Millions of Americans today are trapped in some kind of debt – credit card debt, bank debt, student debt, mortage debt, to name a few – most of which can never be repaid.
This debt continues to “siphon off larger portions of our income,” said journalist Chris Hedges in a video published via the program, “On Contact.”
“The rise of an oligarchic class of Wall Street creditors enriched primarily from imposing debt peonage upon the population is, as Karl Marx observed, part of the cyclical nature of capitalism itself,” Hedges said.
And it has been happening for thousands of years.
To help make this point, Hedges discussed the history of this issue with economist and author Michael Hudson, who recently wrote a book titled “…And Forgive Them Their Debts: Lending, Foreclosure and Redemption From Bronze Age Finance to the Jubilee Year.”
During the program, they discussed the centrality of debt forgiveness to teachings from the Bible, including the 10 Commandments; the history of how Ancient cultures forgave debt cyclically; the linguistic origins of “sin” and “debt”; the rise of an oligarch elite; and the consequences of not addressing the current seizure of power by global creditors.
Because of the actions of the previous Administration, Hudson said today, “The economy … is carrying this huge debt burden that is preventing people from using the income they earn to buy goods and services.”
To get an idea of what might be in store for the future with the creditors in charge, Hudson said it’s helpful to look at what happened in Greece, Latvia, Portual, Spain, Italy or other countries that are debt-strapped. In those places, unemployment is rising, the population is declining, reproduction rates are declining.
“You have exactly the same kind of shrinkage you had in the Roman Empire when the creditors also took over,” Hudson said. “When there was no one else to conquer, the economy collapsed from within. In terms of the structure, that’s the direction we’re going today.”
Click here to watch the complete video.