The world is now a construct of debt in nearly every facet of the global financial system. Governments cannot stay within their budgets and must borrow more just to stay solvent even as their people’s are relegated to austerity and capital controls. Corporations borrow money to buy back their own stock when they cannot make a profit from selling goods or services, and banks of course need zero percent interest rates just to keep their ponzi schemes going.
And for the average person, especially in the U.S., debt is no longer simply an emergency measure in case one’s car breaks down, or if they have to take an unforeseen trip because of a death in the family. No, for the average American, debt is a way of life and it can be seen in no greater example then the new phenomenon where military veterans are now having to sell off their pensions just to get enough money now to pay on their outstanding debts.