Remember the Bible story about Joseph? This wizard of economic interpretation told the king of Egypt that there would be seven good years and seven lean years. Pharaoh put him in charge of taxing the people during the good years. Back then nobody had coins, so the peasants paid in grain. Joseph made sure the grain was stored in vast silos.
Then the lean years came. First Joseph sold the grain back to the peasants for their gold and silver. During the next year he gave them bread in exchange for their horses, cattle, and all their flocks. In the year after that, the destitute people came to Joseph and said, “There is nothing left but our bodies and our lands. Buy us and our land for bread, and we and our land will be servants to Pharaoh.”
In that way all of Egypt became Pharaoh’s, except for the lands that belonged to the priests. All the Egyptians became Pharaoh’s bondsmen—as the Bible says, “until this day.” And the people thanked Joseph for saving their lives.
The important thing to remember is that the grain in those storehouses was produced by those peasants. Pharaoh didn’t produce it and neither did Joseph.
So why is this legend relevant today? Whose tax money bailed out Wall Street? Why are Americans losing our jobs, our health insurance, our pensions, our homes and any equity we had in those homes—what financial wizards drove the economy into the leanest years we’ve seen since the Great Depression? The more we struggle in this quicksand, the deeper we sink. Get behind on one credit card, and the rates on all the rest go up to heights that would make a loan shark blush. Borrow money to go back to school, but don’t expect to find a job that would enable you to pay it back. You will be enslaved by the banking industry forever.