The American consumer is NOT drowning in debt. How do we know? Because loans from the bank are paid off by the promissory note to repay the debt before the debt money was given to the borrower. Why? Because the bank monetizes these notes, even though the consumer doesn't know it. This means that since the consumer repays his loans that have already been paid off to the bank by the promissory note, the bank is the one that is drowning in debt. How? By owing the money back to the consumer that the consumer "gave" to the bank under mistake of fact, and mistake of law. https://duckduckgo.com/?q=tom+schauf+bank+freedom&ia=web