This provides a hint of why we have been experiencing such a succession of debt crises. In this new phase of credit money that we’ve entered since 1971, we did exactly the opposite (of what has been done historically). Instead of setting up great overarching institutions designed to protect debtors, we created institutions like the S&P or IMF, essentially, designed instead to protect creditors. It has become increasingly apparent that the system simply doesn’t work. As the U.S. government seems intent on squandering its honor and reputation for the sake of sectarian advantage, and as millions of Americans feel themselves slipping into a state that feels disturbingly like debt peonage, we might do well to look to the past for inspiration.  David Graeber



History Of Debt

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