"In Debt We Trust"

Debt has taken away individual wealth. Loans against home equity and the use of credit cards have created a society made primarily of lenders and debtors. People owe more money than they make and are burdened by interest rates, late fees, and monthly payments.

Credit card companys' advertizing presents spending as a way to enjoy life. Credit card use is suggested as a way to fullfil obligations. People act on those suggestions, often accummulating large amounts of debt that are extremely difficult to repay.

Our economy has transformed from an industrial economy to a financial services economy driven by credit and debt. Consumer credit drives the economy. The mall has replaced the factory as the center of America's economic engine. Consumer debt has doubled in the last ten years. Personal debt is $60,000 per family. That's over $27,000 per person and growing. The U.S. national debt is in excess of $8 trillion. Money lenders live off of money borrowers. The U.S. has become a nation of scammers.

The economy has given a disadvantage to middle and low income people who most borrow money to buy needed goods and services. Cost have gone up. Incomes of upper income people has gone up. For low and midddle income individuals earnings have not gone up.

The crunch is coming because real estate has become over valued. Credit has been over extended. Debt could increase to where there is no hope that it can be repaid. Bankruptcy is increasing. The economy will contract because finances will not be available to pay for exchanges of goods and services.

The largest contributors to campaigns are financial institutions. Number 2 is real estate developers. Politics is controlled by the financial/real estate sector. The U.S. government sets regulatory policy to favor the money lenders and not the debtors. The only way to avoid the burden of debt is reduced consumerism.


Summary by:
Alan Detwiler, author of Thrivers In An Uncertain Future; bio at