,TO ,HAVE ,IS TO ,[E 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,PAYM5T ,DUE 

,= ?\S&S ( YE>S1 ! /RUGGLE BETWE5 RI* & POOR HAS L>GELY TAK5 ! =M ( CONFLICTS BETWE5 CR$ITORS & DEBTORS--( >GUM5TS AB\T ! RI<TS & WRONGS ( 9T]E/ PAYM5TS1 DEBT PEONAGE1 AMNE/Y1 REPOSSESSION1 RE/ITUTION1 ! SEQUE/]+ ( %EEP1 ! SEIZ+ ( V9EY>DS1 & ! SELL+ ( DEBTORS' *ILDR5 9TO SLAV]Y4 ,BY ! SAME TOK51 = ! PA/ FIVE ?\S& YE>S1 ) REM>KABLE REGUL>ITY1 POPUL> 9SURRECTIONS HAVE BEGUN ! SAME WAY3 ) ! RITUAL DE/RUCTION ( DEBT RECORDS--TABLETS1 PAPYRI1 L$G]S2 :ATEV] =M !Y MI<T HAVE TAK5 9 ANY P>TICUL> TIME & PLACE4 ,9 ! ?ROES ( ! REC5T ECONOMIC CRISIS1 ) ! V]Y DEF9+ 9/ITUTIONS ( CAPITALISM CRUMBL+1 SURVEYS %[$ ?AT AN OV]:ELM+ MAJORITY ( ,AM]ICANS FELT ?AT ! C\NTRY'S BANKS %\LD NOT BE RESCU$--:ATEV] ! ECONOMIC CONSEQU5CES--BUT ?AT ORD9>Y CITIZ5S /UCK ) BAD MORTGAGES %\LD BE BAIL$ \T4 ,?IS IS QUITE EXTRAORD9>Y1 AS ,AM]ICANS HAVE1 S9CE COLONIAL DAYS1 BE5 ! POPULATION LEA/ SYMPA!TIC TO DEBTORS4 7,BACK !N1 ! E>S ( AN 9SOLV5T DEBTOR W\LD (T5 BE NAIL$ TO A PO/47 ,! NOTION ( MORALITY AS A MATT] ( PAY+ ONE'S DEBTS RUNS DEEP] 9 ! ,UNIT$ ,/ATES ?AN 9 ALMO/ ANY O!R C\NTRY1 :I* IS ODD1 S9CE ,AM]ICA WAS SETTL$ L>GELY BY ABSCOND+ DEBTORS4 ,DESPITE ! FACT ?AT ! ,CON/ITUTION SPECIFICALLY *>G$ ! NEW GOV]NM5T ) CREAT+ A BANKRUPTCY LAW 9 #a#g#h#g1 ALL ATTEMPTS TO DO SO W]E REJECT$ ON 0MORAL GR\NDS0 UNTIL #a#h#i#h1 BY :I* TIME ALMO/ ALL O!R ,WE/]N /ATES HAD ADOPT$ ONE4 ,! *ANGE WAS EPO*AL4.<#a.> 

,?OSE *>G$ ) MOD]AT+ POLITICAL DEBATE 9 \R M$IA & LEGISLATURES HAVE DECID$ ?AT ?IS IS NOT ! TIME = ANO!R SU* *ANGE4 ,! ,U,S GOV]NM5T EFFECTIVELY PUT A ?REE-TRILLION-DOLL> B&-AID OV] ! PROBLEM1 *ANG+ NO?+4 ,F9ANCI]S W]E 0BAIL$ \T ) TAXPAY] MONEY0--9 O!R WORDS1 !IR IMAG9>Y MONEY WAS TREAT$ AS IF IT W]E REAL--:ILE MORTGAGE HOLD]S W]E MO/LY LEFT TO ! T5D] M]CY ( ! C\RTS1 SUBJECT$ TO A BANKRUPTCY LAW ?AT1 ! PREVI\S YE>1 ,CONGRESS HAD MADE F> MORE EXACT+ AGA9/ DEBTORS4 ,WE HAVE EV5 SE5 A BACKLA% AGA9/ SMALL-SCALE DEBTORS1 ONE DRIV5 BY F9ANCIAL CORPORATIONS ?AT HAVE N[ TURN$ TO ! SAME GOV]NM5T ?AT BAIL$ !M \T TO APPLY ! FULL =CE ( ! LAW AGA9/ ORD9>Y CITIZ5S 9 F9ANCIAL TR\BLE4 0,IT'S NOT A CRIME TO [E MONEY10 REPORTS ! ,M9NEAPOLIS ,/>-,TRIBUNE4 0,BUT PEOPLE >E R\T9ELY BE+ ?R[N 9 JAIL = FAIL+ TO PAY DEBTS40 ,9 ,M9NESOTA1 0! USE ( >RE/ W>RANTS AGA9/ DEBTORS HAS JUMP$ #f P]C5T OV] ! PA/ F\R YE>S1 ) #hde CASES 9 #b#i4 ,9 ,ILL9OIS & S\?WE/ ,9DIANA1 SOME JUDGES JAIL DEBTORS = MISS+ C\RT-ORD]$ DEBT PAYM5TS4 ,9 EXTREME CASES1 PEOPLE /AY 9 JAIL UNTIL !Y RAISE A M9IMUM PAYM5T4 ,9 ,JANU>Y .<#b#a.>1 A JUDGE S5T5C$ A ,K5NEY1 ,ILL41 MAN 'TO 9DEF9ITE 9C>C]ATION' UNTIL HE CAME UP ) @s#c T[>D A LUMB] Y>D DEBT40.<#b.> 

,DESPITE ALL ?IS1 WE H>DLY KN[ :AT DEBT IS4 ,! V]Y FLEXIBILITY ( ! CONCEPT IS ! BASIS ( ITS P[]1 & ( ! MORAL CONFUSION ASSOCIAT$ ) IT4 ,LOOK+ AT ! HI/ORY ( DEBT WORLDWIDE1 ONE F9DS ?AT MO/ PEOPLE HAVE HELD ?AT PAY+ BACK MONEY ONE HAS BORR[$ IS A SIMPLE MATT] ( MORALITY &1 CONTRADICTORILY1 ?AT ANYONE 9 ! HABIT ( L5D+ MONEY IS EVIL4 ,REC5TLY1 ! =M] POSITION SEEMS TO HAVE TRUMP$ ! LATT]1 [+ TO A P]SI/5T REFUSAL TO QUE/ION \R SLAVI% DEVOTION TO CR$ITORS4 ,BUT IF ! WELF>E /ATE MU/ BE DE/ROY$ 9 ORD]1 O/5SIBLY1 TO SETTLE \R DEBTS1 WE %\LD ASK \RSELVES3 ,TO :OM1 EXACTLY1 >E ?OSE DEBTS [$8 ,& :]E DID \R CR$ITORS GET ! MONEY ?AT WAS LOAN$ TO US8 7,! ANSW]1 ( C\RSE3 ,WE [E ! V]Y F9ANCIAL 9/ITUTIONS WE REC5TLY BAIL$ \T = MAK+ FRAUDUL5T & IDIOTIC LOANS2 !Y DIDN'T GET ! MONEY ANY:]E1 !Y JU/ MADE IT UP47 ,:5EV] SU* QUE/IONS HAVE BE5 OP5LY ASK$ 9 ,EUROPE1 RIOTS HAVE T5D$ TO 5SUE4 

,SU* ]UPTIONS MAKE IT CLE> ?AT DEBT MU/ BE REMOV$ FROM ?AT R>EFI$ SPH]E ( MORALITY >BITRAT$ BY TRANSNATIONAL 9/ITUTIONS 7:OSE REPRES5TATIVES >E ALSO ITS MA9 B5EFICI>IES71 :]E IT HAS BECOME 5SCONC$1 & RETURN$ TO ! SPH]E ( OP5 POLITICAL DEBATE4 ,9 ! ANCI5T WORLD1 IT WAS NOT DEBT ?AT WAS CONSID]$ SACR$1 BUT RA!R ! P[] TO MAKE IT DISAPPE>4 ,WE >E1 IT SEEMS1 LONG OV]DUE = A CONTEMPOR>Y ,JUBILEE1 ONE ?AT W\LD AFFECT CONSUM] DEBT AS WELL AS 9T]NATIONAL DEBT1 & ?AT W\LD NOT ONLY RELIEVE A GREAT AM\NT ( HUMAN SUFF]+ BUT ALSO REM9D US ?AT MONEY IS NOT 9EFFABLE1 ?AT PAY+ ONE'S DEBT IS NOT ! ESS5CE ( MORALITY1 ?AT BORR[+ & L5D+ >E HUMAN >RANGEM5TS1 & ?AT IF DEMOCRACY IS TO MEAN ANY?+1 IT IS ! ABILITY TO ALL AGREE TO >RANGE ?+S DIFF]5TLY4 

,IT IS SIGNIFICANT ?AT1 S9CE ,HAMMURABI1 GREAT IMP]IAL /ATES HAVE 9V>IABLY RESI/$ ?IS K9D ( POLITICS4 ,A!NS & ,ROME E/ABLI%$ ! P>ADIGM3 ,EV5 :5 CONFRONT$ ) CONT9UAL DEBT CRISES1 !Y 9SI/$ ON LEGISLAT+ >\ND ! $GES1 S(T5+ ! IMPACT2 !Y ELIM9AT$ OBVI\S ABUSES LIKE DEBT SLAV]Y & US$ ! SPOILS ( EMPIRE TO ?R[ ALL SORTS ( EXTRA B5EFITS AT !IR POOR] CITIZ5S 7:O1 AFT] ALL1 PROVID$ ! RANK & FILE ( !IR >MIES7 SO AS TO KEEP !M AFLOAT4 ,!Y DID ALL ?IS 9 SU* A WAY AS TO F5D (F ANY *ALL5GE TO ! PR9CIPLE ( DEBT ITSELF4 ,! ,U,S HAS TAK5 A REM>KABLY SIMIL> APPROA*3 ELIM9AT+ ! WOR/ ABUSES 7E4G41 DEBTORS' PRISONS71 US+ ! FRUITS ( EMPIRE TO PROVIDE SUBSIDIES1 VISIBLE & O!RWISE1 &1 REC5TLY1 MANIPULAT+ CURR5CY RATES TO FLOOD ! C\NTRY ) *EAP GOODS FROM ,*9A4 ,NEV] HAS ! GOV]N+ CLASS ALL[$ ANYONE TO QUE/ION ! SACR$ PR9CIPLE ?AT WE ALL MU/ PAY \R DEBTS4 ,?AT PR9CIPLE HAS REC5TLY BE5 EXPOS$ TO BE A FLAGRANT LIE4 ,AS IT TURNS \T1 WE ALL DON'T HAVE TO PAY \R DEBTS4 ,ONLY SOME ( US DO4 

,MESOPOTAMIA1 #bd ,B,C,E 

,USURY WAS COMMON PRACTICE BY #bd ,B,C,E4 ,(FICIALS OR M]*ANTS ADVANC$ LOANS TO PEASANTS &1 IF !Y W]E UNABLE TO PAY1 BEGAN TO APPROPRIATE !IR POSSESSIONS1 />T+ ) GRA91 GOATS1 & FURNITURE1 !N MOV+ ON TO FIELDS & H\SES1 !N FAMILY MEMB]S4 ,FIR/ W5T ! S]VANTS1 FOLL[$ BY *ILDR51 WIVES1 & EV5 ! BORR[] HIMSELF1 ALL ( :OM W]E R$UC$ TO DEBT PEONS UNTIL ! MONEY WAS REPAID4 ,?IS ?REAT5$ TO RIP SOCIETY AP>T3 ,IF = ANY REASON !RE WAS A BAD H>VE/1 L>GE PROPORTIONS ( ! PEASANTRY FELL 9TO DEBT PEONAGE4 ,9DEBT$ F>M]S 9 FE> ( REPOSSESSION AB&ON$ !IR FIELDS4 

,FAC$ ) ! POT5TIAL = COMPLETE SOCIAL BREAKD[N1 ,SUM]IAN & ,BABYLONIAN K+S P]IODICALLY ANN\NC$ G5]AL AMNE/IES4 ,ALL \T/&+ CONSUM] DEBT WAS DECL>$ NULL & VOID 7COMM]CIAL DEBTS W]E NOT AFFECT$71 ALL L& WAS RETURN$ TO ITS ORIG9AL [N]S1 & DEBT PEONS W]E RETURN$ TO !IR FAMILIES4 ,BE=E LONG1 K+S MADE A HABIT ( DECL>+ SU* AMNE/IES UPON ASSUM+ P[]4 7,! SOV]EIGN SAW HIMSELF AS LIT]ALLY RE-CREAT+ HUMAN SOCIETY1 SO HE WAS 9 A F9E POSITION TO RELIEVE ALL PREVI\S MORAL OBLIGATIONS47 ,9 ,SUM]IAN1 !SE W]E CALL$ DECL>ATIONS ( FRE$OM4 ,! ,SUM]IAN WORD AM>GI IS ! FIR/ RECORD$ USE ( 0FRE$OM0 9 ANY LANGUAGE2 IT LIT]ALLY MEANS 0RETURN TO MO!R10 S9CE ?IS IS :AT FRE$ DEBT PEONS W]E ALL[$ TO DO4 

,! ,FABL$ ,L& ( ,B>T] 

,:5 ECONOMI/S SPEAK ( ! ORIG9S ( MONEY1 DEBT IS ALWAYS SOME?+ ( AN AFT]?\<T4 ,FIR/ COMES B>T]1 !N MONEY2 CR$IT DEVELOPS ONLY LAT]4 ,EV5 IF ONE CONSULTS BOOKS ON ! HI/ORY ( MONEY 91 SAY1 ,FRANCE1 ,9DIA1 OR ,*9A1 :AT ONE G5]ALLY GETS IS A HI/ORY ( CO9AGE1 ) B>ELY ANY DISCUSSION ( CR$IT >RANGEM5TS AT ALL4 ,= ALMO/ A C5TURY1 AN?ROPOLOGI/S LIKE MYSELF HAVE BE5 PO9T+ \T ?AT !RE IS SOME?+ V]Y WRONG ) ?IS PICTURE4 ,CR$IT SY/EM1 TABS1 & EV5 EXP5SE ACC\NTS EXI/$ LONG BE=E CA%4 ,!SE ?+S >E AS OLD AS CIVILIZATION ITSELF4 ,HI/ORY T5DS TO MOVE BACK & =? BETWE5 P]IODS DOM9AT$ BY BULLION1 :5 IT'S ASSUM$ ?AT GOLD & SILV] >E MONEY1 & P]IODS 9 :I* MONEY IS ASSUM$ TO BE AN AB/RACTION1 A VIRTUAL UNIT ( ACC\NT4 ,! /&>D V]SION ( ?IS HI/ORY HAS LITTLE TO DO ) H[ ECONOMIC LIFE IS ACTUALLY CONDUCT$ 9 REAL COMMUNITIES & M>KETPLACES1 :]E EV]YONE IS LIKELY 9 DEBT TO EV]YONE ELSE 9 A DOZ5 DIFF]5T WAYS1 & MO/ TRANSACTIONS TAKE PLACE )\T ! USE ( CURR5CY4 

,SOME ( IT IS JU/ ! NATURE ( ! EVID5CE3 ,CO9S >E PRES]V$ 9 ! >*AEOLOGICAL RECORD1 CR$IT >RANGEM5TS USUALLY >E NOT4 ,/ILL1 ! PROBLEM RUNS DEEP]4 ,! EXI/5CE ( CR$IT & DEBT HAS ALWAYS BE5 SOME?+ ( A SC&AL = ECONOMI/S1 S9CE IT'S ALMO/ IMPOSSIBLE TO PRET5D ?AT ?OSE L5D+ & BORR[+ MONEY >E ACT+ ON PURELY 0ECONOMIC0 MOTIVATIONS 7= 9/ANCE1 ?AT A LOAN TO A /RANG] IS ! SAME AS A LOAN TO ONE'S C\S974 ,!RE=E1 !Y BEG9 ! /ORY ( MONEY 9 AN IMAG9>Y WORLD FROM :I* CR$IT & DEBT HAVE BE5 5TIRELY ]AS$3 0,ONCE UPON A TIME1 !RE WAS B>T]4 ,IT WAS DIFFICULT4 ,SO PEOPLE 9V5T$ MONEY4 ,!N CAME ! DEVELOPM5T ( BANK+ & CR$IT40 ,! LOGICAL1 9EXORABLE PROGRESSION ( HUMANITY FROM ,/ONE ,AGE B>T]]S ( MA/ODON TUSKS TO WIELD]S ( COMPLEX F9ANCIAL 9/RUM5TS HAS BECOME COMMON S5SE4 

,WE N[ KN[ FROM ANCI5T ,EGYPTIAN & ,MESOPOTAMIAN RECORDS--DISCOV]$ AFT] ,ADAM ,SMI?1 = :OM ECONOMIC HI/ORY BEGAN ) ,HOM]--?AT CR$IT SY/EMS 7:AT IS TODAY CALL$ VIRTUAL MONEY7 PREC$$ ! 9V5TION ( CO9AGE BY ?\S&S ( YE>S4 ,MONEY WAS ACTUALLY CREAT$ BY BUREAUCRATS TO TRACK /ATE RES\RCES & SPREAD UNEV5LY1 NEV] COMPLETELY REPLAC+ CR$IT SY/EMS4 ,B>T]1 9 TURN1 IS L>GELY AN ACCID5TAL BYPRODUCT ( ! USE ( CO9AGE OR PAP] MONEY1 A REFUGE = PEOPLE OP]AT+ 9 CA% ECONOMIES :]E CURR5CY HAS = SOME REASON BECOME 9ACCESSIBLE4 ,NEV]!LESS1 NE>LY EV]Y 9TRODUCTORY ECONOMICS TEXTBOOK 9 USE TODAY TAKES ! SAME APPROA*3 0,TO SEE ?AT SOCIETY B5EFITS FROM A M$IUM ( EX*ANGE1 IMAG9E A B>T] ECONOMY10 WRITE ,BEGG1 ,FIS*]1 & ,DORNBU* 9 ,ECONOMICS 7#b#e74 0,IMAG9E ! DIFFICULTY Y\ W\LD HAVE TODAY IF Y\ HAD TO EX*ANGE Y\R LABOR DIRECTLY = ! FRUITS ( SOMEONE ELSE'S LABOR10 WRITE ,MAUND]1 ,MY]S1 ,WALL1 & ,MILL] 9 ,ECONOMICS ,EXPLA9$ 7#a#i#i#a74 0,IMAG9E Y\ HAVE ROO/]S1 BUT Y\ WANT ROSES10 WRITE ,P>K9 & ,K+ 9 ,ECONOMICS 7#a#i#i#e74 0,ONE CAN IMAG9E AN OLD-/YLE F>M] B>T]+ ) ! BLACKSMI?1 ! TAILOR1 ! GROC]1 & ! DOCTOR 9 HIS SMALL T[N10 WRITE ,/IGLITZ & ,DRIFFILL 9 ,ECONOMICS 7#b74 

,!RE IS A SIMPLE REASON :Y EV]YONE :O WRITES AN ECONOMICS TEXTBOOK FEELS ! NE$ TO TELL US ! SAME /ORY4 ,= ECONOMI/S1 IT IS 9 A V]Y REAL S5SE ! MO/ IMPORTANT /ORY EV] TOLD4 ,IT WAS BY TELL+ IT 9 #aggf ?AT ,ADAM ,SMI?1 PR(ESSOR ( MORAL PHILOSOPHY AT ! ,UNIV]SITY ( ,$9BUR<1 EFFECTIVELY BR\<T ! DISCIPL9E ( ECONOMICS 9TO BE+4 ,HE OBJECT$ TO ! NOTION ?AT MONEY WAS A CREATION ( GOV]NM5T1 & 9SI/$ ?AT PROP]TY1 CURR5CY1 & M>KETS NOT ONLY EXI/$ BE=E POLITICAL 9/ITUTIONS BUT ALSO W]E ! V]Y F\NDATION ( HUMAN SOCIETY4 ,IT FOLL[$ ?AT 9S(> AS GOV]NM5T %\LD PLAY ANY ROLE 9 MONET>Y AFFAIRS1 IT %\LD LIMIT ITSELF TO GU>ANTEE+ ! S\NDNESS ( CURR5CY4 ,IT WAS ONLY BY MAK+ SU* AN >GUM5T ?AT HE C\LD 9SI/ ?AT ECONOMICS WAS ITSELF A FIELD ( HUMAN 9QUIRY ) ITS [N PR9CIPLES & LAWS--AS DI/9CT FROM1 SAY1 E?ICS OR POLITICS4 ,! ECONOMY1 9 HIS =MULATION1 OP]ATES BY RULES ( ITS [N ?AT >E SEP>ATE FROM MORAL & POLITICAL LIFE2 IT IS :]E WE 9DULGE 9 \R NATURAL PROP5SITY TO TRUCK & B>T]4 ,WE >E /ILL TRUCK+ & B>T]+1 & ALWAYS WILL BE4 ,MONEY IS SIMPLY ! MO/ EFFICI5T MEANS4 

,= C5TURIES1 ECONOMI/S HAVE SE>*$ = ! FABL$ L& ( B>T]4 ,SMI? SET HIS /ORY 9 ABORIG9AL ,NOR? ,AM]ICA1 & ITS LACK ( REALISM REFLECTS ! DE>? ( RELIABLE 9=MATION ON ,NATIVE ,AM]ICAN ECONOMIC SY/EMS 9 ,SCOTTI% LIBR>IES4 ,BUT BY ! MIDDLE ( ! N9ETE5? C5TURY1 ,LEWIS ,H5RY ,MORGAN'S DESCRIPTIONS ( ! ,SIX ,NATIONS ( ! ,IROQUOIS HAD BE5 PUBLI%$ & READ WIDELY2 !Y MADE CLE> ?AT ! ,IROQUOIS'S GOODS W]E /OCKPIL$ 9 LON<\SES1 !N ALLOCAT$ BY WOM5'S C\NCILS1 )\T ANYONE EV] TRAD+ >RO:EADS = SLABS ( MEAT4 ,ECONOMI/S IGNOR$ ?IS 9=MATION4 ,/ANLEY ,JEVONS1 = EXAMPLE1 WROTE ,! ,PR9CIPLES ( ,POLITICAL ,ECONOMY1 HIS CLASSIC /UDY ( ! ORIG9S ( MONEY1 9 #a#h#g#a4 ,HE TOOK HIS EXAMPLES /RAI<T FROM ,SMI?1 DESCRIB+ ,9DIANS SWAPP+ V5ISON = ELK & BEAV] HIDES4 ,>\ND ! SAME TIME1 MISSION>IES1 ADV5TUR]S1 & COLONIAL ADM9I/RATORS W]E FANN+ \T ACROSS ! WORLD1 MANY C>RY+ COPIES ( ,SMI?'S ,! ,WEAL? ( ,NATIONS1 EXPECT+ TO F9D ! L& ( B>T]4 ,NONE EV] DID4 ,!Y DISCOV]$ AN ALMO/ 5DLESS V>IETY ( ECONOMIC SY/EMS4 ,BUT TO ?IS DAY1 NO ONE HAS BE5 ABLE TO LOCATE A PLACE :]E ! ORD9>Y MODE ( ECONOMIC TRANSACTION BETWE5 NEI<BORS TAKES ! =M ( 0,I'LL GIVE Y\ TW5TY *ICK5S = ?AT C[40.<#c.> 

,MADAGASC>1 #aii 

,9 ! T[N ( ,>IVONIMAMO1 ,MADAGASC>1 ,I HAD ! PRIVILEGE ( 9T]VIEW+ A ,KALANORO1 A T9Y1 <O/LY CREATURE ?AT A LOCAL SPIRIT M$IUM CLAIM$ TO KEEP HIDD5 AWAY 9 A *E/ 9 HIS HOME4 ,! SPIRIT BELONG$ TO ! BRO!R ( A NOTORI\S LOAN %>K1 A HORRIBLE WOMAN NAM$ ,NORD9E4 ,I WAS A BIT RELUCTANT TO HAVE ANY?+ TO DO ) ! FAMILY1 BUT SOME ( MY FRI5DS 9SI/$2 ?IS WAS1 AFT] ALL1 A CREATURE FROM ANCI5T TIMES4 ,! CREATURE SPOKE FROM BEH9D A SCRE51 9 AN E]IE1 O!RWORLDLY QUAV]4 ,BUT ALL IT WAS REALLY 9T]E/$ 9 TALK+ AB\T WAS MONEY4 ,F9ALLY1 SLI<TLY EXASP]AT$ BY ! :OLE *>ADE1 ,I ASK$1 0,:AT DID Y\ USE = MONEY BACK 9 ANCI5T TIMES1 :5 Y\ W]E /ILL ALIVE80 

,! MY/]I\S VOICE IMM$IATELY REPLI$1 0,WE DIDN'T USE MONEY4 ,9 ANCI5T TIMES WE US$ TO B>T] COMMODITIES DIRECTLY1 ONE = ! O!R40 

,I,\ ,ALL 

,:AT GAVE E>LY NATION-/ATES ! RI<T TO LEVY TAXES8 ,N[ADAYS1 WE ALL ?9K WE KN[ ! ANSW] TO ?IS QUE/ION4 ,WE PAY \R TAXES SO ?AT ! GOV]NM5T CAN PROVIDE US ) S]VICES1 />T+ ) MILIT>Y PROTECTION4 ,! >RANGEM5T IS SAID TO GO BACK TO AN ORIG9AL SOCIAL CONTRACT1 ?\< NO ONE REALLY KN[S :5 IT WAS MADE OR BY :OM1 OR :Y WE %\LD BE B\ND BY ! DECISIONS ( DI/ANT ANCE/ORS ON ?IS ONE MATT] :5 WE >5'T BY !IR DECISIONS O!RWISE4 

,AN ALT]NATIVE EXPLANATION IS PRIMORDIAL-DEBT !ORY1 A S*OOL ( ?\<T DEVELOP$ L>GELY 9 ,FRANCE BY ECONOMI/S1 AN?ROPOLOGI/S1 HI/ORIANS1 & CLASSICI/S2 ITS F\NDATIONAL TEXT IS ,MI*EL ,AGLIETTA & ,&RE ,ORLEAN'S ,LA ,VIOL5CE DE LA ,MONNAIE 7#a#i#i#b74 ,ADH]5TS 9SI/ ?AT MONET>Y POLICY CANNOT BE SEP>AT$ FROM SOCIAL POLICY1 ?AT ! TWO HAVE ALWAYS BE5 9T]TW9$4 ,GOV]NM5TS USE TAXES TO CREATE MONEY1 :I* !Y >E ABLE TO DO BECAUSE !Y HAVE BECOME ! GU>DIANS ( ! DEBT ?AT ALL CITIZ5S HAVE TO ONE ANO!R4 ,?IS DEBT IS ! ESS5CE ( SOCIETY ITSELF4 

,AT FIR/1 ! >GUM5T GOES1 ?IS S5SE ( DEBT WAS EXPRESS$ NOT ?R\< ! /ATE1 BUT ?R\< RELIGION4 ,! HYMNS1 PRAY]S1 & POETRY COLLECT$ 9 ! ,V$AS & ! ,BRAHMANAS1 ! F\NDATIONS ( ,H9DU ?\<T1 CON/ITUTE ! E>LIE/-KN[N REFLECTIONS ON ! NATURE ( DEBT1 :I* !Y TREAT AS SYNONYM\S ) GUILT & S94 ,ACCORD+ TO ! COMM5TATORS ( ! ,BRAHMANAS1 HUMAN EXI/5CE IS ITSELF A =M ( DEBT3 ,A MAN1 BE+ BORN1 IS A DEBT2 HE IS BORN TO DEA?1 & ONLY BY WAY ( SACRIFICE DOES HE R$EEM HIMSELF FROM DEA?4 ,TWO FAM\S PASSAGES 9 ! ,BRAHMANAS 9SI/ ?AT WE >E BORN AS A DEBT NOT JU/ TO ! GODS 7TO BE REPAID 9 SACRIFICE7 BUT ALSO TO ! SAGES :O CREAT$ ! ,V$IC LE>N+ 7TO BE REPAID ?R\< /UDY71 TO \R ANCE/ORS 7TO BE REPAID BY HAV+ *ILDR571 &1 F9ALLY1 TO ! :OLE ( HUMANITY 7TO BE REPAID ) HOSPITALITY TO /RANG]S74 

,! FIR/ EXPLICIT !ORY ( ! DEBT [$ BY EA* LIV+ P]SON TO ! SOCIETY ?AT MAKES HIS OR H] EXI/5CE POSSIBLE WAS =MULAT$ BY ,AUGU/E ,COMTE 9 HIS LA/ WORK1 ,! ,CATE*ISM ( ,POSITIVE ,RELIGION 7#a#h#e#b71 9 ! =M ( A LECTURE ON :AT CAME TO BE KN[N AS PRIMORDIAL1 EXI/5TIAL1 OR SOCIAL DEBT1 DELIV]$ BY ! PRIE/ ( AN IMAG9>Y ,RELIGION ( ,SOCIETY4 ,ASK$ = HIS VIEW ON HUMAN RI<TS1 ! PRIE/ SC(FS AT ! V]Y NOTION4 ,IT IS NONS5SE1 HE SAYS1 AN ]ROR BORN ( 9DIVIDUALISM4 ,POSITIVISM UND]/&S ONLY DUTIES4 ,AFT] ALL1 

,WE >E BORN UND] A LOAD ( OBLIGATIONS ( EV]Y K9D1 TO \R PR$ECESSORS1 TO \R SUCCESSORS1 TO \R CONTEMPOR>IES4 ,AFT] \R BIR? !SE OBLIGATIONS 9CREASE OR ACCUMULATE BE=E ! PO9T :]E WE >E CAPABLE ( R5D]+ ANYONE ANY S]VICE4 ,ON :AT HUMAN F\NDATION1 !N1 C\LD ONE SEAT ! IDEA ( 0RI<TS08 

,COMTE DOESN'T USE ! WORD DEBT1 BUT IT IS CLE> :AT HE MEANS3 ,WE HAVE ALREADY ACCUMULAT$ 5DLESS DEBTS BE=E WE GET TO ! AGE AT :I* WE CAN EV5 ?9K ( PAY+ !M4 ,& BY ?AT TIME !RE'S NO WAY EV5 TO CALCULATE TO :OM WE [E !M4 ,! ONLY WAY TO R$EEM \RSELVES IS TO BE D$ICAT$ TO ! S]VICE ( HUMANITY4 

,COMTE'S NOTION ( AN UNLIMIT$ OBLIGATION TO SOCIETY CRY/ALLIZ$ 9 ! NOTION ( SOCIAL DEBT1 :I* WAS TAK5 UP AMONG SOCIAL RE=M]S &1 EV5TUALLY1 SOCIALI/ POLITICIANS 9 MANY P>TS ( ,EUROPE & ABROAD4 ,9 ,FRANCE ! NOTION ( A SOCIAL DEBT SOON BECAME SOME?+ ( A CAT*PHRASE1 A SLOGAN--&1 EV5TUALLY1 A CLI*E3 0,WE >E ALL BORN AS DEBTORS TO SOCIETY40 ,! /ATE1 ACCORD+ TO ?IS VIEW1 WAS M]ELY ! ADM9I/RATOR ( ! EXI/5TIAL DEBT ?AT EV]YONE [ES TO EV]YONE4 

,!ORIES ( EXI/5TIAL DEBT ALWAYS 5D UP JU/IFY+--OR LAY+ CLAIM TO--/RUCTURES ( AU?ORITY4 ,:AT WE REALLY HAVE 9 ! IDEA ( PRIMORDIAL DEBT IS ! ULTIMATE NATIONALI/ MY?4 ,ONCE WE [$ \R LIVES TO ! GODS :O CREAT$ US1 PAID !M 9T]E/ 9 ! =M ( ANIMAL SACRIFICE1 &1 ULTIMATELY1 PAID BACK ! PR9CIPAL ) \R LIVES4 ,N[ WE [E \R LIVES TO ! NATION ?AT =M$ US1 PAY 9T]E/ 9 ! =M ( TAXES1 &1 :5 IT COMES TIME TO DEF5D ! NATION AGA9/ ITS 5EMIES1 PAY BACK ! PR9CIPAL ) \R LIVES4 ,?IS IS A GREAT TRAP ( ! TW5TIE? C5TURY3 ,ON ! ONE SIDE IS ! LOGIC ( ! M>KET1 :I* 9SI/S ?AT WE DON'T [E ONE ANO!R ANY?+4 ,ON ! O!R IS ! LOGIC ( ! /ATE1 :I* 9SI/S ?AT WE >E BORN ) A DEBT WE CAN NEV] TRULY PAY4 ,9 FACT1 ! DI*OTOMY IS FALSE4 ,/ATES CREAT$ M>KETS1 M>KETS REQUIRE /ATES1 & NEI!R C\LD CONT9UE )\T ! O!R4 

,! TRUE E?OS ( \R 9DIVIDUALI/IC SOCIETY MAY BE F\ND 9 ?IS EQUATION3 ,WE ALL [E AN 9F9ITE DEBT TO HUMANITY1 NATURE1 OR ! COSMOS 7H[EV] ONE PREF]S TO FRAME IT71 BUT NO ONE ELSE CAN POSSIBLY TELL US H[ TO PAY IT4 ,ALL SY/EMS ( E/ABLI%$ AU?ORITY--RELIGION1 MORALITY1 POLITICS1 ECONOMICS1 ! CRIM9AL-JU/ICE SY/EM-->E REVEAL$ TO BE FRAUDUL5T WAYS ( CALCULAT+ :AT CANNOT BE CALCULAT$4 ,FRE$OM1 !N1 IS ! ABILITY TO DECIDE = \RSELVES H[ TO PAY \R DEBTS4 

,5GL&1 TWELF? C5TURY ,C,E 

,ONE ( ! MO/ IMPORTANT =MS ( CURR5CY DUR+ ! REIGN ( ,K+ ,H5RY ,I WAS ! NOT*$ 0TALLY /ICK0 US$ TO RECORD DEBTS4 ,EA* P>TY TO A TRANSACTION W\LD TAKE A TWIG1 NOT* IT TO 9DICATE ! AM\NT [$1 !N SPLIT IT 9 HALF4 ,! CR$ITOR W\LD KEEP ONE HALF1 CALL$ ! 0/OCK0 7H5CE ! ORIG9 ( ! T]M 0/OCK HOLD]07 & ! DEBTOR W\LD KEEP ! O!R1 CALL$ ! 0/UB0 7H5CE 0TICKET /UB074 ,TAX ASSESSORS US$ SU* TWIGS TO CALCULATE AM\NTS [$ BY LOCAL %]IFFS4 ,(T51 ?\<1 RA!R ?AN WAIT = ! TAXES TO COME DUE1 ,H5RY'S EX*EQU] W\LD SELL ! TALLIES AT A DISC\NT1 & !Y W\LD CIRCULATE AS TOK5S ( DEBT [$ TO ! GOV]NM5T4 ,! K+ ALSO ISSU$ TALLIES 9 LIEU ( PAYM5T TO SOLDI]S1 F>M]S1 & O!RS [$ MONEY BY ! /ATE2 !SE1 TOO1 W]E SOLD AT A DISC\NT & CIRCULAT$ AMONG /OCK HOLD]S4 

,!RE IS ONE PUZZL+ ASPECT ( ?IS EQUATION3 ,! ,I,\ CAN OP]ATE AS MONEY ONLY AS LONG AS ,H5RY NEV] PAYS HIS DEBT4 ,?IS IS PRECISELY ! LOGIC ON :I* ! ,BANK ( ,5GL&--! FIR/ MOD]N C5TRAL BANK--WAS F\ND$4 ,9 #a#f#i#d1 ) PUBLIC F9ANCES WEAK & ! /ATE'S MONET>Y & CR$IT SY/EMS PREC>I\S1 A CONSORTIUM ( ,5GLI% BANK]S MADE A LOAN ( ,G,B,P#a4#b MILLION TO ,K+ ,WILLIAM ,I,I,I4 ,9 RETURN !Y RECEIV$ A ROYAL MONOPOLY ON ! ISSUANCE ( BANKNOTES4 ,PRACTICALLY1 ?IS MEANT ! BANK]S HAD ! RI<T TO ADVANCE ,I,\S REPRES5T+ A PORTION ( ! K+'S DEBT TO ANY 9HABITANT ( ! K+DOM WILL+ TO BORR[ FROM !M1 OR WILL+ TO DEPOSIT HIS [N MONEY 9 ! BANK4 ,! EFFECT WAS TO MONETIZE ! ROYAL DEBT4 ,?IS WAS A GREAT DEAL = ! BANK]S1 :O *>G$ ! K+ #h P]C5T ANNUAL 9T]E/ ON ! ORIG9AL LOAN &1 SIMULTANE\SLY1 *>G$ CLI5TS :O BORR[$ MONEY 9T]E/ ON ?AT SAME DEBT4 ,BUT ! >RANGEM5T C\LD ONLY WORK = AS LONG AS ! ORIG9AL LOAN REMA9$ \T/&+4 ,:I* IS :Y1 TO ?IS DAY1 ! LOAN HAS NEV] BE5 PAID BACK4 ,IT CANNOT BE4 ,IF IT EV] W]E1 ! 5TIRE MONET>Y SY/EM ( ! ,UNIT$ ,K+DOM W\LD CEASE TO EXI/4 

,GOD'S ,MONEY 

,9 TODAY'S WORLD1 PAY+ ONE'S DEBTS CAN SEEM ! V]Y DEF9ITION ( MORALITY1 IF ONLY BECAUSE SO MANY FAIL TO DO IT4 ,:5 FAC$ ) A DEBT1 L>GE CORPORATIONS & EV5 SOME SMALL BUS9ESSES WILL ALMO/ AUTOMATICALLY WAIT & SEE :AT HAPP5S IF !Y DO NOT PAY1 COMPLY+ ONLY IF GOAD$ OR PRES5T$ ) A LEGAL WRIT4 ,! PR9CIPLE ( HONOR HAV+ BE5 ALMO/ COMPLETELY REMOV$ FROM ! M>KETPLACE1 DEBT ACQUIRES ! HALO ( RELIGION4 7,ONE MI<T SPEAK ( A D\BLE !OLOGY1 ONE = CR$ITORS & ANO!R = DEBTORS47 ,IT IS NO CO9CID5CE ?AT ! CURR5T PHASE ( ,AM]ICAN DEBT IMP]IALISM HAS ALSO BE5 ACCOMPANI$ BY ! RISE ( ! EVANGELICAL RI<T1 :I* HAS BUCK$ ! PA/ TWO MILL5NIA ( ,*RI/IAN ?9K+ ON ! SUBJECT & 5?USIA/ICALLY EMBRAC$ SUPPLY-SIDE ECONOMICS1 TAK+ ! POSITION ?AT CREAT+ MONEY & GIV+ IT TO ! RI* IS ! MO/ BIBLICALLY APPROPRIATE WAY TO BR+ AB\T NATIONAL PROSP]ITY4 ,P]HAPS ! MO/ AMBITI\S !OLOGIAN ( ! NEW CRE$ WAS ,GEORGE ,GILD]1 :OSE BOOK ,WEAL? & ,POV]TY BECAME A BE/ SELL] 9 #a#i#h#a1 AT ! DAWN ( ! ,REAGAN REVOLUTION4 ,?OSE :O FELT ?AT MONEY C\LD NOT SIMPLY BE CREAT$ W]E MIR$ 9 AN OLD-FA%ION$1 GODLESS MAT]IALISM1 ,GILD] >GU$2 !Y DIDN'T REALIZE ?AT JU/ AS ,GOD C\LD CREATE SOME?+ \T ( NO?+1 HIS GREATE/ GIFT TO HUMANITY WAS ! ABILITY TO DO SO 9 ! SAME FA%ION4 ,& TO DO SO WAS NOT HUBRI/IC1 BUT 9 KEEP+ ) ,GOD'S 9T5TIONS3 ,! CREATION ( MONEY WAS A GIFT1 A BLESS+1 A *ANNEL+ ( GRACE2 A PROMISE1 YES1 BUT NOT ONE ?AT CAN BE FULFILL$1 EV5 IF ! BONDS >E CONT9UALLY ROLL$ OV]1 BECAUSE ?R\< FAI? 709 ,GOD WE TRU/07 !IR VALUE BECOMES REAL4 0,! ,UNIT$ ,/ATES10 ,GILD] WRITES1 0MU/ OV]COME ! MAT]IALI/ FALLACY3 ! ILLUSION ?AT RES\RCES & CAPITAL >E ESS5TIALLY ?+S1 :I* CAN RUN \T1 RA!R ?AN PRODUCTS ( HUMAN WILL & IMAG9ATION :I* 9 FRE$OM >E 9EXHAU/IBLE40 ,SU* EFFUSIONS 9SPIR$ EVANGELI/S LIKE ,PAT ,ROB]TSON TO DECL>E SUPPLY-SIDE ECONOMICS 0! FIR/ TRULY DIV9E !ORY ( MONEY-CREATION40 

,?IS NEW BRE$ ( CAPITALI/ EVANGELICALS FAIL$ TO ACKN[L$GE ?AT ! VA/ MAJORITY ( ! MONEY BE+ 0CREAT$0 WAS 9 FACT A PRODUCT ( DEFICIT SP5D+ TO FUND ! MU%ROOM+ ,U,S MILIT>Y1 A PRACTICE ?AT WAS AVIDLY PURSU$ BY ,REAGAN & ?AT REA*$ ITS P9NACLE UND] ,GEORGE ,W4 ,BU%4 ,FUR!RMORE1 UNTIL ,*9A BECAME \R *IEF CR$ITOR1 MONEY WAS 0BORR[$0 ALMO/ EXCLUSIVELY FROM ,WE/ ,G]MANY1 ,JAPAN1 ,S\? ,KOREA1 & ,SAUDI ,>ABIA--ALL NATIONS ?AT W]E UND] ,U,S MILIT>Y PROTECTION4 ,! 0PRODUCTS ( HUMAN WILL & IMAG9ATION0 W]E BACK$ BY MAT]IAL =CES AFT] ALL3 NOT SO MU* FIELDS1 FACTORIES1 OR EV5 OIL WELLS1 BUT AIRCRAFT C>RI]S & LAS]-GUID$ MISSILES4 ,ALL ! MORE CURI\S IS ,*RI/IAN FUNDAM5TALI/S' OBSESSION ) WAG+ W> ON ,IRAQ--:I* !Y (T5 REF]R$ TO1 AMONG !MSELVES1 AS 0,BABYLON0--! BIR?PLACE ( ! DEBT-=GIV5ESS DECREE & ! 9T]E/-FREE COMM]CIAL ECONOMY4 

,ISLAMIC WORLD1 ,MIDDLE ,AGES 

,FROM ! BEG9N+1 ,ISLAM HAD A POSITIVE VIEW ( COMM]CE4 7,MUHAMMAD HIMSELF HAD BE5 BEGUN HIS LIFE AS A M]*ANT47 ,! PROHIBITIONS AGA9/ USURY DID NOT MITIGATE ! GR[? ( COMM]CE1 OR EV5 ! DEVELOPM5T ( COMPLEX CR$IT 9/RUM5TS4 ,TO ! CONTR>Y1 ! E>LY C5TURIES ( ! CALIPHATE SAW AN EFFLORESC5CE ( BO?4 ,CR$IT 9/RUM5TS W]E SO ESS5TIAL ?AT TRAD]S T5D$ TO KEEP !IR WEAL? ON DEPOSIT & MAKE EV]YDAY TRANSACTIONS US+ *ECKS 7SAKK7 9/EAD ( CO9S4 ,*ECKS W]E C\NT]SIGN$ & TRANSF]R$1 & LETT]S ( CR$IT 7SUFTAJA7 TRAVEL$ ACROSS ! ,9DIAN ,OCEAN & ! ,SAH>A4 ,!SE PROMISSORY NOTES OP]AT$ 9DEP5D5TLY ( ! /ATE 7& ! DEALS MADE ) !M W]E BEYOND ! PURVIEW ( GOV]NM5T 5=CEM5T73 ,!Y NEV] BECAME PAP] MONEY1 C\LD NOT BE US$ TO PAY TAXES1 & !IR VALUE REMA9$ BAS$ ALMO/ 5TIRELY ON TRU/ & REPUTATION4 ,IF A TRAD] WAS WRONG$1 HE C\LD APPEAL TO ! ,ISLAMIC C\RTS1 BUT COMMISSION+ A POET TO COMPOSE V]SES D]ID+ ! DEBTOR W\LD HAVE A MU* GREAT] EFFECT4 

,NETWORKS ( TRU/ W]E L>GELY RESPONSIBLE = ! SPREAD ( ,ISLAM OV] ! C>AVAN R\TES ( C5TRAL ,ASIA & ! ,SAH>A & ACROSS ! ,9DIAN ,OCEAN1 :I* BECAME ! MA9 CONDUIT ( WORLD TRADE4 ,ISLAM GA9$ A TOEHOLD 9 TRADE EMPORIA FROM ,AD5 TO ! ,SPICE ,ISL&S1 L>GELY BECAUSE ,ISLAMIC C\RTS W]E P]FECTLY SUIT$ TO PROVIDE ?OSE PORTS ) LEGAL 9FRA/RUCTURE3 ! MEANS ( E/ABLI%+ CONTRACTS1 RECOV]+ DEBTS1 & CREAT+ A BANK+ SECTOR CAPABLE ( R$EEM+ OR TRANSF]R+ LETT]S ( CR$IT4 ,! RESULTANT LEVEL ( TRU/ BETWE5 M]*ANTS 9 ! GREAT ,MALAY 5TREPOT ,MALACCA WAS LEG5D>Y4 ,! CITY HAD ,SWAHILI1 ,>AB1 ,EGYPTIAN1 ,E?IOPIAN1 & ,>M5IAN QU>T]S1 AS WELL AS QU>T]S = M]*ANTS FROM REGIONS ( ,9DIA1 ,*9A1 & ,S\!A/ ,ASIA4 ,YET IT WAS SAID ?AT ITS M]*ANTS %UNN$ 5=CEABLE CONTRACTS1 PREF]R+ TO SEAL TRANSACTIONS )1 AS ! SAY+ W5T1 0A H&%AKE & A GLANCE AT HEAV540 

,MONEY ,BAGS 

,H[ MANY TIMES HAVE WE BE5 TOLD ?AT ! ADV5T ( VIRTUAL MONEY1 ! DEMAT]IALIZATION ( CA% 9TO PLA/IC & DOLL>S 9TO BLIPS ( ELECTRONIC 9=MATION1 HAS BR\<T US 9TO AN UNPREC$5T$ F9ANCIAL WORLD1 COMPLETELY UN*>T$ T]RITORY8 ,?AT V]Y ASSUMPTION MADE IT EASY = ,GOLDMAN ,SA*S1 ,A,I,G1 & !IR COHORTS TO CONV9CE PEOPLE ?AT ANY EF=T TO UND]/&1 MU* LESS REGULATE1 !IR DAZZL+ NEW F9ANCIAL 9/RUM5TS WAS FUTILE4 ,BUT ! MOM5T ONE CA/S MATT]S ON A BROAD HI/ORICAL SCALE1 IT BECOMES CLE> ?AT !RE'S NO?+ FUNDAM5TALLY NEW AB\T ! REIGN ( VIRTUAL MONEY1 :I* W\LD BE RECOGNIZABLE TO ANCI5T ,MESOPOTAMIAN BUREAUCRATS & ,ISLAMIC TRAD]S ALIKE4 

,! NEW GLOBAL CURR5CY--! FREE-FLOAT+ DOLL>--IS ROOT$ 9 MILIT>Y P[] EV5 MORE FIRMLY ?AN BE=E4 ,DEBT PEONAGE CONT9UES TO BE ! MA9 PR9CIPLE ( RECRUIT+ LABOR GLOBALLY--EI!R 9 ! LIT]AL S5SE1 9 MU* ( ,EA/ ,ASIA & ,LAT9 ,AM]ICA1 OR 9 ! SUBJECTIVE S5SE1 :]EBY MO/ ( ?OSE WORK+ = WAGES OR EV5 SAL>IES FEEL ?AT !Y >E DO+ SO PRIM>ILY TO PAY (F 9T]E/-BE>+ LOANS4 ,NEW TRANSPORTATION & COMMUNICATIONS TE*NOLOGIES HAVE MADE ?+S EASI] = CR$ITORS3 

,!Y CAN *>GE DOME/IC LABOR]S & FACTORY WORK]S ?\S&S ( DOLL>S TO BE TRANSPORT$ TO DI/ANT C\NTRIES :]E !Y >E =C$ TO WORK (F !IR DEBT1 LACK+ LEGAL PROTECTIONS4 ,! OV]>*+ 9/ITUTIONS ?AT HAVE BE5 CREAT$ TO REGULATE !SE ACTIVITIES--?OSE :OSE COSMIC SCALE E*OES ! DIV9ELY 9SPIR$ AU?ORITY ( K+S ( ! ANCI5T ,MIDDLE ,EA/ & ! *UR* ( ! ,MIDDLE ,AGES--DO NOT PROTECT DEBTORS1 BUT RA!R 5=CE ! RI<TS ( CR$ITORS4 ,!Y ALL OP]ATE ON ! PR9CIPLE ?AT ONE HAS TO PAY ONE'S DEBTS 7UNLESS ONE IS ! ,UNIT$ ,/ATES ,TREASURY71 S9CE ! PROSPECT ( DEFAULT BY ANY C\NTRY IS ASSUM$ TO IMP]IL ! 5TIRE WORLD MONET>Y SY/EM4 ,JOSEPH ,ADDISON DESCRIB$ ?AT FE> ( COLLAPSE1 :I* ACTS TO BUTTRESS ! SY/EM1 9 HIS #agaa ESSAY 0,PUBLIC ,CR$IT10 REC\NT+ A NI<TM>E 9 :I* ,BRITA9'S NATIONAL WEAL? HAS DISAPPE>$4 0,!RE WAS AS GREAT A *ANGE 9 ! HILL ( MONEY-BAGS1 & ! HEAPS ( MONEY1 ! =M] %R9K+1 & FALL+ 9TO SO MANY EMPTY BAGS1 ?AT ,I N[ F\ND NOT ABOVE A T5? P>T ( !M HAD BE5 FILL$ ) MONEY10 HE WRITES4 

,! RE/ ?AT TOOK UP ! SAME SPACE1 & MADE ! SAME FIGURE AS ! BAGS ?AT W]E REALLY FILL$ ) MONEY1 HAD BE5 BL[N UP ) AIR1 & CALL$ 9TO MY MEMORY ! BAGS FULL ( W9D1 :I* ,HOM] TELLS US HIS ,H]O RECEIV$ AS A PRES5T FROM ,A,EOLUS4 ,! GREAT HEAPS ( GOLD ON EI!R SIDE ( ! ?RONE N[ APPE>$ TO BE ONLY HEAPS ( PAP]1 OR LITTLE PILES ( NOT*$ /ICKS1 B\ND UP TOGE!R 9 BUNDLES1 LIKE ,BA? FAGOTS4 

,WE NE$ TO UND]/& :AT PHILOSOPH]S 9 ! ,MIDDLE ,AGES1 FROM ,ITALY TO ,9DIA TO ,*9A1 ALREADY UND]/OOD P]FECTLY WELL3 ,MONEY IS NOT A ?+1 & IS C]TA9LY NOT A SC>CE RES\RCE4 ,MONEY IS A PROMISE4 ,& IT IS A PROMISE WE KEEP TO ?OSE WE VALUE & BREAK TO ?OSE WE DO NOT4 ,9 ,GREECE1 ,IREL&1 ,PORTUGAL1 & ,SPA91 SOV]EIGN-DEBT DEFAULT SEEMS EV] MORE LIKELY4 ,IF IT OCCURS1 !N :AT WILL HAPP58 ,C]TA9 PROMISES WILL BE KEPT1 & O!RS WILL BE BROK54 ,AS WE LE>N FROM POLITICIANS EV]Y DAY1 IT IS R>ELY POSSIBLE TO KEEP ALL PROMISES EXACTLY AS ONE HAS MADE !M4 ,TODAY1 9 ! ,UNIT$ ,K+DOM1 MANY POLITICIANS >E SAY+1 0,I KN[ ,I WAS ELECT$ ON A SOLEMN PL$GE NOT TO RAISE TUITION FEES1 BUT N[ ?AT ,I'M 9 P[] ,I REALIZE ?AT WAS UNREALI/IC4 ,WE WILL HAVE TO TRIPLE !M40 ,:AT !Y 9 FACT MEAN IS1 0,I HAVE DECID$ ?AT PROMISES MADE BY ?IS GOV]NM5T TO REPAY BANK]S1 AT AN AGRE$-UPON 9T]E/ RATE1 = MONEY !Y FABRICAT$1 >E MORE IMPORTANT ?AN PROMISES MADE TO MY [N CON/ITU5TS40 ,& IF PROMISES MADE TO LEGAL AB/RACTIONS >E ALWAYS TO BE GIV5 PRIORITY OV] PROMISES MADE TO :AT WE /ILL OCCASIONALLY1 :E!R FONDLY OR CYNICALLY1 CALL ! PEOPLE1 WE MI<T WELL ASK \RSELVES :Y \R SY/EM ( GOV]NM5T IS /ILL DEEM$ DEMOCRACY4 

.<#a.> ,! NATURE ( MONEY HAS ALWAYS BE5 P>TICUL>LY CONT5TI\S 9 ! ,U,S1 AS EVID5C$ BY ! 5DLESS BATTLES BETWE5 GOLDBUGS1 GRE5BACK]S1 FREE BANK]S1 BIMETALLI/S1 & SILV]ITES 9 ! N9ETE5? C5TURY4 ,AM]ICAN VOT]S W]E SO SUSPICI\S ( ! V]Y IDEA ( C5TRAL BANKS ?AT ! ,F$]AL ,RES]VE SY/EM WAS CREAT$ ONLY ON ! EVE ( ,WORLD ,W> ,I1 ?REE C5TURIES AFT] ! ,BANK ( ,5GL& WAS F\ND$4 ,EV5 ! MONETIZATION ( ! NATIONAL DEBT WAS SE5 BY ,?OMAS ,JEFF]SON AS A P]NICI\S ALLIANCE BETWE5 W>RIORS & F9ANCI]S1 ?\< IT OP5$ ! WAY TO GOV]NM5T ASSUM+ ! ROLE ( MORAL DEBTOR1 & ( FRE$OM BE+ P]CEIV$ AS SOME?+ LIT]ALLY [$ TO ! NATION4 

.<#b.> ,?R\<\T HI/ORY1 C]TA9 SORTS ( DEBTS1 & C]TA9 SORTS ( DEBTORS1 HAVE BE5 TREAT$ DIFF]5TLY FROM O!RS4 ,! ,BRITI% PUBLIC WAS SC&ALIZ$ 9 ! #a#g#bS :5 ! POPUL> PRESS EXPOS$ ! FACT ?AT DEBTORS' PRISONS W]E REGUL>LY DIVID$ 9TO TWO SECTIONS4 ,>I/OCRATIC 9MATES1 :O (T5 ?\<T ( A BRIEF /AY 9 ,FLEET OR ,M>%ELSEA AS SOME?+ ( A FA%ION /ATEM5T1 W]E W9$ & D9$ BY LIV]I$ S]VANTS & ALL[$ TO RECEIVE REGUL> VISITS FROM PRO/ITUTES4 ,ON ! 0COMMON SIDE10 IMPOV]I%$ DEBTORS W]E %ACKL$ TOGE!R 9 T9Y CELLS1 0COV]$ ) FIL? & V]M910 AS ONE REPORT PUT IT1 0& SUFF]$ TO DIE1 )\T PITY1 ( HUNG] & JAIL FEV]40 

.<#c.> ,?IS H>DLY MEANS ?AT B>T] DOES NOT EXI/--OR EV5 ?AT IT'S NEV] PRACTIC$ BY ! SORT ( PEOPLE ?AT ,SMI? REF]R$ TO AS SAVAGES4 ,IT JU/ MEANS ?AT IT'S ALMO/ NEV] EMPLOY$ BETWE5 FELL[ VILLAG]S1 AS ,SMI? IMAG9$ IT TO BE4 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
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,JANU>Y #d1 #bbb 3 ,TO ,HAVE ,IS TO ,[E -- ,UPDAT$4 

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