Hi doma,
No. If the word slavery means something, that isn't it.
Where's the compulsion?
The borrower chooses to borrow in your equation. He believes the currency, however it is created, is worth borrowing. The market confirms the value of the currency, and indeed, in troubled times, the value of the currency holds up. He accepts the obligations which the contract vivifies. If he fails to meet the terms of the contract, then he is in breach of contract.
No "slavery" in that contract.
Just because there are obligations doesn't make it slavery. If you take on too much debt, and the instrument you are borrowing was not mis-sold and indeed its value is maintained (see deflation), then the problem likely derives from the borrower's decision rather than the lender's offer.
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