Great piece! These are conversations we should have. Unfortunately, it's difficult to do debt jubilees with the degree of wealth equality we have--yes equality, compared to the feudal systems that came before which were run by a few families that could easily remove debts without actually feeling it because they'd still get the same taxes the following year.

If we were to have a debt jubilee that many people would see their 401Ks wiped out. Many Americans are both borrower and lender. Further, we have debt to foreign countries, which can't be forgiven.

None of the above makes the basic points you make any less valid. Debt is slavery, like you say, and there may be too much of it. History shows that when debtors get angry enough things can spin completely out of control. It's easy to point to the socialists, in Russia say, and say they did away with debt and caused millions dead. What's not so easy to admit is WHO, or WHAT let Russia get that way in the first place?

It's ironic that so many in America scream "bloody socialism" not realizing that if you really don't want "socialism" don't create the conditions that lead to it. I believe we have such conditions today.