Slavery is not gone. It is here in the form of a debt-based economic system

Published on 28 June 2023 at 17:35

Many of us like to think that slavery was abolished a long time ago. However, the truth is that slavery never really went away. It has merely evolved over time to take on different forms. Today, we find ourselves living in a debt-based economic system that many experts believe is nothing short of modern-day slavery. In this blog post, we will explore the reasons why this is the case and how we can work to break free from this economic bondage.

The debt-based economic system that we live under today is one that is inherently flawed and unsustainable. Unlike a gold-backed monetary system, the value of fiat currency is completely dependent on the faith and credit of the government that issues it. This means that the government can simply print more money whenever it wants to, which dilutes the purchasing power of the currency and leads to inflation.

One of the biggest problems with a debt-based economic system is that it requires constantly increasing levels of debt in order to maintain economic growth. This means that both individuals and governments must borrow more and more money just to stay afloat. When debt levels reach unsustainable levels, as they inevitably do, the system collapses under its own weight. This is what happened in 2008, and it will likely happen again unless we make some serious changes.

Another aspect of the debt-based economic system that is akin to slavery is the fact that it forces people to work long hours to pay off their debts. With interest rates that never seem to budge, people find themselves trapped in a never-ending cycle of debt, working to pay off one loan only to take out another. This leaves very little room for true economic mobility, as people are forced to spend most of their time working just to stay afloat.

It is also worth noting that the debt-based economic system contributes greatly to income inequality. While the wealthy are able to borrow money at low interest rates and invest in assets that appreciate over time, the poor are left to struggle under the weight of high-interest loans that only serve to keep them in debt. This creates a cycle of poverty that is difficult to break free from, and it only serves to widen the gap between the haves and the have-nots.

In conclusion, it is clear that the debt-based economic system that we live in today is nothing short of modern-day slavery. It marginalizes the poor, restricts economic mobility, and leads to unsustainable levels of debt that threaten to bring the entire system crashing down. If we are to break free from this economic bondage, we must work to create a new system that is based on sound economic principles and a commitment to the common good. Only then can we truly say that we have abolished slavery once and for all.

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