Gearing up for some hopefully thought provoking essays on Capitalism I have begun reading Debt: The First 5,000 Years by David Graeber. It is great book so far and I highly recommend it. I will undoubtedly write a review of it after I finish it but for now I’d like to talk about something Graeber mentions in his book. As you can see here some state’s are actually jailing people having outstanding debt. This just blows my mind. How is possible that we are throwing people in prison’s for not paying their debts, which by the way is not illegal? Didn’t we abolish debtor’s prisons years ago? It seems like our whole society is moving to this idea of the rich not only deserve to be rich but that society should insure that they stay rich. I’ve always thought that golden parachutes were outrageous but actually using the power of the state to collect on debts to me is a whole neither level of crazy. Fiscal conservatives always talk about a free market yet seemed to think that the financial companies should be guaranteed profits. I have yet to hear a fiscal conservative of either party talk about how Sallie Mae shouldn’t have government backed loans. Is the whole point of lending money supposed to be that lenders take a risk? They don’t charge interest just to make a profit, they charge interest in order to cover losses. The idea is that lenders would only give out money to profitable ventures. If they are guaranteed to make money regardless then what is stop them from giving money to anyone for anything? Apparently the answer to that question is nothing.
I would continue by why should I waste your time ranting when, my current political crush Elizabeth Warren, has already said all I have to say?