Just read this on Instapundit-a great find that explains the impending implosion of the higher education bubble in America.
(Don't get me started on all of the useless degrees that North Americans have nowadays..I can't handle the stress...)
Here is the part that explains it in the most succinct way possible:
"And the price of a college education soared—just as one would expect
from a market flooded with cheap money. By law, lenders cannot even
deny Stafford and Perkins loans (types of federal student loans) based
on the borrower's credit
or employment status. What other reason is there to deny a loan?"
"And
just as home buyers took out loans to speculate on houses they could
never hope to afford, students are taking out loans to cover educations
they often cannot complete and which often do not hold value in the
market even when completed."
"Government meddling has again separated
profit from risk."
"Universities get to keep the tuition profits while
taxpayers are forced to shoulder the risk of students not paying back
their loans Once again government has created the conditions for wholesale failure, and failure is upon us."
"From 1976 to 2010, the prices of all commodities rose 280 percent.
The price of homes rose 400 percent. Private education? A whopping
1,000 percent."
This is an absolute economic disaster for America-and when this baby burst-it's going to be even messier than the housing bubble mess.
I cannot understand how little attention this is getting in the American media, and even on the presidential campaign trail.
Facts and economic reality can only be ignored for so long.
Europe is the current example of brainless, ostrich-like financial ruin.
Money can actually run out. Look at Greece.
Take a peek at Italy.
Printing more money actually doesn't work.(Duh!)
More unbelievably obtuse plans from the EU.
Just turn your heads away...
Also: Here's How the Euro Will End
""The euro zone is in a crisis, in the correct sense of the word, a
turning point from which it will either recover or enter a terminal
phase. One important factor that may determine the outcome is the degree
of leadership in Europe."
"By and large, political leaders in Europe are a feckless lot. There
are exceptions, particularly in some of the Nordic countries (e.g.,
Estonia), but the absence of leadership may be the decisive factor
leading to the euro's demise. In Spain and elsewhere, leaders have been
willing to apply temporary fixes to their banking problems rather than
to recognize the true size of the problem. The banks, not fiscal
deficits, will be the undoing of the euro."
"In the end, I side with Milton Friedman. If Europe had made the
political decision for a federal state, a single currency would have
been a natural outcome. When 17 states decided to adopt the euro first
without political union, they got it backward."
Lastly: Amazingly smart Canadian David Warren:
"The Terrible End of Europe's Nanny State"-read the whole thing.
"...two things are necessary, if we are to pull out of our “structural”
death spiral. Both are unspeakably painful. One is to discover some
sovereign bankruptcy mechanism, by which our grandchildren may disown
their grandparents’ debts. And the other is to dismantle the Nanny
State. It really doesn’t matter in which order these are done. And since neither can be done, I foresee terrible disorder."
