Debt peonage is when someone who can't pay all his debts is forced to work for his creditors. Paul Krugman today has an excellent editorial that demonstrates why the bankrupcty bill, about to be passed by the Republicans, is helping to set up just such a society.
This goes back to my earlier question regarding what the value of an individual who works really is here and the question regarding what the Republicans think the value of a worker is here.
The bankruptcy bill is a bad bill for everyone except the predatory credit card banks and those that finance payday loans. It is such a bad idea that the usery laws of the older Christian Church and the current Islamic Religion begin to look a lot more attractive.
The current politics showing how those in favor and against the bill are scrapping is laid out in this New York Times editorial.
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