From Of Two Minds:

How did America become a land of debt-serfs? We can trace our debt-serfdom to three core dynamics, which now dominate the American economy. To understand the transition from a state of minimal financial wealth/maximum freedom to one of debt servitude (illusory wealth and sacrifice of freedom for all that lifetime debt can buy), we first need to understand the gradual nature of this transmogrification.

It has become a cultural given that major political changes are often wrought by conspiracies, official or informal. Conspiracies – otherwise known as "crony or "cartel capitalism" and "insider manipulation of process and perception" – do exist. However, major cultural shifts are long, drawn-out affairs that result not from conspiracy, but from the steady application of self-serving agendas by wealthy, politically powerful special interests.

It may be difficult for many to imagine, but it was once difficult to obtain credit.Two generations ago, "if you want a loan, you have to prove you don't need it." Applications for credit cards, auto loans, and mortgages were...

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