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Today a burgeoning debt resistance movement draws from the realization that many of these debts are not fair.Most obviously unfair are loans involving illegal or deceptive practices—the kind that were rampant in the lead-up to the 2008 financial crisis. From sneaky balloon interest hikes on mortgages, to loans deliberately made to unqualified borrowers, to incomprehensible financial products peddled to local governments that were kept ignorant about their risks, these practices resulted in billions of dollars of extra costs for citizens and public institutions alike.
Increasingly, the general public is coming to the very unpleasant realization that they live in a corporate oligarchy in which they are subjects rather than citizens. The more they are pushed into a corner, the sooner they will lash out in all sorts of ways.
The generational level revolts I anticipate have been a long time coming and will emanate from both rural, largely white America, as well from inner city communities populated mostly by minorities. The key thing we must all bear in mind going into the turbulent times ahead is that we are all in this together.
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