signed up for a 50 year mortgage when we bought our current home, it would be paid off when I was nearly 90. This comes as the median age of a first-time home buyer hit a new record…
Median Age For First-Time Home Buyer Hits 40, A Record High
A little math shows us that a first-time home buyer using a 50 year mortgage would pay that mortgage off when they are 90. The Social Security Administration life expectancy table for a 40 year old right now looks like this (men on the left, women on the right)
The average man aged 40 right now can expect to live an additional 37.67 years. A woman, 41.86 additional years. That means that half of people buying their first home, not a second or vacation home, are barely going to live long enough to pay off a 30 year mortgage. A 50 year mortgage is just a fancy way of saying “rent”.
Something else I found interesting in that story:
Seventy-six percent of all buyers had no children under the age of 18 living at home, up from 73% last year.
More than 3/4 of all home buyers didn’t have children at home, meaning people who either never had children or that are old enough that their kids have moved out. While families with children are stuck renting homes, older people with lots of equity are making cash offers.
What is missed by many is that a 50 year loan might lower the monthly payment by a bit but it has huge consequences over time. Here is a amortization of a $279,300 mortgage, the media home price in my state, over 30 years (from Bankrate.com).
Now look at a 15 year mortgage for the same house….
The monthly payment goes up around $700 but over the life of the mortgage you will pay $151,796 more in interest on a 30 year mortgage. In fact you will pay almost as much in interest as you paid for the house, in essence paying double the “price”.
When car loans went from a maximum of 5 years to 8 or more years, did cars become more “affordable”? Well from the standpoint of a monthly payment they did but the price of cars keeps climbing as people extend their loan terms further, and on a depreciating asset no less. At least houses generally appreciate in value. That is why car dealers always want to talk to you in terms of monthly payment instead of sale price. I always tell them, give me your best price for the vehicle and I will worry about the monthly payment.
The new American dream:
Endlessly making mortgage payments on a house you will never own and a loan you will never pay off.
Replacing the hammer and sickle with the trannie flag and the bLM “black Power” fist, terror with mindless entertainment and the hard tyranny of barbed wire and guard shacks with endless debt and ever diminishing wages is seeking the same end result: absolute control over the bulk of people at the hands of a small cabal of rulers. The tools of the new Marxist are not bullets in the back of your head in a basement but instead an endless supply of “money” in the form of debt.
The easiest slaves to control are those that do not realize they are slaves.
One of the best posts I’ve read in a year.
Now add the all seeing eye of Saron aka Palantir and loss of cash.
Grim new world stuff.
I really need to deep dive that but there is so much going on. Not an excuse I know.
Problem is no one wants anything different bad enough yet so here we sit complaining about things we can’t do anything about…
You can’t do anything without doing something Very Big. Look at Luigi and the murder of the United Health guy, no one remembers his name and no one knows the name of the new guy. Meanwhile United Health is operating exactly as before and Luigi is going to jail forever.
I need to do a post about that.
We have to have our own country again so this is the only plan out there that is viable at this point and it doesn’t involve war yet…But everyone is still to comfortable to make the sacrifices needed for it to happen where if they did we have enough pro White People that we could be well on our way to victory… Unless someone has a better plan and then I’m all ears and if it doesn’t involve magic(like waiting around til enough people wake up) then we can debate the merits of it…
https://northwestfront.info/
you have tried for years to awaken them, Brother. For many, they will have either the .fedgovco or llegals burning things down around them, and waiting for ‘rescue’. I’ve talked with Dave about how futile it seems to continue to try and awaken people. Heck, Brother; I can’t even get my daughter to get out of Houston…
they don’t have a plan, they don’t want to leave their “magic dirt”. I’ve been working on trying to get folks already here because of that. As time draws near, I get the feeling we’ll be up here watching the rest of the country burn. Too many lazy, complacent folks; and I can’t concern myself with them. I pray they will gain knowledge and dunderstanding…
The list of options to correct these matters has now, through inaction and hesitation, dwindled down to the last few, which are expensive, bloody, and difficult to execute.
In previous years, we still had solutions that were cheap, easy to implement, and relatively quick to show effect.
It is disappointing that it has come to this.
Something this irrevocably broken can’t be fixed, it can only be torn down and replaced.
Word. Years ago, I watched a You Tube video titled: FIVE REASONS AMERICAN RIOTS WILL BE THE WORST IN THE WORLD. The narrator left his audience with a warning about returning to debt-free honest money (specie). The only way that can happen is for an economic collapse across the entire system of debt propping up this corrupt, syphilitic-thinking country. And even with all of the straws in the wind right now, no one can predict when that will happen.
I watched snatches of a documentary on the making of THE WIZARD OF OZ back in the late 1930’s. In one of the snippets of the narration, it was mentioned the ruby slippers worn by Judy Garland fetched a whopping $32,000,000 at an auction in 2024. So, think about that.
There are people in this shithole of a country who can afford to spend huge sums of money on useless trinkets while American military veterans live in homeless shelters and working families are borrowing against their retirement funds to put food on the table. Yet, the worship of Godless celebrities and athletes continues unabated and the band plays on. I cannot even imagine how horrific it will be when the music stops (H/T to Matt Bracken) and Amerika goes full Weimar. I keep prepping as though Harris and Waltz won. And yes, I voted for the Golden Golem. I did not vote for Bibi. But that’s who is running things. Stay prepped. Bleib ubrig.
There are people in this shithole of a country who can afford to spend huge sums of money on useless trinkets while American military veterans live in homeless shelters and working families are borrowing against their retirement funds to put food on the table. Yet, the worship of Godless celebrities and athletes continues unabated and the band plays on.
ON TARGET.
Maybe it’s because I work EMS and often the food bank, but I know far too many “Economically Brittle” folks that LOOK like their doing fine.
These folks are solid hard working folks, not wasting money on tats, drugs and stupid vacations and such. They are quietly stressing about falling out of “middle class” into economic troubles.
I KNOW folks that are borrowing out of their retirement funds just to keep the home paid for, electricity on and food on the table.
A modest medical bill, a totaled vehicle even a major house repair and off into the debt doom spiral they go.
It’s sad how little most of us know about our neighbors, let alone the people we call “Friends”. Money is taboo.
Shit is getting real.
Bought my 1st home at 27, it was 1994. Cost 62K. You can’t buy a modern pickup truck for 62K. Boomers do not give a fuck about the world they’ve left behind. Greedy ex-hippy faggots can’t die soon enough. Doddering geriatrics now and STILL clinging to power in “our” government. I hear all the time how it’s not all boomers but, in my experience, that’s bullshit.
Most of their accumulated wealth will end up being eaten by the nursing home system, paying for Somali “nurses” to change their diapers and abuse them because their kids (if they had any) won’t take care of them. It is a fucking disaster.
The smarter ones put theirs in a trust so the state has to take care of them while their riches continue to grow…
Not as easy as you think to “Hide” assets from the lawyers of the state and retirement home folks.
At least here in NH there is a real Claw Back for 5 years if asset fraud occurs AND a massive penalty taken from the assets.
Something about giving the Lawyers-accountants that find it a reward %.
Not easy but doable at least out here in the mountain west and Yea you want it set up way before you get old…
Jokes on them anyway, as eventually (and sooner than anyone probably thinks) the state will no longer take care of them (not in the sense they have come to expect, but more in the way that Canada is now unveiling to full transparency) and the value of the wealth in their trusts will be destroyed by inflation. In the end, they get fucked too, and all their slick advanced planning and legal gamesmanship comes to naught.
the value of the wealth in their trusts will be destroyed by inflation…
All depends on what assets they have in the trust… Precious metals, land, rentals will always be there for you no matter what inflation does…
27 @ 1994 means you were born in 1967, so you are only 6 years from being a boomer yourself. What a dikhed, pointing your sniveling finger at a whole generation because you have daddy issues.
Well look at you!
Additionally, I am debt free now and doing everything in my power to NOT help pay down a debt I had no say (nor do I benefit from any of it) in creating. Don’t like it? Good. Die.
27 @ 1994 means you were born in 1967, so you are only 6 years from being a boomer yourself. What a dikhed, pointing your sniveling finger at a whole generation because you have daddy issues.
More like 3 years removed from boomerdom (1946 to 1964 by nearly every estimate I’ve ever heard). And agreed, tarring an entire generation like that is just stupid. Does every Gen X member humble-brag about having been a neglected latchkey kid, “raising myself and living on Hot Pockets”? I sure hope not. That shit gets old real fast.
I am late Generation Jones, and couldn’t possibly be any further from a greedy ex-hippy faggot, myself. I don’t wish death on any other generation, and I would hope that Mr. LOL is simply venting his spleen about his own poor situation. Fomenting inter-generational strife among otherwise homogeneous peoples serves no one at all. We legacy White Americans have far bigger fish to fry.