How did it happen? How did the dreams of so many turn into a nightmare of clogged freeway commutes while dressed high heels and ties and praying that the next equity loan on the house gets approved before the repo men, collection agents and bankruptcy lawyers appear. The young dreamers first wrong turn on the highway to happiness came when they took out their first student loan. Debt never sleeps, it's the ultimate four letter word.
Over-consumption and consumer debt are addictions. Debt addicts follow the same behavioral sequence as all addicts. Neither the junkie nor the bankrupted consumer became an addict the first time he/she tried drugs or takes the first loan. But they both got what they thought was a Free Lunch and, just like the fish, they took the worm but refused to look at what it was tied to. Out of the freedom of the river and into the frying pan but unlike the fish who still fights for his freedom consumers are so brainwashed, so myopically materialist, so fearful of the flame they won't attempt to jump from the frying pan in the hope of recapturing their freedom.
Despite the fact that since 2008 there have been 7 million foreclosures in the U.S. there are still 9 million homeowners seriously underwater on their mortgages who continue to swim like a stone while clinging to the belief they'll somehow escape the clutches of interest. To get some idea of what interest is and how the evil genius of the private banking system created an economy where 35-45 cents of every dollar spent goes to cumulative interest i suggest you read Ellen Brown's Web of Debt. For an excellent historical lesson i suggest David Graeber’s 'Debt:The First 5,000 Years' [free book or pdf download here].
Then there's that outspoken thorn in the side of the Empire Max Keiser, who, along with the incredibly intelligent Stacey Herbert, produce The Keiser Report three times a week on Russian Television and free circulation on YouTube. Today's episode [embedded below] discusses how with a university education leaves most students today so heavily in debt that combined with the tumbling starting salaries in all fields they, like all folks who live debt slavery lives, don't protest like earlier generations did and they don't rise up. Max and Stacey conclude it's much more convenient for the Empire that way.