Student Debt Slavery: Bankrolling Financiers on the Backs of the Young

The advantages of slavery by debt over “chattel” slavery – ownership of humans as a property right – were set out in an infamous document called the Hazard Circular, reportedly circulated by British banking interests among their American banking counterparts during the American Civil War.

WEB OF DEBT BLOG

Higher education has been financialized, transformed from a public service into a lucrative cash cow for private investors.

The advantages of slavery by debt over “chattel” slavery – ownership of humans as a property right – were set out in an infamous document called the Hazard Circular, reportedly circulated by British banking interests among their American banking counterparts during the American Civil War. It read in part:

Slavery is likely to be abolished by the war power and chattel slavery destroyed. This, I and my European friends are glad of, for slavery is but the owning of labor and carries with it the care of the laborers, while the European plan, led by England, is that capital shall control labor by controlling wages.

Slaves had to be housed, fed and cared for. “Free” men housed and fed themselves.

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7 thoughts on “Student Debt Slavery: Bankrolling Financiers on the Backs of the Young

  1. An excellent piece thanks, Stu;
    “The powers of financial capitalism had another far reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole.
    This system was to be controlled in a feudalistic fashion by the central banks of the world acting in concert, by secret agreements, arrived at in frequent private meetings and conferences.
    The apex of the system was the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the worlds’ central banks which were themselves private corporations.
    The growth of financial capitalism made possible a centralization of world economic control and use of this power for the direct benefit of financiers and the indirect injury of all other economic groups.” [Professor Carol Quigley (Bill Clinton’s mentor), “Tragedy and Hope – A history of the world in our time”.]

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    • Dr. Bramhall, the other day I read an article that many eating establishments in New York are no longer accepting cash and will only accept credit/debit cards. And so it begins! And if we go along with this, before you know it, there’ll be no credit/debit cards, just barcodes on our hands and as soon as they finish passing the products that we purchase under the barcode scanner, our payment for those purchases will be scanned from us. Sadly, I see something of this kind happening because thus far, we have acquiesced to everything else the ‘elites’ have thrown at us. We refuse to draw the line anywhere and so they will continue to take advantage of our willful and stupid and complete compliance.

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