Open Thread June 6 - June 12, 2016

Elo

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If it's worth saying, but not worth its own post (even in Discussion), then it goes here.

Notes for future OT posters:

1. Please add the 'open_thread' tag.

2. Check if there is an active Open Thread before posting a new one. (Immediately before; refresh the list-of-threads page before posting.)

3. Open Threads should be posted in Discussion, and not Main.

4. Open Threads should start on Monday, and end on Sunday.

It's actually not that bad.

People on welfare can already borrow money on credit cards and so on. If they get into default the only legally enforceable repayment arrangements are ones where they are not forced below subsistence levels. Yes, lenders can end up getting pennies a week. Yes, it is basically their fault,

You can get the situation where someone borrows against their livelihood in some kind of libertopia where the lenders right to their money overrides the borrowers right to eat.

Also, if someone is using GBI to start a business, borrowing to buy equipment is pretty reasonable,

Also, if someone is using GBI to start a business, borrowing to buy equipment is pretty reasonable,

And what happens if the business fails?

0Lumifer10y

Your picture of people on welfare seems a bit rosy. You think everyone has credit cards? [...] Correct. However that generally involves declaring personal bankruptcy, at which point you're locked out of all credit (including credit cards) for a few years. It is, of course, possible to make GBI, to use a legal term, "non-garnishable" meaning it cannot be collected to satisfy a judgement against a person. But that would make it impossible to use it as collateral for a loan to buy equipment, for example. The child support payments also could become an issue.