Wally, if you dig further into the situation, you should find that part of the "Soundness" is attributed to the "assets" that the student loans represent. I doubt if NZ has that stupidity on its own.
One other factor here is that so many of our brighter people stay overseas to avoid repayments.
From here, they either take (took?) advantage of the abundant opportunities in Britain and Europe for keen young S. Hemisphere people with strong work ethic, plus the great exchange rate, to pay off their loans in quick time, or they stay there permanently and we lose them. This family has one of each!
Regards.
John R.
From:
wmklinck@shaw.caTo:
socialcredit@elistas.comDate: Mon, 25 May 2009 22:48:44 -0600
Subject: [socialcredit] Student Debt in Canada
For the interest of members of this list, I just came upon some statistics for Student Debt in Canada: $13 billion loans from the federal government and increasing at about $1 million per day. Doesn't include $5 billion owed to provincial governments for student loans or any personal debts incurred by students through use of credit cards or credit lines. This year nearly 360,000 students took out loans from the feds and the Canadian Federation of Students claims that the amount of student debt is so enormous that it depresses spending and will impair Canada's recovery from the "recession." (wonder where they think these loans originate and what the students do with these monies!) The Canadian Association of University Teachers worries that burdening students with all these billions of debt will have far-reaching negative effects on the Canadian economy and socio-economic inequality. It cost me during the 1960s and 70s about $400 per year for university tuition and books! Now these item cost students tens of thousands of dollars and they emerge with their degrees saddled with debts often in the $20-$90,000 range. But Mr. Flaherty, our Federal Finance Minister says that Canada has a "sound financial system"! Understandable I suppose inasmuch as he is reported to be a Governor of the World Bank and International Monetary Fund. He graduated from Princeton
cum laude and from Osgoode Hall and practiced law for about twenty years before entering politics.
Wally
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Pinching the hip-pocket nerve?---------------------------------------------------------------------
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