Does Debt= Slavery?

[RealityStrikes]

I have often wondered..... What is the root behind our great deficit and why won't it ever be payed back as long as the world turns? I have thought long and hard on this topic for many years, as I fall more and more financially in debt with creditors time after time. Until one day, after hearing an individual say to another......" sir, I am grateful for what you have done for me. I am deeply in your debt. Whatever you want me to do, just ask and I am there for you."

At that moment, the biggest light bulb clicked on in my head. I thought to myself, "This guy has just offered himself to this other guy as a servant or slave!"

Stressing off of the fact that I'm in financial debt has started to take toll on me more than ever before. Not that I'm unable to pay off my debts. That isn't the issue at hand. But is there something more significant going on that I'm not making myself aware of? Does being in financial debt actually equate to being some kind of servant or slave to those you owe? If so, then the true slave masters must be the Federal Reserve Bank.

Think about it. Many of us Americans need loans in order to fulfill our dreams. So we borrow from our local banks. Well the banks often have no choice but to do some borrowing themselves. When they do, they borrow from the Federal Reserve Bank, which is in control of printing all the money, and at which every dollar has its own debt attached to it. So every dollar that is printed and circulated, must be paid back with interest. Making the local banks at the mercy of the Federal Bank, and us at the mercy of our local banks.

Does anyone here believe that the Federal Reserve Bank was put here for the sole purpose of bailing us out of financial crisis's? Or was their initial plan to ultimately put every American in a financial bind called debt, making us their slaves?

In 2003, President Bush borrowed over 200 Billion dollars for the war on terror. And just a couple of years ago, our Auto Industry, Banks, and other Fortune 500 companies all had their hands out begging for help. This all reminds me of the Federal Reserve Act of 1913. It is believed that someone spread a awful rumor about the local banks, which in turn caused millions of Americans to do mass withdraws. The Banks had to call in all their loans. And as a result, cry out to the Federal Reserve Bank for help. Some speculate that then President Woodrow Wilson would later regret signing the Federal Reserve Act with a quotation he supposedly stated right after signing the bill.

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence. Now many argue that this is all false and part of some kind of conspiracy against our Govt. I'm no conspiracy theorist, but I'm also not ignorant enough to NOT take this speech into consideration.

IMO, the Federal Reserve had the ability to create the rumor, blame it on someone else, and cleverly offer to not only fix the situation but take total control, so that the bank crisis of 1913 wouldn't happen again. As a result, we are all to this day financially in their debt. We are their slaves.

 

[william the wie]

I totally agree. Been out of debt since 92.

 

[JULIO]

It’s not easy, but it can be done. You just have to change the way you think about money, which takes time and effort.

 

[Bern80]

It’s not easy, but it can be done. You just have to change the way you think about money, which takes time and effort.

Correct. And that really is a major difference between those that make a lot of money and those that struggle financially. As one author said, the money game is simply about who is indebted to whom. To make money you need people to be indebted to you. Problem is most people are indebted to someone else.

And Debt in of itself is not a bad thing. You're not a bad person or a poor money manager for having debt. It's only problematic when there is no longer a reasonable expectation that you can pay for it. Like our government. The debt keeps growing, but nothing else is changing. They aren't bringing in significantly more tax revenue. Budgets aren't being cut in any significant way. That tupe of spending, whether it be personal or government is not sustainable.

 

[Neubarth]

DEBT can not be Slavery as long as we have recourse to the various forms of Bankruptcy.

 

[boedicca]

DEBT can not be Slavery as long as we have recourse to the various forms of Bankruptcy.

When the country's current debt is $45K per person, and unfunded liabilities dwarf that amount, the tax burden placed on citizens is a form of slavery.

 

[uscitizen]

The finiancial industry loves the national debt. They maks lots of money from it.

 

[boedicca]

Of course they do. Big Government Cronies love it when Big Government privatizes profit and socializes risk.

And just to be pre-emptive: It's Not Free Market Capitalism.

 

[william the wie]

I would reexamine the bankruptcy laws with a lawyer before I claimed that that was an out today. There have been huge changes made to it over past decades especially in regards to revolving credit and student loans but even more importantly is developing mechanisms to put other debts in those catagories.

 

[Whipp]

Well Endenture a form of debt has long been used as a form of imposing slavery since ancient times. There are many examples of immigrants that are de facto slaves paying off a 'fee' that never ends by those who smuggle them into the country.

Ultimately a lack of means forces you to do things you wouldnt otherwise do..how many of you wish to clean toilets for a living? How many would do rather than starve though.

The quote from woodrow wilson is difficult to source as being a quote he actually made and in dispute as are a great many quotes from those times and before.

However you mention in the post that banks sometimes need to borrow money themselves..well this is in fact exactly how they make money in the first place. The major issue with the current financial system is most of the money people 'owe' to someone was never the lenders to actually lend them in the first place..it wasnt based on any real form of value.

You could argue that really in ecnomic terms the differnce between a slave whom you have to house and feed and keep healthy to be productive..
and an 'employee' who you pay just enough to house feed and keep themselves healthy is very finite indeed. And the way employment is going this distinction is ever less clear.

 

[psikeyhackr]

The 20th century created a new strategy in the economic power game.

Manufacture junk designed to become obsolete. Use television to brainwash people into going into debt to buy the junk. Then the economists ignore the depreciation of all of the junk but call it economic growth when people buy more junk.

So we run a planet of almost 7,000,000,000 on defective grade school algebra while we listen to economists with PhDs from prestigious universities.

It's absolutely brilliant!

Economic Wargames

psik

 

[Toro]

I have often wondered..... What is the root behind our great deficit and why won't it ever be payed back as long as the world turns? I have thought long and hard on this topic for many years, as I fall more and more financially in debt with creditors time after time. Until one day, after hearing an individual say to another......" sir, I am grateful for what you have done for me. I am deeply in your debt. Whatever you want me to do, just ask and I am there for you."

At that moment, the biggest light bulb clicked on in my head. I thought to myself, "This guy has just offered himself to this other guy as a servant or slave!"

Stressing off of the fact that I'm in financial debt has started to take toll on me more than ever before. Not that I'm unable to pay off my debts. That isn't the issue at hand. But is there something more significant going on that I'm not making myself aware of? Does being in financial debt actually equate to being some kind of servant or slave to those you owe? If so, then the true slave masters must be the Federal Reserve Bank.

Think about it. Many of us Americans need loans in order to fulfill our dreams. So we borrow from our local banks. Well the banks often have no choice but to do some borrowing themselves. When they do, they borrow from the Federal Reserve Bank, which is in control of printing all the money, and at which every dollar has its own debt attached to it. So every dollar that is printed and circulated, must be paid back with interest. Making the local banks at the mercy of the Federal Bank, and us at the mercy of our local banks.

Does anyone here believe that the Federal Reserve Bank was put here for the sole purpose of bailing us out of financial crisis's? Or was their initial plan to ultimately put every American in a financial bind called debt, making us their slaves?

In 2003, President Bush borrowed over 200 Billion dollars for the war on terror. And just a couple of years ago, our Auto Industry, Banks, and other Fortune 500 companies all had their hands out begging for help. This all reminds me of the Federal Reserve Act of 1913. It is believed that someone spread a awful rumor about the local banks, which in turn caused millions of Americans to do mass withdraws. The Banks had to call in all their loans. And as a result, cry out to the Federal Reserve Bank for help. Some speculate that then President Woodrow Wilson would later regret signing the Federal Reserve Act with a quotation he supposedly stated right after signing the bill.

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence. Now many argue that this is all false and part of some kind of conspiracy against our Govt. I'm no conspiracy theorist, but I'm also not ignorant enough to NOT take this speech into consideration.

IMO, the Federal Reserve had the ability to create the rumor, blame it on someone else, and cleverly offer to not only fix the situation but take total control, so that the bank crisis of 1913 wouldn't happen again. As a result, we are all to this day financially in their debt. We are their slaves.

This is a very silly post. It should be in the conspiracy section, not the economics section.

 

[william the wie]

This is a very silly post. It should be in the conspiracy section, not the economics section.

Large parts of it yes but the degeneration of bankruptcy protection over the last three decades is edging the country ever closer to indenture and peonage which is why I posted on this thread.

 

[Toro]

This is a very silly post. It should be in the conspiracy section, not the economics section.

Large parts of it yes but the degeneration of bankruptcy protection over the last three decades is edging the country ever closer to indenture and peonage which is why I posted on this thread.

I agree.

But the part about the Fed being in a conspiracy is ridiculous.

 

[william the wie]

This is a very silly post. It should be in the conspiracy section, not the economics section.

Large parts of it yes but the degeneration of bankruptcy protection over the last three decades is edging the country ever closer to indenture and peonage which is why I posted on this thread.

I agree.

But the part about the Fed being in a conspiracy is ridiculous.

Come on the folklore of Fed conspiracy is as American as Huck Finn.