<p>Although it is officially claimed that there are zero slaves in America, slaves are the fastest growing segment of the US population. In fact there are a number of officially recognized classes of slaves:
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1. Convicts in jail.<br>
2. conscripts. none currently.<br>
3. Those being held in slavery despite the law: illegals in hock to snakeheads or coyotes; drunks and junkies in held labor camps and brothels and a very long list of various rarities and oddities. This group of slave-owners are prosecuted when caught.<!--more-->
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That is the official list and there are very many objections involved in that list mostly involved with victimless crimes and immigration. And I have seen many good articles based on those objections to who can be enslaved for crimes and stupidities involving our immigration laws. To give one example terrorists have been caught crossing the Canadian border but not the Mexican border, so which border are we seeing more of our taxes being spent on in response to 9/11?
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So why is my money being taken from me to secure the Mexican border when I live less than 10 miles from a naval base that would make an outstanding target for terrorists? Mexican illegals threaten the ability of native and naturalized American citizens to repay their debts by reducing wage scales. Canadian illegals are terrorists, hitmen and others who do not threaten the ability to repay debts. Canadian illegals are much more likely to kill, engage in fraud and otherwise engage in malem per se crimes.
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Americans are more afraid that they will not be able to repay their debts than they are afraid that they or their children or parents will be killed in a terrorist attack. Admittedly the risk from terrorism is low and for that matter the majority of people who were in the targets when they were hit survived the 9/11 attack. However the next time the pilots will know to hit as low as they can to cut off retreat to as many people as possible. Or they may improve target selection. This little digression could have been written by the village idiot as a way of pointing out that Americans value debt repayment over survival and if you were unaware of everything in this and the preceding paragraph you have not been paying attention for the past seven years. So why do Americans value debt repayment more than survival?
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If you survive can't you just declare bankruptcy and move on? No, not in modern America for the average American:
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Only those below the poverty line can generally declare complete bankruptcy.
Even complete bankruptcy does not necessarily wipe out all debts. (There are a lot of legal details on what debts can be wiped out under what circumstances. I do know that the non-bankruptcy lawyers I have met are generally more reluctant to voice opinions about this field than just about any other legal field.)
For several decades average savings have been low or even negative and debt instruments have gotten so complex that only the lender's legal office really understands what the instruments mean. Take a 30 year fixed rate mortgage:
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1. The payments are not fixed because taxes and insurance are generally included in the bill and appreciation causes the payment for both to go up.<br>
2. Amortization, the other source of equity, is very badly understood. On a 30 year loan the first payment pays off 1/64,980th of the debt. A 15 year note pays off 1/16,290th of the debt with the first payment and a century ago the typical mortgage was for 10 years and the first payment reduced the debt by 1/7260th. Given the lower interest rate that comes with shorter notes a 15 year note normally costs around 105% of a 30 year note and a 10 year note about 110%. The buyer who qualifies for a 30 year but not a 15 year note has bought at least 5% more house than they can afford but a more conservative answer would be 10% too much house. The 30 year mortgage of the post WWII era started the current problem. The ARM mortgage that gave us the sub-prime meltdown was simply the icing on the cake. In layman's terms 60 years of buying too much house when the buyer generally should have been renting in any case came due this year.
<p>What is the term for someone who owes debts they cannot pay? Peon or if you prefer the Biblical term bond-servant. Debt peonage is an internationally recognized form of slavery. Since the average American is a debt peon the average American is a slave. With floating exchange rates and foreign owership of American debt instruments inflation to liquidate the debts is no longer possible. The proposed solutions of the three remaining candidates for president are the monetary equivalent of fixing a severed artery with a bandaid. Considering that the next president will almost certainly be an unparalleled failure this may be the election to vote for what you consider the greater evil and rid yourself of it. The alternative is a permanent slave class in all but name. Don't get me wrong I am not saying that my advice will work but I am saying expect disaster for you if your candidate gets the WH.
American Slavery
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