There are scientists, who would argue that from point of view of physics free will (and subsequently, choice) is an illusion, a kind of qualia -- akin to the way we perceive colours.

If we don't take such an extreme view, however, I would still maintain that slavery is a word that is mostly used and best used for describing a situation where your life is strictly subservient to the whims of your "owner", very limited in what you can do on your own (as compared, for exmaple, to the current democracies) and where the punishment for disobeying is severe to your wellbeing as person.

As it is, I would very much be in favour of real estate bankrupcy law which would limit the debtor's liability to the mortgaged property. It would help combat a number of bubbles, I feel, as banks would have to be less reckless.

Regarding your last paragraph, I believe there may be some truth to it, however, I also consider the option that it might feel that way only because the money/debt/credit etc. things are by now, in fact, a matter of agreement or convienience, in the sense that we all have to buy in that dream (or nightmare) or the system collapses.

The only way for the agreement to collapse, however, would seem to be a situation where too many people would rather gain (or at least not lose) by the collapse.

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