Debt Capitalism is Evil

Debt is the enjoyment of pleasure now for the payment, plus interest, later.

Wealth is the denial of indulgence now for the abundance of savings later, plus interest.

Hedonism is the enjoyment of life’s carnal pleasures now.

Fidelity is the denial of one’s flesh for the honor of raising children and grandchildren who are loyal (faithful; from fidelity) to one’s God.

The Western economy is built on debt.
Debt Capitalism.

Capitalism today is founded on debt and the creation on money from nothing. 

At the end of the day, the banking system in the United States, and the western world, is built on a monopolistic fractional reserve debt capitalism that rewards the few who  lend at interest money (that they do not own) and punish those who borrow money to live (the 99%).  

This system rewards hedonists and punishes the faithful.  

“Free enterprise” by no means includes the US banking system.

Banks are a monopoly granted by the government a few people.   Its net effect is to enrich bankers and governments, and a few borrowers, at the expense of the 99%.  Easy debt means prices rise, especially the home you live in.  And that means tax revenues for governments go up.  Governments (tax recipients) and banks love debt for the masses because they get rich and you get poor.

The Left understand that the system is rigged.  The Right (many “Conservatives”) are still apologists for Debt Capitalism.  We live in  a totalitarian system of debt capitalism and debt bondage that enslaves — it does not set free.  Christians — and the Right in general — must wrap their heads around this.  We are distracted by the peripheral while the enemy hides the root of his powers. 

A universal debt amnesty simultaneously coupled with the illegality of lending at interest (for one’s nation/bloodline) and a total Jubilee every fifty years on all debt, and seven years on person debt, may liberate a nation of debt slavery.  

Practical application:
— abolish all real estate mortgages
— abolish all credit card debt
— abolish all student loans
— abolish all vehicles loans
— abolish fractional reserve banking
— which means abolishing most of our banks

To preserve those who live in that country one must erect protections against the purchase of properties by those outside the nation.  Most nations (like Mexico) have laws that prevent foreign purchase of real estate, at least in some areas. Those that do not (like Canada) are driving their own people into penury in favor of foreigners.

Efficiency is not the end of all policies.  Ineffiency is good. 

I suspect prices on housing and cars would plummet.
I suspect that tax revenues would plummet.
I suspect that people would have very few opportunities to enslave themselves to debt.
I suspect people would become more self sufficient and less dependent upon debt-slavery and government-welfare-slavery.
I suspect that the wealth gap between the rich and the poor would plummet.
All the above are good things. Good for the 99%. Bad for the 1%.

I suspect that the institutional powers (the 1%) would kill to avoid this liberation.

The Writings — the Hebrew and Greek writings — do not support institutional enslavement by debt. “Owe no man anything.”
Generally, debts are to be cancelled every seventh year.
In the year of Jubilee — the 49th year  — all debts are cancelled.

Debt is a form of slavery.
I cannot say that all slavery is evil — better a man enslaved for five years than to rot idly in  prison for stealing another man’s livelihood.
But an entire economy driven by Debt Capitalism is evil.

There are reasons the Left is enraged, legitimate reasons.  We need to understand them.
Debt Capitalism is one one them — it is slavery for the 99%.

Fritz Berggren, PhD
15 October 2019

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