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Sunday, November 21, 2010

In jail for being in debt |

We outlawed debtor's prisons, for better or worse, back in the 19th century.

This article, upsetting as it may be, is even more upsetting because of the underlying trend away from individual rights to corporatism.

Of course, one could argue that these persons are just scofflaws and "should" be prosecuted. This is true, but not the issue. The question is whether debt is a sufficient cause for incarceration.

I am actually of the opinion that involuntary servitude to pay back debt is morally superior to debtors prisons, wage garnishment, or bankruptcy, but in a country with a history of race based slavery, this will never happen.

The fact is, though, that "caveat emptor" belongs to the financial houses no less than the end consumer. If you are so phenomenally stupid as to issue credit cards to college kids with no incomes, make mortgage loans to unemployed persons, and extend lines of credit to people who are a tick away from destitution, then don't go whining to the state for police protection from your own stupidity.

In jail for being in debt |

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