in exchange for protection. In our present-day, serfdom has a different definition:
The Marxist term describes those who, lacking capital, have only their labor to sell. This describes the vast majority of people in both capitalist and socialist systems, by extending essentially unlimited credit at near-zero interest rates to financiers and corporations, the central banks have given the top .01% the ability to outbid mere savers for income-producing assets (i.e. productive assets).
Just as the feudal-era serf had no choice but to enslave himself and his family to the manor-house lord, the modern-day serf must indenture himself to banks to "own" a car or home or "buy" a college education.
as they sentence the unemployed to the marginalized political status (equivalent to powerless serfs) of state dependents while stripping them of purposeful work and the opportunity to acquire and productive capital.
Without access to unlimited credit at near-zero rates, financiers and corporations would not be able to outbid savers for productive assets.
In an economy not suffering from extremes of central-bank financial repression, home mortgages in recent decades were around 7.5%. This rate of interest (coupled with strict lending standards) was high enough to make credit-fueled bubbles difficult to inflate, so homes cost $100,000.
The base operating costs of buying the home as a rental (investment) property was roughly $4,000 more annually for the financiers than for the savers: the savers' $50,000 mortgage cost around $4,000 a year (not including property taxes and other expenses of ownership) while the financiers' mortgage was around $8,000 annually.
and large enough to make it a risky bet to buy the home and hope appreciation exceeded the annual expenses.
If the home rented for (say) $1,200 per month, the financiers' higher mortgage expenses put them at a disadvantage to the saver/owner, who had a significantly lower monthly expense.
As a direct result of ultra-low rates for banks, corporations and financiers, even high-earning wage-slaves cannot outbid the financiers for productive (i.e. income-producing) assets.
, a debt-serf indentured to banks and stripped of opportunities to own the sort of assets the Financial Nobility use to accumulate ever-greater wealth and income.
The injustice of this central-bank enforced neofeudalism cannot be suppressed like interest rates.