Via the Nation, David Graeber on rebellion against indebtedness:
The rise of [Occupy Wall Street] allowed us to start seeing the system for what it is: an enormous engine of debt extraction. Debt is how the rich extract wealth from the rest of us, at home and abroad. Internally, it has become a matter of manipulating the country’s legal structure to ensure that more and more people fall deeper and deeper into debt.
Financialization, securitization and militarization are all different aspects of the same process. And the endless multiplication, in cities across America, of gleaming bank offices— spotless stores selling nothing while armed security guards stand by—is just the most immediate and visceral symbol for what we, as a nation, have become.
As I write, roughly three out of four Americans are in some form of debt, and a whopping one in seven is being pursued by debt collectors. There’s no way to know just what percentage of the average household’s income is now directly expropriated by the financial services industry in the form of interest payments, fees and penalties…[data] suggests it is somewhere between 15 and 20 percent.