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Debt is the tie that binds the 99 percent. Almost everyone in the United States is a debtor of some sort. Even those excluded from mainstream credit systems are still preyed upon by lending institutions, exemplified by payday loan sharks and pawn shops that dot poor neighborhoods. Rather than a supplementary facet of the overall economy, the personal debt system is a primary engine of Wall Street profits, and it is prone to crisis.

Looming over these discussions of debtors’ movement has been the question of a debt strike, a deliberate withdraw of consent by debtors from the system designed to keep them paying in perpetuity. Millions already do not and cannot pay their debt anyway, and are by default on strike. These de-facto debt-strikers constitute what has been described as an “invisible army of defaulters” with massive political potential. Debt strike — or debt refusal, as OCSDC describe it in an online pledge — is a significant alternative to the notion of debt forgiveness, which has been advocated by some groups rallying around the Student Loan Forgiveness Act. In the words of OSDC member Christopher Casuccio:

An intriguing mutual aid pilot project is the idea of a “debt fairy” campaign in which groups of private citizens would pool their resources to purchase defaulted debt for pennies on the dollar from banks — who typically sell to collection agencies — liberating the debtor from their burden. While not a structural solution — and not applicable to student loans — scaled up it could become what David Graeber imagines as a “moving jubilee” capable of both garnering media attention around debtors’ struggles and taking business away from the intermediary companies that profit from hounding and penalizing those unable to pay.

If debt is a gateway into a radical conversation about the capitalist system itself, strategic and analytical questions arise about the role of the state — questions that have always haunted OWS as a movement grounded in anarchist principles. What can we learn from the debt cancellation forced upon the Icelandic government by citizens earlier this year? How do we connect the dots between “personal” debt and the public debt of municipalities and governments subjected to corporate bondholders and credit-rating agencies?

While it remains to be seen on what terms OWS will collaborate for S17 with its allies in the “99% Opposition” on the institutional left — ranging from the groups gathering for the Student Power Convergence in August to the 99% Spring network, to May Day partners such as SEIU — there are signs of an emerging consensus across the spectrum of the left that debt, and especially student debt, is a key note to hit for a longer-term vision of social and economic renewal. While some will attempt to yoke the energies of S17 to the timeframe of the electoral cycle and ultimately the established mechanisms of the state, OWS will push back with its own sense of time and priorities.

So there is no doubt that world banker domination – which should have been reduced by the 2008-09 financial melt – will continue. Only the occasional sovereign default – Argentina (2002), Ecuador (2008), Iceland (2008) and maybe Southern Europe this year – or imposition of exchange controls (as rediscovered by Malaysia in 1998 or Venezuela in 2003) reduces the banksters’ grip.

The strongest political effort by these libertarian anti-Bilderberg protesters is to attempt the election of Texan member of Congress, Ron Paul, as president, and with 20 percent popularity, he remains Mitt Romney’s only irritant within the Republican Party as the November showdown with Obama now looms.

Noting that, “his warning…is distorted by the pro-market ideology that blinded him,” Lex notes that, “the former chairman…is on more solid ground when he praises the contribution of finance to economic growth, ” going on to recycle Greenspan’s argument that as countries get richer their share of banking as a percentage of GDP increases because more trade leads to more finance, and reciprocally, more finance leads to more trade.

Some truths, it seems, are particularly hard to shake, even after the crisis. The idea that finance must somehow, by circular logic or not, add to growth, is deeply entrenched. But like the Icelandic consensus, it needs to be challenged because it lies at the heart of all reform attempts. These ‘consensus truths’ are the most dangerous of all because we take them for granted and in repeating them we make them true. This is why intellectual capture is the hardest problem to deal with in finance, because unlike political capture, it has no regulatory solution.