This thought on interest was sparked after the discussion in Reddit Anarchism for Louis C.K.’s clip “When you’re rich, the bank pays you for being rich.” After sleeping on it, [and in fact, leaving this here as a draft for months until the spark of the Occupy Wall Street movement] I figured out where the hate on interest and debt can be related to anarchism:
Your interest rate on any particular debt is a nameless class in a hierarchy of debts.
Now you might not think you’re one of the 99%ers, maybe you are doing well. Maybe you’re not doing as well as you could be once you see another way to measure your worth against others. I don’t mean how much you earn, but how much your debt costs you in the game I call the “hierarchy of debts.”
Hierarchy of debts? Sure, you’re scored on it constantly. Your credit score is your ranking in the system used to guestimate how well you play their game. Low credit score = higher interest rates. High credit score = low interest rates. Every debt you own is a game piece in the hierarchy of debts. Refinance your mortgage from 12% APR to 4% APR? Congratulations, you just converted your pawn into a queen, maybe. Get an auto-loan for 7% APR? Great! You’re doing better than Bob who has to pay 10% APR for his used Hyundai. But you’re still not the owner of the chessboard, where the banks and financial companies get to play with 1%, 0.5%, or even 0% APR interest-money from central banks. The biggest wonder of the game in the hierarchy of debts is the credit score algorithm, the rules of the game, are of course, kept secret from you and changed regularly when you intuitively learn them.
What class are you? The lower your interest rate is, the higher you are in the system of classes. Banks receive the lowest interest rates from central banks when they’re in trouble. In turn, banks lend out money at higher interest rates in order to turn the debts into profits. If you make lots and lots of ridiculous notes to slaves that they can’t pay them back, the government bails you out to protect (you) from them. How do you become a bank? You have to have money (lots of it, no, really… lots of fucking money) AND political power (enough to convince enough representatives to back you) to get a charter, naturally. There’s no possible way for any 99%er individual or even a major subset of the 99%er’s to forge their own bank, because it always requires more money&power (mopo) than they have access to. 99%ers are forever barred from entering or influencing what 1%ers have access to.
Take a look at your interest rates, and you’ll know your class in the financial system. If they’re not less than or equal to 1%, you are probably a 99%er, or you’re about to become one when the promotional rates give out.