All aboard the serf train

Debtors prison is making a comeback in USA. Perhaps they never went away (ever owe the IRS?).  Pretty soon we the peoples (the majority, the middle class) will be nothing better than debt serfs, in hock up to our eyeballs to the kleptocracy, the oligarchs, the crony capitalists.

Some countries, having been taken advantage of by US and UK gangsters fraudsters banksters, are facing years of indentured servitude if they kneel down and accept IMF terms & conditions. Latvia, Estonia, Ukraine, Hungary, Ireland, Iceland…

In fact, Iceland ( where I’m writing these lines) looks like a controlled experiment – a very cruel one – as to how deeply an economy can be “financialized” and how long its population will submit voluntarily to predatory financial behavior. If the attack were military, it would spur a more alert response. The trick is to keep the population from understanding the financial dynamics at work and the underlying fraudulent character of the debts with which it has been saddled – with the complicit aid of its own local oligarchy. [Michael Hudson]

Common sense- the good old American horse sense variety- is about as rare these days as compassion in a bureacrat.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: