As it turns out, we don't "all" have to pay our debts. Only some of us do.

If history shows anything, it is that there's no better way to justify relations founded on violence, to make such relations seem moral, than by reframing them in the language of debt—above all, because it immediately makes it seem that it's the victim who's doing something wrong.

Debt - like sin - implies that one party in the transaction didn't live up to expectations, at least in the moment, and has done something wrong.

One of the fairly interesting things about money is that it makes certain things possible that wouldn't be possible otherwise - it doesn't make them inevitable. Hence the strange blindness of economists to what would actually happen when one does exchange things if there isn't money in such contexts.

If your father is an air-conditioner repairman from Nebraska, its conceivable that you might become a CEO, but you can't imagine being the drama critic for the New York Times. So if you come from a background like that and you want to actually have a career which involves doing something noble in the world, what can you do? You can join the army. That's about it. Or you can work for the church. That explains a lot of the focus of right-wing populism. The right wing figured that out, that people want enough to survive and to do good.

Traditional hedonism...was based on the direct experience of pleasure: wine, women and song; sex, drugs and rock 'n' roll; or whatever the local variant. The problem, from a capitalist perspective, is that there are inherent limits to all this. People become sated, bored...Modern self-illusory hedonism solves this dilemma because here, what one is really consuming are fantasies and day-dreams about what having a certain product would be like.

We are watching the beginnings of the defiant self-assertion of a new generation of Americans, a generation who are looking forward to finishing their education with no jobs, no future, but still saddled with enormous and unforgivable debt.