Say those three words – truth, freedom, and economics and many would argue they don’t belong together. Most people’s reality with money and economic status as it relates to the world around them does not feel like freedom.
In America, we grow up believing we live in the Land of the Free. Yet, if you’re like most people in this country, my guess is that you feel the opposite. You likely feel as if your hands are tied by your financial situation. It’s that old adage: you’re not truly free unless you’re financially free.
Sure, you might have the freedom to choose, but your choices are not great. You can go to college and have tremendous debt before you start life, or you can choose not to go to college, leaving yourself an array of extremely limited choices for a career. In other words, all through life, you have choices between bad and really bad. Some people get lucky, born with a silver spoon in their mouths. Others somehow manage to strike it big as entrepreneurs. Some people win the lottery. However, for most people, most choices are subpar and don’t lead to freedom.
The problem is, our modern reality is driven by debt, which in and of itself is the opposite of freedom. This debt is peddled by the institutions (banks) that convince us we need them to obtain transportation, housing, education, and any number of “necessities” that constitute a “normal” life. Loans aren’t just for those leasing a brand-new BMW. People are forced to take loans just to get by, to pay interest and put food on the table.
It’s a vicious cycle that prevents us from making progress and experiencing true financial freedom. The fact is, reliance on these banks and financial institutions causes the loss of an individual’s freedom because the borrower is indebted, legally, which means that not making payments can put you in jail or out on the street. Individuals, communities, municipalities, and governments lose their independence and ability to make decisions when decision-making must first consider its payment of debt.
At the micro/individual level we feel the dilution of free decision-making when we take on consumer, housing, or education-related debt. However, at the macro level a government’s debt creates yet another assault on an individual’s freedom: higher taxes.
For two and a half centuries, we’ve proven man’s ability to self-govern, but today, we watch as the government is beholden to the debt collectors while the sovereignty of the people has been lost to the same banking system. It’s like Plutarch warned: “The real destroyer of the liberties of the people is he who spreads among them bounties, donations, and benefits.” Bankism, a term to describe a world run by and for the benefit of banks, spreads these bounties, donations, and benefits, and the true freedom for Americans has been lost.
That’s where the word truth is significant in relation to freedom and economics. Once we are willing to recognize the truth of what’s going on, changes can be made to experience real economic freedom. Augustine of Hippo said, “The truth is like a lion; you don’t have to defend it. Let it loose; it will defend itself.” Learn more about the truth the world needs to hear as it relates to economic freedom and the importance of conquering bankism by diving into Jarl’s book, The Big Solution.