which was outlined in the 1862 Hazard Circular
British financiers distributed to American bankers
to institute slavery based on debt via control
of the money supply and thereby American labor
because physical slavery entails the OWNING of labor
and necessitates the care and feeding of the slaves.
Debt slavery forces the slaves to fend for themselves
and costs only a bare minimum in subsistence wages.
In addition, ease of borrowing can keep wage slaves spending
and easily controlled by debt-induced stress.
Credit/debit cards, car and college loans, mortgages,
Rent to Own, Pay Day loans and ATMs.
And where credit is a substitute for a living wage,
the interest on it subsidizes predatory lenders.
And the shackles of the wage slaves’ debt are forged
when wages equal interest on the debt.
Any wage above interest payments is returned
to slavers when it’s spent on life’s necessities.
And while many lose their jobs, the majority are kept in check
by cheap goods meant to accommodate slave wages.
Further, when workers are encouraged to own things,
no matter how infinitesimal their holdings,
they begin to envision themselves as owners
and cease to identify with the working majority.
Their teeny little piece of the market,
mutual funds, a 401K or a mortgage,
creates a psychological shift to the delusion
that their interests now coincide with the bosses’.
Then they vote as if they were part of the Over Class
even when that’s against their own best interests,
for the improvement of stock market performance
rather than vote to better existing job conditions.
Though stock ownership is a relatively small part
of the majority of the average American’s earnings,
the amateur investor soon shifted his loyalty
in the face of frantic downsizing and outsourcing
When layoffs were announced this new “investor class”
identified not with their brothers who were losing their living
but called brokers to BUY! shares of the same corporations
that were decimating jobs and American industries.
But with the subprime crisis these same investor/owners
now find they’re on the other end of the bargain
as they raid their modest401K pieces of the market
to avoid foreclosure and pay off their exploding mortgages
on homes where they can no longer open the door
and say “Welcome to my piece of private property”
since they now ARE property in the Society of the Owned,
victims of mass eviction from the Ownership Society.
As they drown in medical bills, college loans and credit card debt
and watch the price of food and energy skyrocket
they realize that they’ve been seduced and abandoned
and left holding a tar baby of permanent debt.
BUT…
We ignore children who slave for us in sweat shops in East Asia.
We “tut, tut” to hear they’re literally eating dirt in Haiti
and condemn parents forced to sell their little boys and little girls
into prostitution in order to feed their families.
We work hard not to know how NAFTA’s devastated Mexico
and how IMF and World Bank plunge countries into bankruptcy
by shackling them with chains of unsustainable debt servitude
so they’ll submit to transnational economic raping.
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