Tag Archive for Debt

Financial Slavery

When people think of the word slave, for the most part they picture African workers who were imported in order to work on farms during when the United States was first formed. Slavery is generally thought of as something that has occurred in the past when the world was less civilized even though in the modern world, trafficking of children and sex workers has grown to about 800,000 people a year. As horrible as the traditional type of slavery is, it’s nothing when compared with the new age and sophisticated slavery that exists in the modern world. Today, the majority of people in society are considered human capitol whose place is to serve the will of a select few people and multinational corporations which own almost every piece of property and land in the world. They way the new age slave state has been implemented has been through financial control that is designed to deceive people into thinking that they are indeed the owners of their own possessions.

The average American has $8329 worth of credit card debt and people with one credit card or more owe an average of $10679 which adds up to $972.73 billion nationwide according to the Nilson Report. With the declining economy credit card companies are set make more money as people struggle to pay their bills with their regular paychecks and are forced to use their services to survive during the tough economic times. Credit card companies are almost immune to economic downturns and even seem to thrive during those times since their services are used more; not to mention that people who only make the minimum payments increase. Even if you pay your bills on time your rates my still rise and new fees are being imposed in order to make up for some of the more risky loans the companies have made.

People tend to distance themselves from the government often forgetting that the government is a representation of them and in turn forgetting that when the government spends money; they are actually spending the money of common people. Today the national debt is almost $12 trillion which is around $38,750 for each man woman and child in the country. Without any other factors, a child is born owing tens of thousands of dollars to private banks and foreign countries. The only things that are certain in American life are death, debt and taxes.

One form of debt that usually isn’t factored into a person’s financial well being is the mortgage that they owe on their houses. According to the Federal Reserve Americans also owe $14.483 trillion in mortgage debt. While many financial advisors consider mortgage debt a good debt, many families have fallen victim to high rates due to Adjustable Rate Mortgages where payments reflect the state of the current economy. Predatory lending has been common practice in the past few years resulting in millions of people losing their homes and livelihoods.

As the economy failed last year, some of the largest banks who have been directly responsible for home loans and the misrepresentation of their value trough shady business practices have failed. Under the threat of a complete economic collapse congress agreed to bail out the companies that had caused the crisis in the first place. The banks said that if they received a bailout, they could keep loaning money to businesses and home owners to keep the economy afloat. The public was given a number of $700 billion but according to Bloomberg, the American tax payer is now on the hook for $23.7 trillion (which is more money going to private bankers than every home mortgage is worth) in order to save the economy. Even with all of the money that has been loaned to the banks by the taxpayer, so the banks can loan it back to us at a higher rate, the banks have been extremely slow to restore the flow of cash to the people who have given them their money.

The new religion of environmentalism, which does nothing to protect the environment, is quickly becoming one of the forefronts of the financial burdens imposed on the American people. Congress is actively working on a cap and trade system based on companies and a person’s “Carbon Footprint” in order to raise more money for more social programs. Under this program, the taxes, which are based on every aspect of life on the planet, will be paid to international bankers who will then redistribute the wealth to third world countries and multinational corporations.

Aside from upcoming environmental taxes there is another tax which is almost never talked about, the inflation tax. The inflation tax is more of an unofficial tax that occurs when the Federal Reserve prints more money reducing the value of the money that already exists. In the past year the Federal Reserve has printed and poured hundreds of billions if not trillions of dollars into the stock market and international banking institutions to combat the global financial crisis. The money that the Federal Reserve has caused commodities such as gold, to rise as result of the value of the dollar has falling to an all time low.

Those are just a few of the common examples of the debt the American public are entitled to pay. Every day there’s a new debt added to the list. Whether it’s from a personal credit card, government spending, new taxes or even medical bills; almost no one is immune to overspending. The end result is that the human capital is used to pay off large debts while never truly owning the purchases that they have made. The era of cheap credit and money has lead to a way of life where people spend the majority of their lives in order to pay off the debts of not only themselves, but of every person in the country. The entire nation has become a slave of private international banks and multinational corporations who have created the money out of nothing that we are required to pay.

  • Tender Sentiments