The Big Lie is that a money creator (e.g. the U.S. government) is the same as a money user (e.g. you and me).
From this lie sprout numerous other lies, such as the lie that money is limited, that the U.S. government is “broke,” and that the government relies on loans, and on tax revenue, and so on.
The beauty of the Big Lie is that by the time someone is actually willing to listen the facts, it is usually too late to make a difference in his life, or in the collective life of society.
For example, consider young people who take on a massive debt load to attend college. Since they are in their late teens or early twenties, they already “know everything.” They will not listen to the facts until they are trapped in debt slavery, by which time it is too late. The result is a nightmare for them, and for society at large.
Let me paraphrase an article by L. Ali Khan, professor of law at Washburn University, Kansas…
“Soler” (a woman) graduated from dentistry school in Wisconsin with $200,000 in student loan debt. Since then, repaying loans has been the primary predicament of her life. Soler has worked with chronic back pain exasperated by her work as a dentist, and she has lived without many comforts of the so-called “American dream.” She had made loan payments for eight years totaling $100,000, and she still owes $285,000 because of compounding interest. Instead of gaining any ground with her mountain of loan debt, Soler has been going backwards in an effort reminiscent of Sisyphus.
Soler’s story is an example of the consequences of massive debt with which various professionals graduate from occupational schools. Physicians, engineers, accountants, journalists, lawyers, and so on are crippled by debt.
This rising debt serfdom is similar to raw indentured labor in American colonies. Lending thrives. The money merchants flourish when professional schools, including law and medicine, keep raising the cost of tuitions each year.
Upon graduation, students holding professional degrees must start paying on their huge debts. If an illness, a family tragedy, or any other misfortune causes a student to fail to complete his professional studies, the loans must still be paid in full, with interest. Bankruptcy is not an option, since the money merchants bribed Congress in 2005 to get federal legislation that shut tight the bankruptcy escape door.
According to one survey, in 2014, the average indebtedness at more than 100 law schools was well over $100,000. At one law school, the average debt was more than $170,000 for 91% of students. At Columbia and Georgetown Law Schools, the average debt was above $150,000. At Berkeley, a state-supported law school, the average debt for 78% of law students was over $140,000.
Add to this the debt that law students take for four years of college studies, a prerequisite for entering law schools. According to the White House, average college debt is $23,000.
A law school graduate, bearing a total debt of $150,000 at 5.25% interest rate will pay a total of $242,584 over a period of 20 years in monthly installments of over $1,000. Many law graduates owe well over $200,000 in debt, the payment of which will require their whole lives. Most lawyers will be in their fifties before much of their student loan is paid off.
In addition to student loan debt, most professionals take on debt in the form of home mortgage, car loans, and credit card loans. This means that hundreds of thousands indebted professionals must continue to work just to pay off debt, as did indentured servants when American colonies were established for the benefit of money merchants, venture capitalists, and slave traders.
Despite nauseating rhetoric that the opportunity of education is available to all hardworking Americans, debt numbers tell an awful story. Professional education is an invitation to a life of debt (stress and worries) that swells with compounded interest and additional debt obligations.
When education was affordable, families could imagine a better future for their children. But later the money merchants subverted the promises of the twentieth century America. Now, only wealthy families can afford to send their children to professional schools without reducing them to debt slaves. Everyone else must sign a contract of indentured service.
Money merchants are equal opportunity enslavers. The doors of debt-laced education are open to all future professionals without discrimination on the basis of race, color, creed, gender, sexual orientation, and any other barrier. This is indeed an expanding market.
Poor households cannot even imagine running a debt of $200,000 for their children’s education. Consequently, high debts associated with professional studies compel children of poor and even middle class families to think small, and to only imagine scanning groceries, fixing leaks in houses, collecting refuse, cashing checks as tellers, and seeking other jobs that avoid debt-ridden education.
According to census bureau statistics, more than 32 million families in America live below the poverty level. Nearly 15 million families below the poverty level have children under age 18. These families are doomed to lick the bottom of the pyramid. Under disabling poverty, their sons and daughters may not even graduate from high school.
Upon graduation, the urgency of loan repayment limits job choices. Getting a job (any job) becomes more pressing than getting a decent job. Underemployment replaces full employment. Urgency justifies low wages –whatever you can get. Keeping a job, in order to keep paying the loans, becomes more valuable than anything else in life. Spouse, young children, and aging parents become second or third in priority. Even one’s physical health may be compromised by working late hours and weekends. In some cases, cardiovascular disease, diabetes, obesity, and depression occupy professional corpuses. Lingering loans scar the minds and bodies of indentured professionals.
When you are in massive debt, you become terrified of losing your job. You avoid “rocking the boat.” You do not blow the whistle on the wrongs, injustices, or corruption you see in corporations, banks, hospitals, law firms, government, or wherever else the professionals serve. “Keep your mouth shut” becomes the mantra of survival and self-suppression. (The mantra actually means “Keep paying the loans.”) Consequently, wrong policies, flawed decisions, and corruption cripple society. The urge to quit an awful job seems irrational because of the debt hanging over one’s head.
As Rodger says, the penalty for ignorance is slavery. And the cause of ignorance is hate and selfishness. To the extent that we are hateful and selfish, we contribute to our own slavery.
I myself am lazy, but when I know that a friend, a relative, a neighbor, or even a stranger is suffering, and I am able to do something about it, I get a shot of adrenalin. It’s me against the problem, and I will win. I’m saying that if more people would empathize with others, we wouldn’t all be slaves.
Still, maybe there’s a point to all this madness…
But oh the wasted potential. How can there be creative innovation and technological advancement when professional people dedicate their whole lives to paying the criminal bankers, so that the criminals can use the money to snare more victims?
It seems to me that the U.S. Empire has died. All that’s left is a cancer that is eating the carcass.