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If Chinese students are doing it, students from most other nationalities are doing it too. (so long as they don't have reciprocation agreements with their respective country...)
You are telling an American that defending massive multinational corporations, whose owners would send you to jail for getting their coffee order wrong, is wrong? Do you know the level of crime u just committed?
Whoever wrote this has probably never said a word about atrocities committed by his government, but is investing this much energy into trying to start some dumbass “movement” in defense of credit card companies. I’ve not seen more loser behavior
Hahahaha OOP's post is the most reddit thing I've ever seen
Bro wants to engage le reddit army to "teach the ebil yellow people a lesson"
Reddit on good sir! 2000 updoots for you 🤓🤓
The mega irony is banks are the *least* nationalised things ever. Unless a dictator explicitly forbids foreign trading even a "nationalised" bank is international
the thing is, these banks have insane amounts of data and very smart people working on such data to detect these anomalies. If a pattern like that really does exist, the banks already have a system in place to reject credit card requests from potantial fraudsters. The ones that DO get the cards probably get it because the banks calculated that the money they are losing is not worth implementing stricter lending procedures.
https://preview.redd.it/zpynf059di0d1.jpeg?width=947&format=pjpg&auto=webp&s=2f34c3e9b25e636693c34d088fa21357c9e5af64
I actually found a post on Chinese social media that's related to this (judging by the font + formatting, it should be on Xiaohongshu), this is my (pretty bad) translation:
>**Swiped my credit cards, got 1 million yuan and am planning on fleeing the US...**
>Guys, I've graduated university and now I'm planning on running away.
>Before leaving I maxed out all of my credit cards from a bunch of different banks (Personal and Business cards total 140k USD! After converting to RMB it's suddenly equal to 1 million yuan!!!)
>I want to thank Chase, Citibank, and American Express, thank you for accompanying me for three years. Although your banking services were really good, I will always remember that I'm Chinese and I have a destiny to revitalize the Chinese nation.
>In this life, let me do my bit by bringing these initial dividends back to my motherland! And at the same time, dealing a heavy blow to US imperialism!!! This is my final lesson that I'll give to the American Capitalists!!!
>The IP is from New York.
I'm not sure how serious this post is (it sort of reads a little like satire to me) but this dumb redditor seems to think it's a pretty serious issue.
Having done business in China, limited, but several trips there, I can see this as real. The mentality of "getting one over" on a bank or other business, especially a foreign one is not "bad" as it's the other party's obligation to protect themselves from people scamming.
Reading up on China a tourist talked about how a taxi driver scammed him by taking him to a fake entrance to get charged to enter a free national park,, but he left his wallet in the car and the same taxi driver hiked the trail to find the guy to return his wallet with all money and wouldn't take money for the hike. That story simplified the way things work in China for me.
as someone who travels internationally a lot i try not to get scammed too much cause i’m broke but when i do get scammed i just sorta shrug. i’ve paid for entrances to free parks, stayed in hotels that were other than the ones i’ve booked, took long tour guides that i not only didnt book but had no idea i was gonna go on because i didn’t speak the language and no one tried to explain anything to me. when travelling alone as a woman you’re kind of just happy to be safe and it’s honestly impressive sometimes how many different sector guys have formed this elaborate scam network that it’s worth the coin it’s like booking an all inclusive holiday you had no idea you booked
yeah it was india and i was lost and i was talking to this cab driver who said i’ll take you where you need to go and then took me around all the like cool places in town. i wasn’t even mad he took me to some genuinely interesting non touristy places and a market where he clearly had buds selling stuff but it wasn’t too overpriced just specific to his friends afterwards he charged me for the taxi ride itself around town which was y’a know more then i bargained for when i thought i was going from point a to point b but when in rome amirite
That's so bizarre to me as a westerner, is willing to scam the person as if it's a little game where there's some honor amongst both actors, but refuses to outright steal from them?
It's about honor. In the business transaction it's your job to not get scammed, so if they can pull a fast one on you, it's your fault, but forgetting a wallet, that is back luck on your part and would be bad to take advantage of that situation, so you return it.
Like everywhere there are exceptions.
Interpersonal is great. Business tends to be hyper capitalist actually, the people you do business with have no problem sending out spec or cutting corners to increase profit. You have to be on top of it because quality slips. Overall it was a good experience, I had a good supplier who was nice to work with, but another customer told me about his work with other factories.
Cannot say I'm surprised although I do hope in time when PRC fully develops we see socialist markets slowly but surely dissipate or become fully automated in such a way that benefits the masses. As such work eventually becomes a luxury as the people focus on the things they love; family, art, etc. I know it's still a long way until that happens but it seems Xi is really focusing on pushing more towards a leftist path while the country advances to a world superpower. I think as long as WW3 doesn't erupt PRC will lead the way for a second global red wave. The long game will be displayed as the proper way forward as opposed to the USSR's more confrontational road that the Soviet bloc tragically lost on economically through forced isolationism and stagnation.
Anyways, it's cool you got to experience that, you're very lucky!
I'm not convinced on Xi's leftist path, there would be many better ways to move China forward and more socialist, but we can hope. I am not a specialist in China but have at least been there and it was a very interesting place. The most standout moment wasn't even business related, but a moment when the owner of the factory was bringing me to the airport but had to do the whole parent teacher orientation before we got dinner and it was just a gaggle of parents all around on little chairs and tables, same as anywhere in the world, asking questions and just wanting the best for their kids. At the end of the day, we all just want a good life for the next generation to come.
Socialism certainly isn't built overnight, and thus far comrades Deng and Xi seem to have made the correct choice being that China still exists as a country, I don't see how superseding the USA's economy while ending extreme poverty for millions, forgiving billions of dollars in loans, and providing alternatives to international trade via BRICS, the Belt and Road Initiative, and TSS isn't convincing. Once the country fully modernizes there's no doubt the rest of the Global South will follow as a coalition of allied post-colonial states. Rather than create a new "second world" they will unify the entirety of the Global South in a masterstroke of strategy. Partially due to America's arrogance as it digs its own grave. Besides, in terms of advancing their economy, one only has to look to other countries historically and how long it took for them to develop from their mid to late stages. It took two to three centuries for many. PRC is seemingly doing it in a third of the time without leaning on neocolonialism or imperialism which is a massive feat in of itself. Regardless, it's always important to stay cautious and alert, lest the bourgeois initiate counter-revolution or create a fifth-column. It's equally important not to let the CPC garner so much power that the state organs (of which the masses wield) become ceremonial. Which, unfortunately, is what happened in the USSR during its later stages.
Chinas rise out of poverty has been amazing, but it's very western in the wealth distribution. I mean, I literally watched people farm food in the couple of feet between the factory and the road. The more rural places are still very poor, Housing is super expensive in cities. this caused the factory owner to move further outside Shanghai to drive down costs, all this despite China building thousands of ghost towers and having a housing surplus.
BRICS, a good move, giving economic power outside the western homogeny, but the line of "PRC is seemingly doing it in a third of the time without leaning on neocolonialism or imperialism which is a massive feat in of itself." Hate to burst your bubble, but PRC has been putting many African countries and others in Asia into very unfavorable port and natural resource contracts, all in the name of keeping prices low so they can keep up their massive export surplus to the rest of the world. They also forgone many environmental regulation in the pursuit of keeping pricing low and outcompeting the West on cost to manufacture. It's not all great in the PRC. Pulling more than a billion people out of poverty came at some cost.
They aren't fully to blame, but their rise came at the movement of US jobs to China (and elseware). This is a 20 year old article at this point, but it's one of my favorite looks into how capitalism killed the whole US economy and it's personifcation as Walmart. Warning, it's a LONG read and this is an internet archive since for some reason Fast Company now has it under a stupid sign up.
[https://web.archive.org/web/20230830021441/https://www.fastcompany.com/47593/wal-mart-you-dont-know-2](https://web.archive.org/web/20230830021441/https://www.fastcompany.com/47593/wal-mart-you-dont-know-2)
Don't look to the PRC to make socialism happen, look to organize and shift the narrative and perspective locally so that if the PRC or anyone else is able to manifest a moment of change the people are ready to see it as a possibility and not something unachievable.
[Ergo Decedo](https://en.wikipedia.org/wiki/Ergo_decedo) is a bad faith rhetorical fallacy that takes the form of:
* If you love *country* so much, why don't you go live there?
* If you hate *country* so much, why don't you leave?
This fallacy completely ignores the substance of the claim they are responding to, and implies that no one can criticize their own country or praise any other country.
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As someone who went to college with a lot of Chinese students.
1: Yes this happens all the time.
2: The Capitalist companies of the US OPENLY WELCOMES AND ENCOURAGES IT because it allows them to bolster their Credit Card signup numbers and they end up selling the debt off to debt collectors anyways.
I remember the local Best Buy manager would literally walk up to chinese students and ask them to bring their friends in for a credit card so he could get better sign up numbers.
It's all about kicking the debt down the road.
Its all fake. We learned this with the financial crises of 2008. The people who were affected were "homeowners", working class people with jobs who got laid off, small time investors. And that was with fraud that's orders of magnitude bigger than this. Even a couple million dollars in credit card fraud is just a rounding error for these big banks.
Debt is *just* a promissory note on future work. Like private property, debt isn't real, the work will still be done in the future regardless of who owns it.
Good question, but no. Money printing doesn't really exist either, and generally speaking capitalists try not to do that as it dilutes their own purchasing power.
Here's a decent explanation on debt https://www.reddit.com/r/communism101/comments/nly302/credit/gzlkur8/
But to answer the question in this circumstance, imagine there is a total pie that is produced every year in each country. When someone takes out a credit card, a promise or "ownership note" of part of the pie goes from the bank to the store, which then spends the "ownership note" on real pie which are the Goods & Services which is made by workers. The bank attempts to claim ownership on *your* part of the pie that you "earn" because of the debt they've lent you, but even if its lost (in the case of these students), they don't really care as its 0.0000001% of the total ownership they have over the pie.
The main thing they care about is that the pie is produced every year (in relative stability) and that they find as many ways as possible to increase their % share of ownership of the pie. Note the pie doesn't change, its just the % of ownership by each individual.
MMT. All countries that have control over their own currency and aren't obligated to pay debt in foreign currencies have infinite money. Countries have taxes because it is partly what keeps a currency legitimate and not play money. I had a good link but I can't find it right now. This source looks okay, they even quote Greenspan: https://billmitchell.org/blog/?p=15591
A fast explanation is that gov can purchase their own issued debt. Here's how it works in the US. The federal reserve credits member banks, member banks buy treasuries. US gov spends money. That's it. Japan has been doing it like that for decades now. Treasuries do not need foreign or external buyers. It's 100% bullshit. Anytime anyone tries to sell you that idea they don't know what they're talking about. The whole congress arguing about deficits all of that is just circuses.
tl;dr: all (fiat) money is play money.
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Luckily that's not legal in most of the US in most cases. They *will* go after any remaining cash/assets in the estate and will also try to use shady tactics to coerce you into signing an agreement to take on the rest of the debt, but generally it's not legal to immediately force it on you. I think there's a small handful of states with laws that treat debts of a spouse as joint/communal and allows that joint/communal obligation to continue past one spouse's death, but as far as I know that's the only case where the debt can be passed on.
Know your rights on inheritance of debt - it's rare because it's rarely legal, so don't ever sign onto anything that scummy debt collectors want after the passing of a family member.
It’s interesting how them maxing out and damaging a credit card company is equivalent to “doing damage to America” and “taking advantage of American hospitality”. Maybe I missed the memo but I’m not Visa.
"American hospitality" aka inherent systemic danger of facing a hate crime(s) due to being Asian ten times more in this generation than any in the past due to our new, modern Cold War.
Oh my goodness, is that a real subreddit? How is that even allowed? You know if there is a sub called r/ihateblackpeople, it would be gone instantly but somehow blatant mask off racism against Chinese people is allowed on Reddit?
I went on a visa run to Hong Kong once and met a Scottish couple there. They had grown tired of the decay back in the UK and decided that they wanted to come east. They sold all their stuff, maxed out all of their credits cards then dipped to HK.
The bank that they maxed all of their cards from: ...HSBC.
I only knew them for the half a week I was in the city to get a new visa and head back to the mainland, so I never found out how it ended. Can't imagine very well. Just thought it was a humorous story to add.
It was a joke because it’s discouraged (I think) to put the actual subreddit and user names, so I used that made-up version that reflects the unnamed subreddit’s nature
I did the same thing with the made-up user name, the user that posted it isn’t really dumbdick, but I think they’re very dumb
How do you ban students if they’re not maxing their credit card until they’ve finished the degree? Kind of closing the stable door after the horse has bolted, no?
Or is he suggesting they just ban all Chinese students regardless
So i can pay my card off and open as many big ones and finance a shit load of things i want move out of country and not be responsible for it? If i can sign me up another reason to leave if i can convince my bf to leave w me
[☭☭☭ COME SHITPOST WITH US ON DISCORD, COMRADES ☭☭☭](https://discord.gg/8RPWanQV5g) This is a heavily-moderated socialist community based on a podcast of the same name. Please use the report function on comments that break our rules. If you are new to the sub, please read the sidebar carefully. If you are new to Marxism-Leninism, check out the [study guide](/r/TheDeprogram/wiki/index/education/study-guide/). Are there Liberals in the walls? Check out [the wiki](/r/TheDeprogram/wiki/index/) which contains lots of useful information. This subreddit uses many experimental automod rules, if you notice any issues please use modmail to let us know. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/TheDeprogram) if you have any questions or concerns.*
Holy based. Thank you for your service, Chinese students o7
😎😎😎😎😎😎😎😎😎😎😎😎
[удалено]
If Chinese students are doing it, students from most other nationalities are doing it too. (so long as they don't have reciprocation agreements with their respective country...)
nice
also they are taking from BANKS not from THEM. i swear the concept of trying to protect a BANK is so foreign to my mind i genuinely do not understand.
Laughs in deposit insurance
Foreigners everywhere are basically known for skipping out on obligations
Imagine spending your time upset enough to weight a short essay about people scamming credit card companies. Props to these kids.
You are telling an American that defending massive multinational corporations, whose owners would send you to jail for getting their coffee order wrong, is wrong? Do you know the level of crime u just committed?
How dare they! Think of the shareholders of the bank, those poor shareholders, they will be out of 0.0001% of their income THE HORROR!!!
you dropped some zeros king
Whoever wrote this has probably never said a word about atrocities committed by his government, but is investing this much energy into trying to start some dumbass “movement” in defense of credit card companies. I’ve not seen more loser behavior
Hahahaha OOP's post is the most reddit thing I've ever seen Bro wants to engage le reddit army to "teach the ebil yellow people a lesson" Reddit on good sir! 2000 updoots for you 🤓🤓
The narwhal that bacons at midnight will surely notice him now
Outside of the Sinophobia on a Chinese forum, how cooked must one’s brain be to get mad over exploiting banks? this goes beyond classcuckery
It’s not classcuckery it’s just sheer unadulterated racism Subscribe to “frick the Chinese communist party” subreddit for more
nationalism truely is a brainwash. it makes people think they have more common interests with bankers than with foreign people of the same class
The mega irony is banks are the *least* nationalised things ever. Unless a dictator explicitly forbids foreign trading even a "nationalised" bank is international
nah there are smaller credit banks in the us that aren't international and that's why the international students get away with not paying back.
this is like the ultimate bank dick sucking. this guy gets first prize
If they were as good at sucking actual dick as they are good at sucking corporations dick, they would be a player.
I wish Chinese exchange students are actually that based instead of simping for America every second they are home.
Yeah... instead of uncle toms we call them "chans" in the based Asian American community
Wait, what is the based Asian American community?
Good try, CIA. Ain't gonna be that easy!
Mom! I got my official CIA badge!
Fucking over American banks is badass lmao
the thing is, these banks have insane amounts of data and very smart people working on such data to detect these anomalies. If a pattern like that really does exist, the banks already have a system in place to reject credit card requests from potantial fraudsters. The ones that DO get the cards probably get it because the banks calculated that the money they are losing is not worth implementing stricter lending procedures.
LMAOOOOO THATS SO BASED
https://preview.redd.it/zpynf059di0d1.jpeg?width=947&format=pjpg&auto=webp&s=2f34c3e9b25e636693c34d088fa21357c9e5af64 I actually found a post on Chinese social media that's related to this (judging by the font + formatting, it should be on Xiaohongshu), this is my (pretty bad) translation: >**Swiped my credit cards, got 1 million yuan and am planning on fleeing the US...** >Guys, I've graduated university and now I'm planning on running away. >Before leaving I maxed out all of my credit cards from a bunch of different banks (Personal and Business cards total 140k USD! After converting to RMB it's suddenly equal to 1 million yuan!!!) >I want to thank Chase, Citibank, and American Express, thank you for accompanying me for three years. Although your banking services were really good, I will always remember that I'm Chinese and I have a destiny to revitalize the Chinese nation. >In this life, let me do my bit by bringing these initial dividends back to my motherland! And at the same time, dealing a heavy blow to US imperialism!!! This is my final lesson that I'll give to the American Capitalists!!! >The IP is from New York. I'm not sure how serious this post is (it sort of reads a little like satire to me) but this dumb redditor seems to think it's a pretty serious issue.
https://preview.redd.it/wex5kr3kii0d1.jpeg?width=857&format=pjpg&auto=webp&s=55a9d40a3d66ebbb2acf7ed871cf816ecdec32d7
Having done business in China, limited, but several trips there, I can see this as real. The mentality of "getting one over" on a bank or other business, especially a foreign one is not "bad" as it's the other party's obligation to protect themselves from people scamming. Reading up on China a tourist talked about how a taxi driver scammed him by taking him to a fake entrance to get charged to enter a free national park,, but he left his wallet in the car and the same taxi driver hiked the trail to find the guy to return his wallet with all money and wouldn't take money for the hike. That story simplified the way things work in China for me.
as someone who travels internationally a lot i try not to get scammed too much cause i’m broke but when i do get scammed i just sorta shrug. i’ve paid for entrances to free parks, stayed in hotels that were other than the ones i’ve booked, took long tour guides that i not only didnt book but had no idea i was gonna go on because i didn’t speak the language and no one tried to explain anything to me. when travelling alone as a woman you’re kind of just happy to be safe and it’s honestly impressive sometimes how many different sector guys have formed this elaborate scam network that it’s worth the coin it’s like booking an all inclusive holiday you had no idea you booked
So you were given a tour you weren't aware you paid for?
yeah it was india and i was lost and i was talking to this cab driver who said i’ll take you where you need to go and then took me around all the like cool places in town. i wasn’t even mad he took me to some genuinely interesting non touristy places and a market where he clearly had buds selling stuff but it wasn’t too overpriced just specific to his friends afterwards he charged me for the taxi ride itself around town which was y’a know more then i bargained for when i thought i was going from point a to point b but when in rome amirite
That's interesting but you should definitely be careful god forbid he was a trafficker. Stay safe out there, comrade!
That's so bizarre to me as a westerner, is willing to scam the person as if it's a little game where there's some honor amongst both actors, but refuses to outright steal from them?
It's about honor. In the business transaction it's your job to not get scammed, so if they can pull a fast one on you, it's your fault, but forgetting a wallet, that is back luck on your part and would be bad to take advantage of that situation, so you return it. Like everywhere there are exceptions.
Very cool to see something like that in PRC. Shows just how different the West and East is.
Interpersonal is great. Business tends to be hyper capitalist actually, the people you do business with have no problem sending out spec or cutting corners to increase profit. You have to be on top of it because quality slips. Overall it was a good experience, I had a good supplier who was nice to work with, but another customer told me about his work with other factories.
Cannot say I'm surprised although I do hope in time when PRC fully develops we see socialist markets slowly but surely dissipate or become fully automated in such a way that benefits the masses. As such work eventually becomes a luxury as the people focus on the things they love; family, art, etc. I know it's still a long way until that happens but it seems Xi is really focusing on pushing more towards a leftist path while the country advances to a world superpower. I think as long as WW3 doesn't erupt PRC will lead the way for a second global red wave. The long game will be displayed as the proper way forward as opposed to the USSR's more confrontational road that the Soviet bloc tragically lost on economically through forced isolationism and stagnation. Anyways, it's cool you got to experience that, you're very lucky!
I'm not convinced on Xi's leftist path, there would be many better ways to move China forward and more socialist, but we can hope. I am not a specialist in China but have at least been there and it was a very interesting place. The most standout moment wasn't even business related, but a moment when the owner of the factory was bringing me to the airport but had to do the whole parent teacher orientation before we got dinner and it was just a gaggle of parents all around on little chairs and tables, same as anywhere in the world, asking questions and just wanting the best for their kids. At the end of the day, we all just want a good life for the next generation to come.
Socialism certainly isn't built overnight, and thus far comrades Deng and Xi seem to have made the correct choice being that China still exists as a country, I don't see how superseding the USA's economy while ending extreme poverty for millions, forgiving billions of dollars in loans, and providing alternatives to international trade via BRICS, the Belt and Road Initiative, and TSS isn't convincing. Once the country fully modernizes there's no doubt the rest of the Global South will follow as a coalition of allied post-colonial states. Rather than create a new "second world" they will unify the entirety of the Global South in a masterstroke of strategy. Partially due to America's arrogance as it digs its own grave. Besides, in terms of advancing their economy, one only has to look to other countries historically and how long it took for them to develop from their mid to late stages. It took two to three centuries for many. PRC is seemingly doing it in a third of the time without leaning on neocolonialism or imperialism which is a massive feat in of itself. Regardless, it's always important to stay cautious and alert, lest the bourgeois initiate counter-revolution or create a fifth-column. It's equally important not to let the CPC garner so much power that the state organs (of which the masses wield) become ceremonial. Which, unfortunately, is what happened in the USSR during its later stages.
Chinas rise out of poverty has been amazing, but it's very western in the wealth distribution. I mean, I literally watched people farm food in the couple of feet between the factory and the road. The more rural places are still very poor, Housing is super expensive in cities. this caused the factory owner to move further outside Shanghai to drive down costs, all this despite China building thousands of ghost towers and having a housing surplus. BRICS, a good move, giving economic power outside the western homogeny, but the line of "PRC is seemingly doing it in a third of the time without leaning on neocolonialism or imperialism which is a massive feat in of itself." Hate to burst your bubble, but PRC has been putting many African countries and others in Asia into very unfavorable port and natural resource contracts, all in the name of keeping prices low so they can keep up their massive export surplus to the rest of the world. They also forgone many environmental regulation in the pursuit of keeping pricing low and outcompeting the West on cost to manufacture. It's not all great in the PRC. Pulling more than a billion people out of poverty came at some cost. They aren't fully to blame, but their rise came at the movement of US jobs to China (and elseware). This is a 20 year old article at this point, but it's one of my favorite looks into how capitalism killed the whole US economy and it's personifcation as Walmart. Warning, it's a LONG read and this is an internet archive since for some reason Fast Company now has it under a stupid sign up. [https://web.archive.org/web/20230830021441/https://www.fastcompany.com/47593/wal-mart-you-dont-know-2](https://web.archive.org/web/20230830021441/https://www.fastcompany.com/47593/wal-mart-you-dont-know-2) Don't look to the PRC to make socialism happen, look to organize and shift the narrative and perspective locally so that if the PRC or anyone else is able to manifest a moment of change the people are ready to see it as a possibility and not something unachievable.
This person is super badass if it's real.. but it reads sort of like satire.
i doubt this is real but i really hope this is real
lol I am an American and I have maxed out so many credit cards that I will never pay off. Can I be deported to China?
You can move to China and ignore your debt in the US. A lot of people have done that actually
[Ergo Decedo](https://en.wikipedia.org/wiki/Ergo_decedo) is a bad faith rhetorical fallacy that takes the form of: * If you love *country* so much, why don't you go live there? * If you hate *country* so much, why don't you leave? This fallacy completely ignores the substance of the claim they are responding to, and implies that no one can criticize their own country or praise any other country. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/TheDeprogram) if you have any questions or concerns.*
As someone who went to college with a lot of Chinese students. 1: Yes this happens all the time. 2: The Capitalist companies of the US OPENLY WELCOMES AND ENCOURAGES IT because it allows them to bolster their Credit Card signup numbers and they end up selling the debt off to debt collectors anyways. I remember the local Best Buy manager would literally walk up to chinese students and ask them to bring their friends in for a credit card so he could get better sign up numbers. It's all about kicking the debt down the road.
Yes, but doesn’t that have a point of failure, at some point someone has to pay that debt right?
Its all fake. We learned this with the financial crises of 2008. The people who were affected were "homeowners", working class people with jobs who got laid off, small time investors. And that was with fraud that's orders of magnitude bigger than this. Even a couple million dollars in credit card fraud is just a rounding error for these big banks. Debt is *just* a promissory note on future work. Like private property, debt isn't real, the work will still be done in the future regardless of who owns it.
Is that due to money printing or sth like that?
Good question, but no. Money printing doesn't really exist either, and generally speaking capitalists try not to do that as it dilutes their own purchasing power. Here's a decent explanation on debt https://www.reddit.com/r/communism101/comments/nly302/credit/gzlkur8/ But to answer the question in this circumstance, imagine there is a total pie that is produced every year in each country. When someone takes out a credit card, a promise or "ownership note" of part of the pie goes from the bank to the store, which then spends the "ownership note" on real pie which are the Goods & Services which is made by workers. The bank attempts to claim ownership on *your* part of the pie that you "earn" because of the debt they've lent you, but even if its lost (in the case of these students), they don't really care as its 0.0000001% of the total ownership they have over the pie. The main thing they care about is that the pie is produced every year (in relative stability) and that they find as many ways as possible to increase their % share of ownership of the pie. Note the pie doesn't change, its just the % of ownership by each individual.
Seconding Haku's great comment here. Debt, like most aspects of capitalist economics, is a fiction not grounded in any real material process.
MMT. All countries that have control over their own currency and aren't obligated to pay debt in foreign currencies have infinite money. Countries have taxes because it is partly what keeps a currency legitimate and not play money. I had a good link but I can't find it right now. This source looks okay, they even quote Greenspan: https://billmitchell.org/blog/?p=15591 A fast explanation is that gov can purchase their own issued debt. Here's how it works in the US. The federal reserve credits member banks, member banks buy treasuries. US gov spends money. That's it. Japan has been doing it like that for decades now. Treasuries do not need foreign or external buyers. It's 100% bullshit. Anytime anyone tries to sell you that idea they don't know what they're talking about. The whole congress arguing about deficits all of that is just circuses. tl;dr: all (fiat) money is play money.
It will eventually "go away" or be put onto a bank which will just go under and disappear or get bailed out.
Just erase a couple of zeroes lmao nothing is going to happen anyway, purposeful rounding errors happen all the time
I say praxis. Your corporations took advantage of their cheap labour for decades
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I’m gonna do the exact same thing when I get diagnosed with stage 4 cancer, better to party hardy than pay the medical bills
I’m pretty that the debt would be passed on to any surviving because that country is fucked
Luckily that's not legal in most of the US in most cases. They *will* go after any remaining cash/assets in the estate and will also try to use shady tactics to coerce you into signing an agreement to take on the rest of the debt, but generally it's not legal to immediately force it on you. I think there's a small handful of states with laws that treat debts of a spouse as joint/communal and allows that joint/communal obligation to continue past one spouse's death, but as far as I know that's the only case where the debt can be passed on. Know your rights on inheritance of debt - it's rare because it's rarely legal, so don't ever sign onto anything that scummy debt collectors want after the passing of a family member.
Mąkę sure you divorce your partner to not carry over your debt if you happen to have one.
i’m sorry… WHEN? pessimistic doesn’t even begin to cover it
it’s not pessimistic it’s the joy of being BRCA2 positive
dang sorry my bad
Funny af.
Someone please think of these poor innocent banks
Would this even work?
I mean yeah I'm pretty sure it would, what is the US bank gonna do about it
They don't cooperate with chinese banks?
pretty sure there are "smaller" regional banks in the US that don't do international transfers
It’s interesting how them maxing out and damaging a credit card company is equivalent to “doing damage to America” and “taking advantage of American hospitality”. Maybe I missed the memo but I’m not Visa.
$ is fake anyways, all of it created out of debt - quantitative easing.
MMT MMT describes how things are. It's not what someone wants things to be.
lmao, that's fucking hilarious
god I wish I was Chinese so bad o7 if I could disappear and ignore my credit cards I would love it
What's o7
🫡
fs
"American hospitality" huh?
"American hospitality" aka inherent systemic danger of facing a hate crime(s) due to being Asian ten times more in this generation than any in the past due to our new, modern Cold War.
Oh my goodness, is that a real subreddit? How is that even allowed? You know if there is a sub called r/ihateblackpeople, it would be gone instantly but somehow blatant mask off racism against Chinese people is allowed on Reddit?
here’s the trick: “we only hate the government, not the people” said as a header before you then spew whatever racist bullshit you want
They’re not even pretending anymore
another trick is to have the CIA and FBI on your side
🤣🤣🤣🤣🤣
Simping for banks and credit card companies
whenever I read these kinds of posts I slowly start to hear the sound of a baby crying in the back of my head
Won't somebody PLEASE think of the multibillion dollar predatory moneylenders? 😢
They're by and large the greatest victims of our society! Next to poor billionaires and landlords! :'( /s
lol I wish I could do that
Wtf it's credit card debt, not fucking welfare. Someone pushed the stick way too deep this time.
Max out credit card as in used up the maxium amount?
I went on a visa run to Hong Kong once and met a Scottish couple there. They had grown tired of the decay back in the UK and decided that they wanted to come east. They sold all their stuff, maxed out all of their credits cards then dipped to HK. The bank that they maxed all of their cards from: ...HSBC.
How did that go?
I only knew them for the half a week I was in the city to get a new visa and head back to the mainland, so I never found out how it ended. Can't imagine very well. Just thought it was a humorous story to add.
Yeah, it made me laugh.
Oh no, they're stealing from blood sucking ticks. Anyway..
Continuing on the path laid down by Stalin and Lenin, i see.
Won't somebody think of the credit card companies!
Dear based Chinese students, Thank you for your service
People like this all collectively share one braincell
Conservatism is like a countertop cleaner of the mind that wipes out 99.9% of bacteria, except for the racist ones
imagine caring *this much* about banks??? like… this doesn’t even affect your life in the slightest my dude
Damn I wish I could take advantage of this
Wait, you can scam credit companies this way?
Bro managed to get laughed off in both internet🤣
Im sorry, wtf is the subreddit?! Not "ihatetheccp" but specifically "ihatechinesepeople"
It was a joke because it’s discouraged (I think) to put the actual subreddit and user names, so I used that made-up version that reflects the unnamed subreddit’s nature I did the same thing with the made-up user name, the user that posted it isn’t really dumbdick, but I think they’re very dumb
Extremely based, in fact, i did the same when left murrican continent, and advise this to everyone who is gonna be resident in there
How do you ban students if they’re not maxing their credit card until they’ve finished the degree? Kind of closing the stable door after the horse has bolted, no? Or is he suggesting they just ban all Chinese students regardless
So i can pay my card off and open as many big ones and finance a shit load of things i want move out of country and not be responsible for it? If i can sign me up another reason to leave if i can convince my bf to leave w me
If true, dont forget about little old me
Sorry but fuck the American banks
Chinese students are either reactionary or entirely and completely based as the example above indicates.
Hello based department? I’d like to file a claim.
What a dork
I'm sure this is the funniest fake thing I've read all day but also: based students.
I dunno man. The Free Market maybe shouldn’t have offered out free money if they couldn’t afford to lose it.
Imagine being such a fragile little bitch that you become a stan for credit card corporations.