REPOST: Debt

The Most Revolutionary Act

debt

Debt: the First 5,000 Years

by David Graeber

Book Review

The primary purpose of Debt: the First 5,000 Years is to correct the historical record concerning the origin of barter, coinage and credit. Incredibly well researched, Anthropologist David Graeber’s book is a fascinating read. I found it extremely helpful in gaining some understanding of modern problems with debt and perpetual war. I was particularly intrigued to learn about the 2,600 year old link between war, debt and money creation, as well as the role of violent insurrection in shaping history. Ruling elites are terrified of insurrection. Throughout history, this fear has driven most major reforms.

Debunking Adam Smith

The conventional wisdom, which originates from Adam Smith’s Wealth of Nations, is that money (i.e. coins) originated out of barter relationships, and that paper money and credit replaced coins when trade became too large and complex to be conducted with coins…

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