I have a slightly different viewpoint on Bankruptcy.
While I'm against giving that "Fresh Start" to people who have foolishly blown their income or savings, I also understand the lie that has been perpetuated upon our society about "paying your debts".
Young people are constantly inundated with the idea that they have to go to college in order to succeed. Which leads them into crippling debt with almost zero chance of ever paying off their $60,000 Humanities degree.
Guaranteed Student Loans are also practically the ONLY unsecured debt that is not dischargeable in a bankruptcy. The government has a long memory and a long reach.
Media is constantly telling people how much better their lives will be if they just get that brand new car or the latest iPhone.
No cash, don't worry, zero percent interest until 2050.
Oops, sorry, your government health insurance doesn't cover your car accident or unexpected illness so you're on the hook for $75,000.
And the people who create economic bubbles take their million dollar bonuses from government bailouts without ever having to worry about where they're going to live, how they're going to buy food or spending a day in prison for the crimes they commit.
I think the old system needs to be bankrupted to foster in the new age of personal empowerment (and responsibility) that crypto offers.
So if people qualify under the guidelines, they SHOULD file bankruptcy.
While I agree with a lot, i disagree with the anarchic view. You have NO clue if a general bankruptcy will lead to a Renascence financial period of a chaos controlled by the worst individuals.
I do understand your points but we can work to better them from within..to some extent, that's what crypto is trying from my point of view.
The alternative can be lethal. You think owning 75.000$ to the government is bad, try being a slave to an autocrat.
I'm not espousing anarchy by any means. But I think there is going to be some chaos ahead that order will eventually be restored from. The powers that be don't seem very likely to suddenly develop a conscience and become altruistic.
Wow! That's quite an opinion but I must I agree with you! It's crazy how things are today! Even as you speak in the American context of things, even globally things are changing to match the situation in the US i think. It's ridiculous how expensive education and healthcare have become today! :(
History has a habit of repeating itself. How many cultures adopted Roman gods and societal practices during it's heyday? The Roman empire still collapsed. A large percentage of any population looks upon change as something bad or to be avoided. I'm doing my best to embrace the change.
Thats good! :)