Updated: Aug 5, 2020
"Man is born free, and everywhere he is in chains. One man thinks himself the master of others, but remains more of a slave than they are."
Friday 9th March 2018, was the day I finally paid off my student loan. HOOOORAAAY!!! FREEDOM from student loan bondage! The settlement figure was £157.19 and I was so excited to pay it! I made the payment over the telephone to a cheerful Scotsman at the Student Loan Company call centre. Here’s the numbers, for those who love numbers:
Loan start date: 30th September 1999
Loan end date: 9th March 2018
Loan duration: 18.5 years
Amount borrowed: £4,370.00
Stipulated interest rate - inflation 0.5-2.5% - who really knows???
Total repaid (including interest): £5,458.25
Total interest paid: £1,088.25
Total percentage interest paid: 24.9%
In September 1999 I started studying for a degree in business economics at Kingston University, living in Clayhill Halls of Residence, a short walk from the Penrhyn Road Campus. I also borrowed £4,370.00 from the Student Loan Company. At the time my mum said, “No Cory! Don’t do it! You don’t need it!”.........My response was something like, “Chill out Mum! I want to borrow a little bit of money, just in case I need it.” Hahahahah..I find that so funny now. How stupid of me! This was part of my mis-education on money.
I felt like a BIG MAN, finally free from the clutches of my family. I had arrived! My bank was so kind and generous, upgrading my account to a Student Bank Account. I got my very first credit card with a £250 limit....Oooh-la-la...Creeedit Caaaard! My eyes opened wide with anticipation; I was salivating to spend! Are you aware that the first Credit Card was issued by Bank of America in 1958? Anyway! My bank also went the extra mile, giving me a “free” overdraft of around £500. I thought I’d died and gone to heaven. Because I loved to shop and spend! Unfortunately, the opposite was true. I'd unknowingly sold myself into a life of debt servitude and bondage. Up until that time I'd been a gold rich student, paying for everything with cash, and intuitively knowing that Gold is God's money.
As a boy growing up in Stonebridge (see HIS-STORY of CORY - Part 1 of 3) in the 80's I was captivated by gold and gold jewellery; the shiny almost magical metal that some are willing to kill and be killed for. When I was 10 years old my mum bought me and my sister a chemistry set; I remember trying to gold-plate something after reading about electroplating in my science textbook. Looking back now I’m surprised I didn't electrocute myself, as I put the live keyboard adapter cable into a cup of salt water. Divine intervention? I don’t know what I was thinking either! Perhaps I have my grand-grandfather’s genes? He was Chief Goldsmith for Prempeh II.
In September 1996 for my 16th birthday, my mum bought me a 22 carat gold ring with an onyx stone; we went to the Indian Jewellery Quarter on Ealing Road, Wembley to buy it. I’d never seen so much Gold in all my life! WOW Gold everywhere! If you know anything about 22 carat “Indian Gold”, it has a deep orange-yellow colour and 91.6 percent pure gold content.
In September 1997, for my 17th Birthday, I wanted a 9 carat gold chain to wear around my neck. 9 carat gold has the traditional western yellow colour and 37.5% pure gold content; being mixed with a higher percentage of other metals, makes it stronger, more durable and particularly suited to the creation of jewellery. 9 carat gold is much cheaper than 22 carat gold, because it contains less gold. 24 carat is the gold standard at 99.99 percent pure gold content.
So where to buy my gold chain? Decisions, decisions! I consulted The Wise Oracle aka my mother, who said Hatton Gardens was the place to go for gold and diamonds. So I embarked on an adventure to Hatton Garden to buy my gold chain. WOW! So much Gold! Gold everywhere! I felt like India Jones finding an abundance of lost treasure. The gold chains were dripping from the displays in the shop windows. The area was very secure. You had to buzz an intercom to gain entry into each shop, as is the custom for Jewellery and precious metals dealers. I stopped at the window of Club Jewellers, 34 Greville Street, seeing the exact gold chain I'd been dreaming about for months! I buzzed the intercom for entry. "Julian the Jeweller", pushed a button under the counter, the door unlocked and I entered. On September 19th 1997, when I went to buy this chain, gold was trading (selling) for around £6 per gram (24 carat gold/99.99 per cent pure gold). Julian weighed the chain on his digital scales, punched in the figures on his calculator, and then named a price. I negotiated a little and we settled on the figure of £75.00; I paid in cash.
For my 18th Birthday a year later, I took another trip to Hatton Garden to see Julian The Jeweler. This time I wanted a one ounce (31.1 grams) 9 carat gold bracelet-chain for my wrist. In September 1998 gold was selling for around £5.50 per gram (24 carat gold/99.99 per cent pure gold). As before, Julian weighed the gold bracelet and then punched the figures into his trusty calculator, coming up with a price. Again, I negotiated a little and we settled on £130.00. I paid in cash. Buying gold from Julian The Jeweler in Hatton Garden is where I first learnt about the gold market; on his wall was a digital display showing the current price of gold. How much I paid for my gold gear depended on the price gold was trading for at that time, set by London Bullion Market Association, measured in grams or ounces. In a free and fair market, the price of gold is dictated by the supply and demand for gold.
When I bought my first gold chain in September 1997, I had just begun studying economics (or death by drawing supply and demand graphs) at Harrow College. I had two good economics teachers; one named “Bruce” and I’d describe him as an English version of Sherman Klump in The Nutty Professor. My other teacher was lovely, but a bit nutty too! She would tells us about her private life and in funny way, how depressed and tired she was. I believe she had recently become a mother of twins, so that’s understandable. Anyway! Our lessons were often very, very boring. NO! EXTREMELY BORING! lol! But I loved the subject! Essentially economics is about money, business and people’s behaviour. Much of the prevailing economic theory is garbage, dreamt up by professors who don't live in the real world! But hey! They say: "One man's trash, is another man's treasure!"
However this economics class is where first learnt about modern day fractional reserve banking and the role “Goldsmiths” played in its development. I believe the creation of fractional reserve, monetary banking system is the biggest scam ever perpetuated against humanity. It's legalized theft, aided and abetted by governments all around the world, in agreement with the banks! There's a reason why bankers are often referred to as magicians; essentially magic is the art of misdirection, illusion, sleight of hand and psychological manipulation. The great thing is, we're now waking up from these tricks, that have been played on our minds.
On Saturday 1st October 2011, the price of gold reached an all time high of around £35 per gram (24 carat/99.99 per cent pure gold). And I was jumping for joy! On the day I write this:
On Monday 16th April 2018, gold was trading at around £30.30 per gram.
On Thursday 1st January 1970, gold was trading at around £0.47 per gram.
So to illustrate, had I bought a one ounce (31.1 grams) pure gold bracelet:
On Thursday 1st January 1970, it would have cost around: £14.62 (£0.47 per gram)
On Saturday 1st October 2011, it would have cost around: £1,088 (£35 per gram)
On Monday 16th April 2018, it would have cost around: £942.33 (£30.30 per gram)
Remember the 9 carat gold bracelet that I purchased for my birthday and paid £130.00 in September 1998? In March 2018, a similar one was selling online for £860.00!
WOW! What happened? Do you understand why that is? I would love to tell you that I still have this bracelet, however sometime in 2001 two guys held me up in my neighbourhood and tried to rob me for it! It was a very surreal experience, but my dad I had warned me that such a thing would happen. That was the last straw! Why?
In early 2000 I purchased a beautiful, heavy weight 2.5 ounce (78 grams) 9 carat gold mariner chain to wear around my neck, which cost me around £300.00 (In March 2018 the price was £2,100.00! Do you understand why that is?). This was an upgrade from my previous birthday chain. Being young and at University, it had a lot to do with my ego and who among us could have the biggest and brightest chain! Bling! Bling! That was the time we were living in. Unfortunately, this chain miraculously disappeared from the top of my bedside cabinet, while I slept in a hotel room. A group of us had gone to Birmingham, for a UK University Festival. A “friend” from my business economics class was sharing the room with me; apparently he knew nothing about my chains disappearance! And neither did anybody else. It was a magical and practical economics lesson for me! It was also a painful and confusing learning experience, that trapped a lot of my life force particles. Who could I trust?
I reviewed my life and my behaviour and made the decision to completely free myself from the chains of bondage. I sold the gold bracelet to a Prawn Brokers on Willesden High Road for £120.00 cash. I used the currency to purchase something more valuable than gold; I bought a load of books from WH Smith, in Brent Cross. A few of the books I bought were: Awaken the Giant Within, How to Win Friends and Influence People and The Arc of Ambition. Being robbed and killed for my gold chains didn’t make any sense to me! And as you already know, I love my freedom!
FOR THE PAST 7 YEARS, I’ve paid cash for everything in my life, both personal and business. Yes, that’s correct! No credit cards, loans, overdrafts or mortgages! I've been living within my means and paying off old debts taken out in ignorance and recklessness. In terms of my happiness, wellbeing and feeling of freedom, it’s been my best 7 years ever! I’ve also been able to achieve a lot personally and professionally.
University students and their debts have been “securitised” like the mortgages that caused the entire financial system to collapsed in 2008. Students and their debts have been turned into a financial asset and sold to the highest bidder, providing an income stream for investors. Remember that The Government and The Bankers work in agreement! And they always have!
On the 2nd January 2018, I received a letter from Peter Lauener, Chief Executive of the Student Loan Company informing me of the following:
Dear Mr Smith,
Sale of Income Contingent Repayment (ICR) Student Loans
For information only − no action required
“Following the decision by the UK Government to sell part of the student loan book, the Student Loans Company (SLC) have been asked by the Secretary of State for Education to write to you on her behalf to inform you that your loan(s) is (are) among those that have been sold.”
............The new owner of your loan(s) is Income Contingent Student Loans 1 (2002−2006) Plc. This is an independent investment company which has purchased part of the student loan book on behalf of a number of investors.
Thank God I paid off my student loan, I was 18 years a slave!