1st January 2013
Note the similarity between the rhetoric used here and that used by those who promote the ‘war on drugs’.
Today’s economic warfare is not the kind waged a century ago between labor and its industrial employers. Finance has moved to capture the economy at large, industry and mining, public infrastructure (via privatization) and now even the educational system. (At over $1 trillion, U.S. student loan debt came to exceed credit-card debt in 2012.) The weapon in this financial warfare is no larger military force. The tactic is to load economies (governments, companies and families) with debt, siphon off their income as debt service and then foreclose when debtors lack the means to pay. Indebting government gives creditors a lever to pry away land, public infrastructure and other property in the public domain. Indebting companies enables creditors to seize employee pension savings. And indebting labor means that it no longer is necessary to hire strikebreakers to attack union organizers and strikers.
Emphasis added to draw attention to the verbal sleight-of-hand being used to re-direct blame and paint the perpetrators as victims. As with using drugs, borrowing money is a voluntary choice, and if you do so stupidly, nothing external to yourself can save you — not the law, not the government, not your family, not your friends, not the Obamassiah. It’s a self-inflicted wound. Nobody can ‘load you up with debt’ without your consent.
Sure, financiers (like drug dealers) prey on the stupid and immature. But stupidity and immaturity are not features, but bugs — and the way you get over them (if you ever do), as with sticking your hand in the fire, is to get burned. Sure, modern society promotes stupidity and immaturity, since the Crust likes dependent, easily manipulable clients — but life is tough all over, and ‘the woman tempted me, and I ate’ is not an adequate excuse.