PBI Chair Ellen Brown continues her investigation into the student debt crisis in her latest article in Truthdig. To battle their way out of debt slavery, students need to know their rights and mobilize. Ellen calls on students to throw their weight behind state-owned banks, which would cut out private investors and predatory middlemen and lend on better terms. She writes:
“We need to free our students from the system of debt slavery that has financialized education, turning it from an investment in human capital into a tool for exploiting the young for the benefit of private investors. State-owned banks can make the loan process fair, equitable and affordable; but their creation will be fought by big bank lobbyists. An organized student movement could be an effective counter-lobby.
Debt and austerity are control mechanisms for subduing the people. We the people need to take back our power.
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