During the Middle Ages how could the peasants or serfs bring themselves to address another person as "Lord"?

or "master" and refer to themselves as servants, and also act all deferential to the owner ?? I mean, today in UK for example we treat the royalty with all this respect because its sort of a quaint oddity, but everyone knows they're just regualar joe shmoes just like anyone else. Long time ago the commoners would give people all this respectg just because they happened to be born into royalty or money, but its dumb actually. I dont give people extra respect just because they are member of royalty, --in fact it disgusts me when royalty expect deference.. and i think Cherie Blair despised the royal family for just that reason. She wouldnt even bow or courtsey or whatever.. iN FACT, ive heard that even the queen thinks its sort of ridiculous but that she feels she must do her job and do hat people expect her to do (act all regal etc)... but whats the point if many people thinks its so stupid?