,*APT] #ab 
7#a#i#g#a-,! ,BEG9N+ ( ,SOME?+ ,YET TO ,BE ,DET]M9$7 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

7#a#i#g#a-,! ,BEG9N+ ( ,SOME?+ ,YET TO ,BE ,DET]M9$7 

  
  

,LOOK AT ALL !SE BUMS3 ,IF ONLY !RE W]E A WAY ( F9D+ \T H[ MU* !Y [E4  
  
  

--,REPO ,MAN 7#a#i#h#d7  
  
  

,FREE Y\R M9D ( ! IDEA ( DES]V+1 ( ! IDEA ( E>N+1 & Y\ WILL BEG9 TO BE ABLE TO ?9K4  
  
  

--,URSULA ,K4 ,LE ,GU91 ,! ,DISPOSSESS$  
  

,ON ,AUGU/ #a#e1 #a#i#g#a1 ,UNIT$ ,/ATES ,PRESID5T ,RI*>D ,NIXON ANN\NC$ ?AT =EIGN-HELD ,U4,S4 DOLL>S W\LD NO LONG] BE CONV]TIBLE 9TO GOLD--?US /RIPP+ AWAY ! LA/ VE/IGE ( ! 9T]NATIONAL GOLD /&>D4.<#h#d#c.> ,?IS WAS ! 5D ( A POLICY ?AT HAD BE5 EFFECTIVE S9CE #a#i#c#a1 & CONFIRM$ BY ! ,BRETTON ,WOODS ACCORDS AT ! 5D ( ,WORLD ,W> ,I,I3 ?AT :ILE ,UNIT$ ,/ATES CITIZ5S MI<T NO LONG] BE ALL[$ TO CA% 9 !IR DOLL>S = GOLD1 ALL ,U4,S4 CURR5CY HELD \TSIDE ! C\NTRY WAS TO BE R$EEMABLE AT ! RATE ( @s#c#e AN \NCE4 ,BY DO+ SO1 ,NIXON 9ITIAT$ ! REGIME ( FREE-FLOAT+ CURR5CIES ?AT CONT9UES TO ?IS DAY4 

,! CONS5SUS AMONG HI/ORIANS IS ?AT ,NIXON HAD LITTLE *OICE4 ,HIS H& WAS =C$ BY ! RIS+ CO/S ( ! ,VIETNAM ,W>--ONE ?AT1 LIKE ALL CAPITALI/ W>S1 HAD BE5 F9ANC$ BY DEFICIT SP5D+4 ,! ,UNIT$ ,/ATES WAS 9 POSSESSION ( A L>GE PROPORTION ( ! WORLD'S GOLD RES]VES 9 ITS VAULTS 9 ,=T ,KNOX 7?\< 9CREAS+LY LESS 9 ! LATE #a#i#fS1 AS O!R GOV]NM5TS1 MO/ FAM\SLY ,*>LES DE ,GAULLE'S ,FRANCE1 BEGAN DEM&+ GOLD = !IR DOLL>S72 MO/ POOR] C\NTRIES1 9 CONTRA/1 KEPT !IR RES]VES 9 DOLL>S4 ,! IMM$IATE EFFECT ( ,NIXON'S UNPEGG+ ! DOLL> WAS TO CAUSE ! PRICE ( GOLD TO SKYROCKET2 IT HIT A PEAK ( @s#f AN \NCE 9 #a#i#h4 ,?IS ( C\RSE HAD ! EFFECT ( CAUS+ ,U4,S4 GOLD RES]VES TO 9CREASE DRAMATICALLY 9 VALUE4 ,! VALUE ( ! DOLL>1 AS D5OM9AT$ 9 GOLD1 PLUMMET$4 ,! RESULT WAS A MASSIVE NET TRANSF] ( WEAL? FROM POOR C\NTRIES1 :I* LACK$ GOLD RES]VES1 TO RI* ONES1 LIKE ! ,UNIT$ ,/ATES & ,GREAT ,BRITA91 ?AT MA9TA9$ !M4 ,9 ! ,UNIT$ ,/ATES1 IT ALSO SET (F P]SI/5T 9FLATION4 

,:ATEV] ,NIXON'S REASONS1 ?\<1 ONCE ! GLOBAL SY/EM ( CR$IT MONEY WAS 5TIRELY UNPEGG$ FROM GOLD1 ! WORLD 5T]$ A NEW PHASE ( F9ANCIAL HI/ORY--ONE ?AT NOBODY COMPLETELY UND]/&S4 ,:ILE ,I WAS GR[+ UP 9 ,NEW ,YORK1 ,I W\LD HE> OCCASIONAL RUMORS ( SECRET GOLD VAULTS UND]NEA? ! ,TW9 ,T[]S 9 ,MANHATTAN4 ,SUPPOS$LY1 !SE VAULTS CONTA9$ NOT JU/ ! ,U4,S4 GOLD RES]VES1 BUT ?OSE ( ALL ! MAJOR ECONOMIC P[]S4 ,! GOLD WAS SAID TO BE KEPT 9 ! =M ( B>S1 PIL$ UP 9 SEP>ATE VAULTS1 ONE = EA* C\NTRY1 & EV]Y YE>1 :5 ! BALANCE ( ACC\NTS WAS CALCULAT$1 WORKM5 ) DOLLIES W\LD ADJU/ ! /OCKS ACCORD+LY1 C>T+1 SAY1 A FEW MILLION 9 GOLD \T ( ! VAULT M>K$ 0,BRAZIL0 & TRANSF]+ !M TO ! ONE M>K$ 0,G]MANY10 & SO ON4 

,APP>5TLY A LOT ( PEOPLE HAD HE>D !SE /ORIES4 ,AT LEA/1 RI<T AFT] ! ,T[]S W]E DE/ROY$ ON ,SEPTEMB] #a#a1 #b#a1 ONE ( ! FIR/ QUE/IONS MANY ,NEW ,YORK]S ASK$ WAS3 ,:AT HAPP5$ TO ! MONEY8 ,WAS IT SAFE8 ,W]E ! VAULTS DE/ROY$8 ,PRESUMABLY1 ! GOLD HAD MELT$4 ,WAS ?IS ! REAL AIM ( ! ATTACK]S8 ,CONSPIRACY !ORIES AB\ND$4 ,SOME SPOKE ( LEGIONS ( EM]G5CY WORK]S SECRETLY SUMMON$ TO MAKE !IR WAY ?R\< MILES ( OV]HEAT$ TUNNELS1 DESP]ATELY C>T+ (F TONS ( BULLION EV5 AS RESCUE WORK]S LABOR$ OV]HEAD4 ,ONE P>TICUL>LY COLORFUL CONSPIRACY !ORY SUGGE/$ ?AT ! 5TIRE ATTACK WAS REALLY /AG$ BY SPECULATORS :O1 LIKE ,NIXON1 EXPECT$ TO SEE ! VALUE ( ! DOLL> CRA% & ?AT ( GOLD TO SKYROCKET--EI!R BECAUSE ! RES]VES HAD BE5 DE/ROY$1 OR BECAUSE !Y !MSELVES HAD LAID PRIOR PLANS TO /EAL !M4.<#h#d#d.> 

,! TRULY REM>KABLE ?+ AB\T ?IS /ORY IS ?AT1 AFT] HAV+ BELIEV$ IT = YE>S1 & !N1 9 ! WAKE ( #i_/#a#a1 HAV+ BE5 CONV9C$ BY SOME MORE KN[+ FRI5DS ?AT IT WAS ALL A GREAT MY? 70,NO10 ONE ( !M SAID RESIGN$LY1 AS IF TO A *ILD1 0! ,UNIT$ ,/ATES KEEPS ITS GOLD RES]VES 9 ,=T ,KNOX071 ,I DID A LITTLE RESE>* & DISCOV]$ ?AT1 NO1 ACTUALLY1 IT'S TRUE4 ,! ,UNIT$ ,/ATES TREASURY'S GOLD RES]VES >E 9DE$ KEPT AT ,=T ,KNOX1 BUT ! ,F$]AL ,RES]VE'S GOLD RES]VES1 & ?OSE ( MORE ?AN ONE HUNDR$ O!R C5TRAL BANKS1 GOV]NM5TS1 & ORGANIZATIONS1 >E /OR$ 9 VAULTS UND] ! ,F$]AL ,RES]VE BUILD+ AT #cc ,LIB]TY ,/REET 9 ,MANHATTAN1 TWO BLOCKS AWAY FROM ! ,T[]S4 ,AT R\<LY FIVE ?\S& METRIC TONS 7#b#f#f MILLION TROY \NCES71 !SE COMB9$ RES]VES REPRES5T1 ACCORD+ TO ! ,F$'S [N WEBSITE1 SOME:]E BETWE5 ONE-FIF? & ONE-QU>T] ( ALL ! GOLD ?AT HAS EV] BE5 TAK5 FROM ! E>?4 

,! GOLD /OR$ AT ! ,F$]AL ,RES]VE ,BANK ( ,NEW ,YORK IS SECUR$ 9 A MO/ UNUSUAL VAULT4 ,IT RE/S ON ! B$ROCK ( ,MANHATTAN ,ISL&--ONE ( ! FEW F\NDATIONS CONSID]$ ADEQUATE TO SUPPORT ! WEI<T ( ! VAULT1 ITS DOOR1 & ! GOLD 9SIDE--EI<TY FEET BEL[ /REET LEVEL & FIFTY FEET BEL[ SEA LEVEL 444 ,TO REA* ! VAULT1 BULLIONLAD5 PALLETS MU/ BE LOAD$ 9TO ONE ( ! ,BANK'S ELEVATORS & S5T D[N FIVE FLOORS BEL[ /REET LEVEL TO ! VAULT FLOOR 444 ,IF EV]Y?+ IS 9 ORD]1 ! GOLD IS EI!R MOV$ TO ONE OR MORE ( ! VAULT'S #abb COMP>TM5TS ASSIGN$ TO DEPOSIT+ C\NTRIES & (FICIAL 9T]NATIONAL ORGANIZATIONS OR PLAC$ ON %ELVES4 0,GOLD /ACK]S10 US+ HYDRAULIC LIFTS1 DO 9DE$ %IFT !M BACK & =? BETWE5 COMP>TM5TS TO BALANCE CR$ITS & DEBTS1 ?\< ! VAULTS HAVE ONLY NUMB]S1 SO EV5 ! WORK]S DON'T KN[ :O IS PAY+ :OM4.<#h#d#e.> 

,!RE IS NO REASON TO BELIEVE1 H[EV]1 ?AT !SE VAULTS W]E 9 ANY WAY AFFECT$ BY ! EV5TS ( ,SEPTEMB] #a#a1 #b#a4 

,REALITY1 !N1 HAS BECOME SO ODD ?AT IT'S H>D TO GUESS :I* ELEM5TS ( GR& MY?IC FANTASIES >E REALLY FANTASY1 & :I* >E TRUE4 ,! IMAGE ( COLLAPS$ VAULTS1 ! MELT$ BULLION1 ( SECRET WORK]S SCURRY+ DEEP BEL[ ,MANHATTAN ) UND]GR\ND =KLIFTS EVACUAT+ ! WORLD ECONOMY--ALL ?IS TURNS \T NOT TO BE4 ,BUT IS IT 5TIRELY SURPRIS+ ?AT PEOPLE W]E WILL+ TO CONSID] IT8.<#h#d#f.> 

,9 ,AM]ICA1 ! BANK+ SY/EM S9CE ! DAYS ( ,?OMAS ,JEFF]SON HAS %[N A REM>KABLE CAPACITY TO 9SPIRE P>ANOID FANTASIES3 :E!R C5T]+ ON ,FREEMASONS1 OR ,ELD]S ( ,ZION1 OR ! ,SECRET ,ORD] ( ! ,ILLUM9ATI1 OR ! ,QUE5 ( ,5GL&'S DRUG-MONEY-LAUND]+ OP]ATIONS1 OR ANY ( A ?\S& O!R SECRET CONSPIRACIES & CABALS4 ,IT'S ! MA9 REASON :Y IT TOOK SO LONG = AN ,AM]ICAN C5TRAL BANK TO BE E/ABLI%$ TO BEG9 )4 ,9 A WAY !RE'S NO?+ SURPRIS+ H]E4 ,! ,UNIT$ ,/ATES HAS ALWAYS BE5 DOM9AT$ BY A C]TA9 M>KET POPULISM1 & ! ABILITY ( BANKS TO 0CREATE MONEY \T ( NO?+0--& EV5 MORE1 TO PREV5T ANYONE ELSE FROM DO+ SO--HAS ALWAYS BE5 ! BUGABOO ( M>KET POPULI/S1 S9CE IT DIRECTLY CONTRADICTS ! IDEA ?AT M>KETS >E A SIMPLE EXPRESSION ( DEMOCRATIC EQUALITY4 ,/ILL1 S9CE ,NIXON'S FLOAT+ ( ! DOLL>1 IT HAS BECOME EVID5T ?AT IT'S ONLY ! WIZ>D BEH9D ! SCRE5 :O SEEMS TO BE MA9TA9+ ! VIABILITY ( ! :OLE >RANGEM5T4 ,UND] ! FREE-M>KET OR?ODOXY ?AT FOLL[$1 WE HAVE ALL BE+ ASK$1 EFFECTIVELY1 TO ACCEPT ?AT 0! M>KET0 IS A SELF-REGULAT+ SY/EM1 ) ! RIS+ & FALL+ ( PRICES AK9 TO A =CE ( NATURE1 & SIMULTANE\SLY TO IGNORE ! FACT ?AT1 9 ! BUS9ESS PAGES1 IT IS SIMPLY ASSUM$ ?AT M>KETS RISE & FALL MA9LY 9 ANTICIPATION (1 OR REACTION TO1 DECISIONS REG>D+ 9T]E/ RATES BY ,ALAN ,GRE5SPAN1 OR ,B5 ,B]NANKE1 OR :OEV] IS CURR5TLY ! *AIRMAN ( ! ,F$]AL ,RES]VE4.<#h#d#g.> 

,ONE ELEM5T1 H[EV]1 T5DS TO GO FLAGRANTLY MISS+ 9 EV5 ! MO/ VIVID CONSPIRACY !ORIES AB\T ! BANK+ SY/EM1 LET ALONE 9 (FICIAL ACC\NTS3 ?AT IS1 ! ROLE ( W> & MILIT>Y P[]4 ,!RE'S A REASON :Y ! WIZ>D HAS SU* A /RANGE CAPACITY TO CREATE MONEY \T ( NO?+4 ,BEH9D HIM1 !RE'S A MAN ) A GUN4 

,TRUE1 9 ONE S5SE1 HE'S BE5 !RE FROM ! />T4 ,I HAVE ALREADY PO9T$ \T ?AT MOD]N MONEY IS BAS$ ON GOV]NM5T DEBT1 & ?AT GOV]NM5TS BORR[ MONEY 9 ORD] TO F9ANCE W>S4 ,?IS IS JU/ AS TRUE TODAY AS IT WAS 9 ! AGE ( ,K+ ,PHILLIP ,I,I4 ,! CREATION ( C5TRAL BANKS REPRES5T$ A P]MAN5T 9/ITUTIONALIZATION ( ?AT M>RIAGE BETWE5 ! 9T]E/S ( W>RIORS & F9ANCI]S ?AT HAD ALREADY BEGUN TO EM]GE 9 ,R5AISSANCE ,ITALY1 & ?AT EV5TUALLY BECAME ! F\NDATION ( F9ANCIAL CAPITALISM4.<#h#d#h.> 

,NIXON FLOAT$ ! DOLL> 9 ORD] TO PAY = ! CO/ ( A W> 9 :I*1 DUR+ ! P]IOD ( #a#i#g-#a#i#g#b ALONE1 HE ORD]$ MORE ?AN F\R MILLION TONS ( EXPLOSIVES & 9C5DI>IES DROPP$ ON CITIES & VILLAGES ACROSS ,9DO*9A--CAUS+ ONE S5ATOR TO DUB HIM 0! GREATE/ BOMB] ( ALL TIME40.<#h#d#i.> ,! DEBT CRISIS WAS A DIRECT RESULT ( ! NE$ TO PAY = ! BOMBS1 OR TO BE MORE PRECISE1 ! VA/ MILIT>Y 9FRA/RUCTURE REQUIR$ TO DELIV] !M4 ,?IS WAS :AT WAS CAUS+ SU* AN 5ORM\S /RA9 ON ! ,U4,S4 GOLD RES]VES4 ,MANY HOLD ?AT BY FLOAT+ ! DOLL>1 ,NIXON CONV]T$ ! ,U4,S4 CURR5CY 9TO PURE 0FIAT MONEY0--M]E PIECES ( PAP]1 9TR9SICALLY WOR?LESS1 ?AT W]E TREAT$ AS MONEY ONLY BECAUSE ! ,UNIT$ ,/ATES GOV]NM5T 9SI/$ ?AT IT %\LD BE4 ,9 ?AT CASE1 ONE C\LD WELL >GUE ?AT ,U4,S4 MILIT>Y P[] WAS N[ ! ONLY ?+ BACK+ UP ! CURR5CY4 ,9 A C]TA9 S5SE ?IS IS TRUE1 BUT ! NOTION ( 0FIAT MONEY0 ASSUMES ?AT MONEY REALLY 0WAS0 GOLD 9 ! FIR/ PLACE4 ,REALLY WE >E DEAL+ ) ANO!R V>IATION ( CR$IT MONEY4 

,CONTR>Y TO POPUL> BELIEF1 ! ,U4,S4 GOV]NM5T CAN'T 0JU/ PR9T MONEY10 BECAUSE ,AM]ICAN MONEY IS NOT ISSU$ BY ! GOV]NM5T AT ALL1 BUT BY PRIVATE BANKS1 UND] ! EGIS ( ! ,F$]AL ,RES]VE ,SY/EM4 ,! ,F$]AL ,RES]VE--DESPITE ! NAME--IS TE*NICALLY NOT P>T ( ! GOV]NM5T AT ALL1 BUT A PECULI> SORT ( PUBLIC-PRIVATE HYBRID1 A CONSORTIUM ( PRIVATELY [N$ BANKS :OSE *AIRMAN IS APPO9T$ BY ! ,UNIT$ ,/ATES PRESID5T1 ) ,CONGRESSIONAL APPROVAL1 BUT :I* O!RWISE OP]ATES )\T PUBLIC OV]SI<T4 ,ALL DOLL> BILLS 9 CIRCULATION 9 ,AM]ICA >E 0,F$]AL ,RES]VE ,NOTES0--! ,F$ ISSUES !M AS PROMISSORY NOTES1 & COMMISSIONS ! ,U4,S4 M9T TO DO ! ACTUAL PR9T+1 PAY+ IT F\R C5TS = EA* BILL4.<#h#e.> ,! >RANGEM5T IS JU/ A V>IATION ( ! S*EME ORIG9ALLY PIONE]$ BY ! ,BANK ( ,5GL&1 :]EBY ! ,F$ 0LOANS0 MONEY TO ! ,UNIT$ ,/ATES GOV]NM5T BY PUR*AS+ TREASURY BONDS1 & !N MONETIZES ! ,U4,S4 DEBT BY L5D+ ! MONEY ?US [$ BY ! GOV]NM5T TO O!R BANKS4.<#h#e#a.> ,! DIFF]5CE IS ?AT :ILE ! ,BANK ( ,5GL& ORIG9ALLY LOAN$ ! K+ GOLD1 ! ,F$ SIMPLY :ISKS ! MONEY 9TO EXI/5CE BY SAY+ ?AT IT'S !RE4 ,?US1 IT'S ! ,F$ ?AT HAS ! P[] TO PR9T MONEY4.<#h#e#b.> ,! BANKS ?AT RECEIVE LOANS FROM ! ,F$ >E NO LONG] P]MITT$ TO PR9T MONEY !MSELVES1 BUT !Y >E ALL[$ TO CREATE VIRTUAL MONEY BY MAK+ LOANS AT A FRACTIONAL RES]VE RATE E/ABLI%$ BY ! ,F$--?\< 9 ! WAKE ( ! CURR5T CR$IT CRISIS1 AT TIME ( ?IS WRIT+1 !RE HAS BE5 A MOVE TO REMOVE EV5 !SE RE/RICTIONS4 

,ALL ?IS IS A BIT ( A SIMPLIFICATION3 MONET>Y POLICY IS 5DLESSLY >CANE1 & IT DOES SOMETIMES SEEM1 9T5TIONALLY SO4 7,H5RY ,=D ONCE REM>K$ ?AT IF ORD9>Y ,AM]ICANS EV] F\ND \T H[ ! BANK+ SY/EM REALLY WORK$1 !RE W\LD BE A REVOLUTION TOMORR[47 ,:AT IS REM>KABLE = PRES5T PURPOSES IS NOT SO MU* ?AT ,AM]ICAN DOLL>S >E CREAT$ BY BANKS1 BUT ?AT ONE APP>5TLY P>ADOXICAL RESULT ( ,NIXON'S FLOAT+ ! CURR5CY WAS ?AT !SE BANK-CREAT$ DOLL>S !MSELVES REPLAC$ GOLD AS ! WORLD'S RES]VE CURR5CY3 ?AT IS1 AS ! ULTIMATE /ORE ( VALUE 9 ! WORLD1 YIELD+ ! ,UNIT$ ,/ATES 5ORM\S ECONOMIC ADVANTAGES4 

,MEAN:ILE1 ! ,U4,S4 DEBT REMA9S1 AS IT HAS BE5 S9CE #a#g#i1 A W> DEBT3 ! ,UNIT$ ,/ATES CONT9UES TO SP5D MORE ON ITS MILIT>Y ?AN DO ALL O!R NATIONS ON E>? PUT TOGE!R1 & MILIT>Y EXP5DITURES >E NOT ONLY ! BASIS ( ! GOV]NM5T'S 9DU/RIAL POLICY2 !Y ALSO TAKE UP SU* A HUGE PROPORTION ( ! BUDGET ?AT BY MANY E/IMATIONS1 W]E IT NOT = !M1 ! ,UNIT$ ,/ATES W\LD NOT RUN A DEFICIT AT ALL4 

,! ,U4,S4 MILIT>Y1 UNLIKE ANY O!R1 MA9TA9S A DOCTR9E ( GLOBAL P[] PROJECTION3 ?AT IT %\LD HAVE ! ABILITY1 ?R\< R\<LY #h OV]SEAS MILIT>Y BASES1 TO 9T]V5E ) DEADLY =CE ABSOLUTELY ANY:]E ON ! PLANET4 ,9 A WAY1 ?\<1 L& =CES >E SECOND>Y2 AT LEA/ S9CE ,WORLD ,W> ,I,I1 ! KEY TO ,U4,S4 MILIT>Y DOCTR9E HAS ALWAYS BE5 A RELIANCE ON AIR P[]4 ,! ,UNIT$ ,/ATES HAS F\<T NO W> 9 :I* IT DID NOT CONTROL ! SKIES1 & IT HAS RELI$ ON A]IAL BOMB>DM5T F> MORE SY/EMATICALLY ?AN ANY O!R MILIT>Y--9 ITS REC5T OCCUPATION ( ,IRAQ1 = 9/ANCE1 EV5 GO+ SO F> AS TO BOMB RESID5TIAL NEI<BORHOODS ( CITIES O/5SIBLY UND] ITS [N CONTROL4 ,! ESS5CE ( ,U4,S4 MILIT>Y PR$OM9ANCE 9 ! WORLD IS1 ULTIMATELY1 ! FACT ?AT IT CAN1 AT WILL1 DROP BOMBS1 ) ONLY A FEW H\RS' NOTICE1 AT ABSOLUTELY ANY PO9T ON ! SURFACE ( ! PLANET4.<#h#e#c.> ,NO O!R GOV]NM5T HAS EV] HAD ANY?+ REMOTELY LIKE ?IS SORT ( CAPABILITY4 ,9 FACT1 A CASE C\LD WELL BE MADE ?AT IT IS ?IS V]Y P[] ?AT HOLDS ! 5TIRE WORLD MONET>Y SY/EM1 ORGANIZ$ >\ND ! DOLL>1 TOGE!R4 

,BECAUSE ( ,UNIT$ ,/ATES TRADE DEFICITS1 HUGE NUMB]S ( DOLL>S CIRCULATE \TSIDE ! C\NTRY2 & ONE EFFECT ( ,NIXON'S FLOAT+ ( ! DOLL> WAS ?AT =EIGN C5TRAL BANKS HAVE LITTLE !Y CAN DO ) !SE DOLL>S EXCEPT TO USE !M TO BUY ,U4,S4 TREASURY BONDS4.<#h#e#d.> ,?IS IS :AT IS MEANT BY ! DOLL> BECOM+ ! WORLD'S 0RES]VE CURR5CY40 ,!SE BONDS >E1 LIKE ALL BONDS1 SUPPOS$ TO BE LOANS ?AT WILL EV5TUALLY MATURE & BE REPAID1 BUT AS ECONOMI/ ,MI*AEL ,HUDSON1 :O FIR/ BEGAN OBS]V+ ! PH5OM5ON 9 ! E>LY '#gS1 NOT$1 !Y NEV] REALLY DO3 

,TO ! EXT5T ?AT !SE ,TREASURY ,I,\S >E BE+ BUILT 9TO ! WORLD'S MONET>Y BASE !Y WILL NOT HAVE TO BE REPAID1 BUT >E TO BE ROLL$ OV] 9DEF9ITELY4 ,?IS FEATURE IS ! ESS5CE ( ,AM]ICA'S FREE F9ANCIAL RIDE1 A TAX IMPOS$ AT ! 5TIRE GLOBE'S EXP5SE4.<#h#e#e.> 

,:AT'S MORE1 OV] TIME1 ! COMB9$ EFFECT ( L[ 9T]E/ PAYM5TS & ! 9FLATION IS ?AT !SE BONDS ACTUALLY DEPRECIATE 9 VALUE--ADD+ TO ! TAX EFFECT1 OR AS ,I PREF]R$ TO PUT IT 9 ! FIR/ *APT]1 0TRIBUTE40 ,ECONOMI/S PREF] TO CALL IT 0SEIGNIORAGE40 ,! EFFECT1 ?\<1 IS ?AT ,AM]ICAN IMP]IAL P[] IS BAS$ ON A DEBT ?AT WILL NEV]--CAN NEV]--BE REPAID4 ,ITS NATIONAL DEBT HAS BECOME A PROMISE1 NOT JU/ TO ITS [N PEOPLE1 BUT TO ! NATIONS ( ! 5TIRE WORLD1 ?AT EV]YONE KN[S WILL NOT BE KEPT4 

,AT ! SAME TIME1 ,U4,S4 POLICY WAS TO 9SI/ ?AT ?OSE C\NTRIES RELY+ ON ,U4,S4 TREASURY BONDS AS !IR RES]VE CURR5CY BEHAV$ 9 EXACTLY ! OPPOSITE WAY AS !Y DID3 OBS]V+ TI<T MONEY POLICIES & SCRUPUL\SLY REPAY+ !IR DEBTS4 

,AS ,I'VE ALREADY OBS]V$1 S9CE ,NIXON'S TIME1 ! MO/ SIGNIFICANT OV]SEAS BUY]S ( ,U4,S4 TREASURY BONDS HAVE T5D$ TO BE BANKS 9 C\NTRIES ?AT W]E EFFECTIVELY UND] ,U4,S4 MILIT>Y OCCUPATION4 ,9 ,EUROPE1 ,NIXON'S MO/ 5?USIA/IC ALLY 9 ?IS RESPECT WAS ,WE/ ,G]MANY1 :I* !N HO/$ MORE ?AN ?REE HUNDR$ ?\S& ,U4,S4 TROOPS4 ,9 MORE REC5T DECADES ! FOCUS HAS %IFT$ TO ,ASIA1 P>TICUL>LY ! C5TRAL BANKS ( C\NTRIES LIKE ,JAPAN1 ,TAIWAN1 & ,S\? ,KOREA--AGA91 ALL ,U4,S4 MILIT>Y PROTECTORATES4 ,:AT'S MORE1 ! GLOBAL /ATUS ( ! DOLL> IS MA9TA9$ 9 L>GE P>T BY ! FACT ?AT IT IS1 AGA9 S9CE #a#i#g#a1 ! ONLY CURR5CY US$ TO BUY & SELL PETROLEUM1 ) ANY ATTEMPT BY ,O,P,E,C C\NTRIES TO BEG9 TRAD+ 9 ANY CURR5CY /UBBORNLY RESI/$ BY ,O,P,E,C MEMB]S ,SAUDI ,>ABIA & ,KUWAIT--ALSO ,U4,S4 MILIT>Y PROTECTORATES4 ,:5 ,SADDAM ,HUSSE9 MADE ! BOLD MOVE ( S+LEH&$LY SWIT*+ FROM ! DOLL> TO ! EURO 9 #b1 FOLL[$ BY ,IRAN 9 #b#a1 ?IS WAS QUICKLY FOLL[$ BY ,AM]ICAN BOMB+ & MILIT>Y OCCUPATION4.<#h#e#f.> ,H[ MU* ,HUSSE9'S DECISION TO BUCK ! DOLL> REALLY WEI<$ 9TO ! ,U4,S4 DECISION TO DEPOSE HIM IS IMPOSSIBLE TO KN[1 BUT NO C\NTRY 9 A POSITION TO MAKE A SIMIL> SWIT* CAN IGNORE ! POSSIBILITY4 ,! RESULT1 AMONG POLICYMAK]S P>TICUL>LY 9 ! GLOBAL ,S\?1 IS WIDESPREAD T]ROR4.<#h#e#g.> 

,9 ALL ?IS1 ! ADV5T ( ! FREE-FLOAT+ DOLL> M>KS NOT A BREAK ) ! ALLIANCE ( W>RIORS & F9ANCI]S ON :I* CAPITALISM ITSELF WAS ORIG9ALLY F\ND$1 BUT ITS ULTIMATE APO!OSIS4 ,NEI!R HAS ! RETURN TO VIRTUAL MONEY L$ TO A GREAT RETURN TO RELATIONS ( HONOR & TRU/3 QUITE ! CONTR>Y4 ,BY #a#i#g#a1 ! *ANGE HAD ONLY JU/ BEGUN4 ,! ,AM]ICAN ,EXPRESS C>D1 ! FIR/ G5]AL-PURPOSE CR$IT C>D1 HAD BE5 9V5T$ A M]E ?IRTE5 YE>S BE=E1 & ! MOD]N NATIONAL CR$IT-C>D SY/EM HAD ONLY REALLY COME 9TO BE+ ) ! ADV5T ( ,VISA & ,MA/],C>D 9 #a#i#f#h4 ,DEBIT C>DS W]E LAT]1 CREATURES ( ! #a#i#gS1 & ! CURR5T1 L>GELY CA%LESS ECONOMY ONLY CAME 9TO BE+ 9 ! #a#i#iS4 ,ALL ( !SE NEW CR$IT >RANGEM5TS W]E M$IAT$ NOT BY 9T]P]SONAL RELATIONS ( TRU/ BUT BY PR(IT-SEEK+ CORPORATIONS1 & ONE ( ! E>LIE/ & GREATE/ POLITICAL VICTORIES ( ! ,U4,S4 CR$IT-C>D 9DU/RY WAS ! ELIM9ATION ( ALL LEGAL RE/RICTIONS ON :AT !Y C\LD *>GE AS 9T]E/4 

,IF HI/ORY HOLDS TRUE1 AN AGE ( VIRTUAL MONEY %\LD MEAN A MOVEM5T AWAY FROM W>1 EMPIRE-BUILD+1 SLAV]Y1 & DEBT PEONAGE 7WAG$ OR O!RWISE71 & T[>D ! CREATION ( SOME SORT ( OV]>*+ 9/ITUTIONS1 GLOBAL 9 SCALE1 TO PROTECT DEBTORS4 ,:AT WE HAVE SE5 SO F> IS ! OPPOSITE4 ,! NEW GLOBAL CURR5CY IS ROOT$ 9 MILIT>Y P[] EV5 MORE FIRMLY ?AN ! OLD WAS4 ,DEBT PEONAGE CONT9UES TO BE ! MA9 PR9CIPLE ( RECRUIT+ LABOR GLOBALLY3 EI!R 9 ! LIT]AL S5SE1 9 MU* ( ,EA/ ,ASIA OR ,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 JU/ MADE IT EASI]1 MAK+ IT POSSIBLE TO *>GE DOME/ICS OR FACTORY WORK]S ?\S&S ( DOLL>S 9 TRANSPORTATION FEES1 & !N HAVE !M WORK (F ! DEBT 9 DI/ANT C\NTRIES :]E !Y LACK LEGAL PROTECTIONS4.<#h#e#h.> ,9S(> AS OV]>*+ GR& COSMIC 9/ITUTIONS HAVE BE5 CREAT$ ?AT MI<T BE CONSID]$ 9 ANY WAY P>ALLEL TO ! DIV9E K+S ( ! ANCI5T ,MIDDLE ,EA/ OR ! RELIGI\S AU?ORITIES ( ! ,MIDDLE ,AGES1 !Y HAVE NOT BE5 CREAT$ TO PROTECT DEBTORS1 BUT TO 5=CE ! RI<TS ( CR$ITORS4 ,! ,9T]NATIONAL ,MONET>Y ,FUND IS ONLY ! MO/ DRAMATIC CASE 9 PO9T H]E4 ,IT /&S AT ! P9NACLE ( A GREAT1 EM]G+ GLOBAL BUREAUCRACY--! FIR/ G5U9ELY GLOBAL ADM9I/RATIVE SY/EM 9 HUMAN HI/ORY1 5%R9$ NOT ONLY 9 ! ,UNIT$ ,NATIONS1 ! ,WORLD ,BANK1 & ! ,WORLD ,TRADE ,ORGANIZATION1 BUT ALSO ! 5DLESS HO/ ( ECONOMIC UNIONS & TRADE ORGANIZATIONS & NON-GOV]NM5TAL ORGANIZATIONS ?AT WORK 9 T&EM ) !M--CREAT$ L>GELY UND] ,U4,S4 PATRONAGE4 ,ALL ( !M OP]ATE ON ! PR9CIPLE ?AT 7UNLESS ONE IS ! ,UNIT$ ,/ATES ,TREASURY71 0ONE HAS TO PAY ONE'S DEBTS0--S9CE ! SPECT] ( DEFAULT BY ANY C\NTRY IS ASSUM$ TO IMP]IL ! 5TIRE WORLD MONET>Y SY/EM1 ?REAT5+1 9 ,ADDISON'S COLORFUL IMAGE1 TO TURN ALL ! WORLD'S SACKS ( 7VIRTUAL7 GOLD 9TO WOR?LESS /ICKS & PAP]4 

,ALL TRUE4 ,/ILL1 WE >E SPEAK+ ( A M]E =TY YE>S H]E4 ,BUT ,NIXON'S GAMBIT1 :AT ,HUDSON CALLS 0DEBT IMP]IALISM10 HAS ALREADY COME UND] CONSID]ABLE /RA94 ,! FIR/ CASUALTY WAS PRECISELY ! IMP]IAL BUREAUCRACY D$ICAT$ TO ! PROTECTION ( CR$ITORS 7O!R ?AN ?OSE ?AT W]E [$ MONEY BY ! ,UNIT$ ,/ATES74 ,I,M,F POLICIES ( 9SI/+ ?AT DEBTS BE REPAID ALMO/ EXCLUSIVELY FROM ! POCKETS ( ! POOR W]E MET BY AN EQUALLY GLOBAL MOVEM5T ( SOCIAL REBELLION 7! SO-CALL$ 0ANTI-GLOBALIZATION MOVEM5T0--?\< ! NAME IS PR(\NDLY DECEPTIVE71 FOLL[$ BY \TRI<T FISCAL REBELLION 9 BO? ,EA/ ,ASIA & ,LAT9 ,AM]ICA4 ,BY #b1 ,EA/ ,ASIAN C\NTRIES HAD BEGUN A SY/EMATIC BOYCOTT ( ! ,I,M,F4 ,9 #b#b1 ,>G5T9A COMMITT$ ! ULTIMATE S93 !Y DEFAULT$--& GOT AWAY ) IT4 ,SUBSEQU5T ,U4,S4 MILIT>Y ADV5TURES W]E CLE>LY MEANT TO T]RIFY & OV]AWE1 BUT !Y DO NOT APPE> TO HAVE BE5 V]Y SUCCESSFUL3 P>TLY BECAUSE1 TO F9ANCE !M1 ! ,UNIT$ ,/ATES HAD TO TURN NOT JU/ TO ITS MILIT>Y CLI5TS1 BUT 9CREAS+LY1 TO ,*9A1 ITS *IEF REMA9+ MILIT>Y RIVAL4 ,AFT] ! NE>-TOTAL COLLAPSE ( ! ,U4,S4 F9ANCIAL 9DU/RY1 :I* DESPITE HAV+ BE5 V]Y NE>LY GRANT$ RI<TS TO MAKE UP MONEY AT WILL1 /ILL MANAG$ TO 5D UP ) TRILLIONS 9 LIABILITIES IT C\LD NOT PAY1 BR++ ! WORLD ECONOMY TO A /&/ILL1 ELIM9AT+ EV5 ! PRET5SE ?AT DEBT IMP]IALISM GU>ANTE$ /ABILITY4 

,JU/ TO GIVE A S5SE ( H[ EXTREME A F9ANCIAL CRISIS WE >E TALK+ AB\T1 H]E >E SOME /ATI/ICAL *>TS CULL$ FROM ! PAGES ( ! ,/4 ,L\IS ,F$]AL ,RES]VE WEB PAGE4.<#h#e#i.> 

,H]E IS ! AM\NT ( ,U4,S4 DEBT HELD OV]SEAS3 

,MEAN:ILE1 PRIVATE ,U4,S4 BANKS REACT$ TO ! CRA% BY AB&ON+ ANY PRET5SE ?AT WE >E DEAL+ ) A M>KET ECONOMY1 %IFT+ ALL AVAILABLE ASSETS 9TO ! C(F]S ( ! ,F$]AL ,RES]VE ITSELF1 :I* PUR*AS$ ,U4,S4 ,TREASURIES3 

,ALL[+ !M1 ?R\< YET ANO!R PIECE ( >CANE MAGIC ?AT NONE ( US C\LD POSSIBLY UND]/&1 TO 5D UP1 AFT] AN 9ITIAL NE>-@s#d-BILLION DIP1 ) F> L>G] RES]VES ?AN !Y HAD EV] HAD BE=E4 

,AT ?IS PO9T1 SOME ,U4,S4 CR$ITORS CLE>LY FEEL !Y >E F9ALLY 9 A POSITION TO DEM& ?AT !IR [N POLITICAL AG5DAS BE TAK5 9TO ACC\NT4 

,*,9,A ,W,>,N,S ,U4,S4 ,A,B,\,T ,D,E,B,T ,M,O,N,E,T,I,Z,A,T,I,O,N 

,SEEM+LY EV]Y:]E HE W5T ON A REC5T T\R ( ,*9A1 ,DALLAS ,F$ ,PRESID5T ,RI*>D ,FI%] WAS ASK$ TO DELIV] A MESSAGE TO ,F$]AL ,RES]VE ,*AIRMAN ,B5 ,B]NANKE3 0/OP CREAT+ CR$IT \T ( ?9 AIR TO PUR*ASE ,U4,S4 ,TREASURIES40.<#h#f.> 

,AGA91 IT'S NEV] CLE> :E!R ! MONEY SIPHON$ FROM ,ASIA TO SUPPORT ! ,U4,S4 W> MA*9E IS BETT] SE5 AS 0LOANS0 OR AS 0TRIBUTE40 ,/ILL1 ! SUDD5 ADV5T ( ,*9A AS A MAJOR HOLD] ( ,U4,S4 TREASURY BONDS HAS CLE>LY ALT]$ ! DYNAMIC4 ,SOME MI<T QUE/ION :Y1 IF !SE REALLY >E TRIBUTE PAYM5TS1 ! ,UNIT$ ,/ATES' MAJOR RIVAL W\LD BE BUY+ TREASURY BONDS TO BEG9 )--LET ALONE AGREE+ TO V>I\S TACIT MONET>Y >RANGEM5TS TO MA9TA9 ! VALUE ( ! DOLL>1 & H5CE1 ! BUY+ P[] ( ,AM]ICAN CONSUM]S4.<#h#f#a.> ,BUT ,I ?9K ?IS IS A P]FECT CASE 9 PO9T ( :Y TAK+ A V]Y LONG-T]M HI/ORICAL P]SPECTIVE CAN BE SO HELPFUL4 

,FROM A LONG]-T]M P]SPECTIVE1 ,*9A'S BEHAVIOR ISN'T PUZZL+ AT ALL4 ,9 FACT IT'S QUITE TRUE TO =M4 ,! UNIQUE ?+ AB\T ! ,*9ESE EMPIRE IS ?AT IT HAS1 S9CE ! ,HAN DYNA/Y AT LEA/1 ADOPT$ A PECULI> SORT ( TRIBUTE SY/EM :]EBY1 9 EX*ANGE = RECOGNITION ( ! ,*9ESE EMP]OR AS WORLD-SOV]EIGN1 !Y HAVE BE5 WILL+ TO %[] !IR CLI5T /ATES ) GIFTS F> GREAT] ?AN !Y RECEIVE 9 RETURN4 ,! TE*NIQUE SEEMS TO HAVE BE5 DEVELOP$ ALMO/ AS A K9D ( TRICK :5 DEAL+ ) ! 0NOR!RN B>B>IANS0 ( ! /EPPES1 :O ALWAYS ?REAT5$ ,*9ESE FRONTI]S3 A WAY TO OV]:ELM !M ) SU* LUXURIES ?AT !Y W\LD BECOME COMPLAC5T1 EFFEM9ATE1 & UNW>LIKE4 ,IT WAS SY/EMIZ$ 9 ! 0TRIBUTE TRADE0 PRACTIC$ ) CLI5T /ATES LIKE ,JAPAN1 ,TAIWAN1 ,KOREA1 & V>I\S /ATES ( ,S\!A/ ,ASIA1 & = A BRIEF P]IOD FROM #ade TO #a#d#c#c1 IT EV5 EXT5D$ TO A WORLD SCALE1 UND] ! FAM\S EUNU* ADMIRAL ,ZH5G ,HE4 ,HE L$ A S]IES ( SEV5 EXP$ITIONS ACROSS ! ,9DIAN ,OCEAN1 HIS GREAT 0TREASURE FLEET0--9 DRAMATIC CONTRA/ TO ! ,SPANI% TREASURE FLEETS ( A C5TURY LAT]--C>RY+ NOT ONLY ?\S&S ( >M$ M>9ES1 BUT 5DLESS QUANTITIES ( SILKS1 PORCELA91 & O!R ,*9ESE LUXURIES TO PRES5T TO ?OSE LOCAL RUL]S WILL+ TO RECOGNIZE ! AU?ORITY ( ! EMP]OR4.<#h#f#b.> ,ALL ?IS WAS O/5SIBLY ROOT$ 9 AN IDEOLOGY ( EXTRAORD9>Y *AUV9ISM 70,:AT C\LD !SE B>B>IANS POSSIBLY HAVE ?AT WE REALLY NE$1 ANYWAY8071 BUT1 APPLI$ TO ,*9A'S NEI<BORS1 IT PROV$ EXTREMELY WISE POLICY = A WEAL?Y EMPIRE SURR\ND$ BY MU* SMALL] BUT POT5TIALLY TR\BLESOME K+DOMS4 ,9 FACT1 IT WAS SU* WISE POLICY ?AT ! ,U4,S4 GOV]NM5T1 DUR+ ! ,COLD ,W>1 MORE OR LESS HAD TO ADOPT IT1 CREAT+ REM>KABLY FAVORABLE T]MS ( TRADE = ?OSE V]Y /ATES--,KOREA1 ,JAPAN1 ,TAIWAN1 C]TA9 FAVOR$ ALLIES 9 ,S\!A/ ,ASIA--?AT HAD BE5 ! TRADITIONAL ,*9ESE TRIBUT>IES2 9 ?IS CASE1 9 ORD] TO CONTA9 ,*9A4.<#h#f#c.> 

,BE>+ ALL ?IS 9 M9D1 ! CURR5T PICTURE BEG9S TO FALL EASILY BACK 9TO PLACE4 ,:5 ! ,UNIT$ ,/ATES WAS F> & AWAY ! PR$OM9ANT WORLD ECONOMIC P[]1 IT C\LD AF=D TO MA9TA9 ,*9ESE-/YLE TRIBUT>IES4 ,?US !SE V]Y /ATES1 ALONE AMONG ,U4,S4 MILIT>Y PROTECTORATES1 W]E ALL[$ TO CATAPULT !MSELVES \T ( POV]TY & 9TO FIR/-WORLD /ATUS4.<#h#f#d.> ,AFT] #a#i#g#a1 AS ,U4,S4 ECONOMIC /R5G? RELATIVE TO ! RE/ ( ! WORLD BEGAN TO DECL9E1 !Y W]E GRADUALLY TRANS=M$ BACK 9TO A MORE OLD-FA%ION$ SORT ( TRIBUT>Y4 ,YET ,*9A'S GETT+ 9 ON ! GAME 9TRODUC$ AN 5TIRELY NEW ELEM5T4 ,!RE IS EV]Y REASON TO BELIEVE ?AT1 FROM ,*9A'S PO9T ( VIEW1 ?IS IS ! FIR/ /AGE ( A V]Y LONG PROCESS ( R$UC+ ! ,UNIT$ ,/ATES TO SOME?+ LIKE A TRADITIONAL ,*9ESE CLI5T /ATE4 ,& ( C\RSE1 ,*9ESE RUL]S >E NOT1 ANY MORE ?AN ! RUL]S ( ANY O!R EMPIRE1 MOTIVAT$ PRIM>ILY BY B5EVOL5CE4 ,!RE IS ALWAYS A POLITICAL CO/1 & :AT ?AT HEADL9E M>K$ WAS ! FIR/ GLIMM]+S ( :AT ?AT CO/ MI<T ULTIMATELY BE4 

,ALL ?AT ,I HAVE SAID SO F> M]ELY S]VES TO UND]L9E A REALITY ?AT HAS COME UP CON/ANTLY OV] ! C\RSE ( ?IS BOOK3 ?AT MONEY HAS NO ESS5CE4 ,IT'S NOT 0REALLY0 ANY?+2 !RE=E1 ITS NATURE HAS ALWAYS BE5 & PRESUMABLY ALWAYS WILL BE A MATT] ( POLITICAL CONT5TION4 ,?IS WAS C]TA9LY TRUE ?R\<\T E>LI] /AGES ( ,U4,S4 HI/ORY1 9CID5TALLY--AS ! 5DLESS N9ETE5?-C5TURY BATTLES BETWE5 GOLDBUGS1 GRE5BACK]S1 FREE BANK]S1 BI-METALI/S & SILV]ITES SO VIVIDLY ATTE/--OR1 = ?AT MATT]1 ! FACT ?AT ,AM]ICAN VOT]S W]E SO SUSPICI\S ( ! V]Y IDEA ( C5TRAL BANKS ?AT ! ,F$]AL ,RES]VE SY/EM WAS ONLY CREAT$ ON ! EVE ( ,WORLD ,W> ,I1 ?REE C5TURIES AFT] ! ,BANK ( ,5GL&4 ,EV5 ! MONETIZATION ( ! NATIONAL DEBT IS1 AS ,I'VE ALREADY NOT$1 D\BLE-$G$4 ,IT CAN BE SE5--AS ,JEFF]SON SAW IT--AS ! ULTIMATE P]NICI\S ALLIANCE ( W>RIORS & F9ANCI]S2 BUT IT ALSO OP5$ ! WAY TO SEE+ GOV]NM5T ITSELF AS A MORAL DEBTOR1 ( FRE$OM AS SOME?+ LIT]ALLY [$ TO ! NATION4 ,P]HAPS NO ONE PUT IT SO ELOQU5TLY AS ,M>T9 ,LU!R ,K+ ,JR41 9 HIS 0,I ,HAVE A ,DREAM0 SPEE*1 DELIV]$ ON ! /EPS ( ! ,L9COLN ,MEMORIAL 9 #a#i#f#c3 

,9 A S5SE WE'VE COME TO \R NATION'S CAPITAL TO CA% A *ECK4 ,:5 ! >*ITECTS ( \R REPUBLIC WROTE ! MAGNIFIC5T WORDS ( ! ,CON/ITUTION & ! ,DECL>ATION ( ,9DEP5D5CE1 !Y W]E SIGN+ A PROMISSORY NOTE TO :I* EV]Y ,AM]ICAN WAS TO FALL HEIR4 ,?IS NOTE WAS A PROMISE ?AT ALL M51 YES1 BLACK M5 AS WELL AS :ITE M51 W\LD BE GU>ANTE$ ! 0UNALI5ABLE ,RI<TS0 ( 0,LIFE1 ,LIB]TY & ! PURSUIT ( ,HAPP9ESS40 ,IT IS OBVI\S TODAY ?AT ,AM]ICA HAS DEFAULT$ ON ?IS PROMISSORY NOTE1 9S(> AS H] CITIZ5S ( COLOR >E CONC]N$4 ,9/EAD ( HONOR+ ?IS SACR$ OBLIGATION1 ,AM]ICA HAS GIV5 ! ,NEGRO PEOPLE A BAD *ECK1 A *ECK :I* HAS COME BACK M>K$ 09SUFFICI5T FUNDS40 

,ONE CAN SEE ! GREAT CRA% ( #bh 9 ! SAME LI<T--AS ! \TCOME ( YE>S ( POLITICAL TUSSLES BETWE5 CR$ITORS & DEBTORS1 RI* & POOR4 ,TRUE1 ON A C]TA9 LEVEL1 IT WAS EXACTLY :AT IT SEEM$ TO BE3 A SCAM1 AN 9CR$IBLY SOPHI/ICAT$ ,PONZI S*EME DESIGN$ TO COLLAPSE 9 ! FULL KN[L$GE ?AT ! P]PETRATORS W\LD BE ABLE TO =CE ! VICTIMS TO BAIL !M \T4 ,ON ANO!R LEVEL IT C\LD BE SE5 AS ! CULM9ATION ( A BATTLE OV] ! V]Y DEF9ITION ( MONEY & CR$IT4 

,BY ! 5D ( ,WORLD ,W> ,I,I1 ! SPECT] ( AN IMM95T WORK+-CLASS UPRIS+ ?AT HAD SO HAUNT$ ! RUL+ CLASSES ( ,EUROPE & ,NOR? ,AM]ICA = ! PREVI\S C5TURY HAD L>GELY DISAPPE>$4 ,?IS WAS BECAUSE CLASS W> WAS SUSP5D$ BY A TACIT SETTLEM5T4 ,TO PUT IT CRUDELY3 ! :ITE WORK+ CLASS ( ! ,NOR? ,ATLANTIC C\NTRIES1 FROM ! ,UNIT$ ,/ATES TO ,WE/ ,G]MANY1 W]E (F]$ A DEAL4 ,IF !Y AGRE$ TO SET ASIDE ANY FANTASIES ( FUNDAM5TALLY *ANG+ ! NATURE ( ! SY/EM1 !N !Y W\LD BE ALL[$ TO KEEP !IR UNIONS1 5JOY A WIDE V>IETY A SOCIAL B5EFITS 7P5SIONS1 VACATIONS1 HEAL? C>E 44471 &1 P]HAPS MO/ IMPORTANT1 ?R\< G5]\SLY FUND$ & EV]-EXP&+ PUBLIC $UCATIONAL 9/ITUTIONS1 KN[ ?AT !IR *ILDR5 HAD A REASONABLE *ANCE ( LEAV+ ! WORK+ CLASS 5TIRELY4 ,ONE KEY ELEM5T 9 ALL ?IS WAS A TACIT GU>ANTEE ?AT 9CREASES 9 WORK]S' PRODUCTIVITY W\LD BE MET BY 9CREASES 9 WAGES3 A GU>ANTEE ?AT HELD GOOD UNTIL ! LATE #a#i#gS4 ,L>GELY AS A RESULT1 ! P]IOD SAW BO? RAPIDLY RIS+ PRODUCTIVITY & RAPIDLY RIS+ 9COMES1 LAY+ ! BASIS = ! CONSUM] ECONOMY ( TODAY4 

,ECONOMI/S CALL ?IS ! 0,KEYNESIAN ]A0 S9CE IT WAS A TIME 9 :I* ,JOHN ,MAYN>D ,KEYNES' ECONOMIC !ORIES1 :I* ALREADY =M$ ! BASIS ( ,ROOSEVELT'S ,NEW ,DEAL 9 ! ,UNIT$ ,/ATES1 W]E ADOPT$ BY 9DU/RIAL DEMOCRACIES PRETTY MU* EV]Y:]E4 ,) !M CAME ,KEYNES' RA!R CASUAL ATTITUDE T[>D MONEY4 ,! READ] WILL RECALL ?AT ,KEYNES FULLY ACCEPT$ ?AT BANKS DO1 9DE$1 CREATE MONEY 0\T ( ?9 AIR10 & ?AT = ?IS REASON1 !RE WAS NO 9TR9SIC REASON ?AT GOV]NM5T POLICY %\LD NOT 5C\RAGE ?IS DUR+ ECONOMIC D[NTURNS AS A WAY ( /IMULAT+ DEM&--A POSITION ?AT HAD LONG BE5 DE> TO ! HE>T ( DEBTORS & ANA!MA TO CR$ITORS4 

,KEYNES HIMSELF HAD 9 HIS DAY BE5 KN[N TO MAKE SOME FAIRLY RADICAL NOISES1 = 9/ANCE CALL+ = ! COMPLETE ELIM9ATION ( ?AT CLASS ( PEOPLE :O LIV$ (F O!R PEOPLE'S DEBTS--! 0! EU?ANASIA ( ! R5TI]10 AS HE PUT IT--?\< ALL HE REALLY MEANT BY ?IS WAS !IR ELIM9ATION ?R\< A GRADUAL R$UCTION ( 9T]E/ RATES4 ,AS 9 SO MU* ( ,KEYNESIANISM1 ?IS WAS MU* LESS RADICAL ?AN IT FIR/ APPE>$4 ,ACTUALLY IT WAS ?OR\<LY 9 ! GREAT TRADITION ( POLITICAL ECONOMY1 HE>K5+ BACK TO ,ADAM ,SMI?'S IDEAL ( A DEBTLESS UTOPIA BUT ESPECIALLY ,DAVID ,RIC>DO'S CONDEMNATION ( L&LORDS AS P>ASITES1 !IR V]Y EXI/5CE 9IMICAL TO ECONOMIC GR[?4 ,KEYNES WAS SIMPLY PROCE$+ ALONG ! SAME L9ES1 SEE+ R5TI]S AS A FEUDAL HOLDOV] 9CONSI/5T ) ! TRUE SPIRIT ( CAPITAL ACCUMULATION4 ,F> FROM A REVOLUTION1 HE SAW IT AS ! BE/ WAY ( AVOID+ ONE3 

,I SEE1 !RE=E1 ! R5TI] ASPECT ( CAPITALISM AS A TRANSITIONAL PHASE :I* WILL DISAPPE> :5 IT HAS DONE ITS WORK4 ,& ) ! DISAPPE>ANCE ( ITS R5TI] ASPECT MU* ELSE 9 IT BESIDES WILL SUFF] A SEA-*ANGE4 ,IT WILL BE1 MOREOV]1 A GREAT ADVANTAGE ( ! ORD] ( EV5TS :I* ,I AM ADVOCAT+1 ?AT ! EU?ANASIA ( ! R5TI]1 ( ! FUNCTIONLESS 9VE/OR1 WILL BE NO?+ SUDD5 444 & WILL NE$ NO REVOLUTION4.<#h#f#e.> 

,:5 ! ,KEYNESIAN SETTLEM5T WAS F9ALLY PUT 9TO EFFECT1 AFT] ,WORLD ,W> ,I,I1 IT WAS (F]$ ONLY TO A RELATIVELY SMALL SLICE ( ! WORLD'S POPULATION4 ,AS TIME W5T ON1 MORE & MORE PEOPLE WANT$ 9 ON ! DEAL4 ,ALMO/ ALL ( ! POPUL> MOVEM5TS ( ! P]IOD FROM #aide TO #a#i#g#e1 EV5 P]HAPS REVOLUTION>Y MOVEM5TS1 C\LD BE SE5 AS DEM&S = 9CLUSION3 DEM&S = POLITICAL EQUALITY ?AT ASSUM$ EQUALITY WAS MEAN+LESS )\T SOME LEVEL ( ECONOMIC SECURITY4 ,?IS WAS TRUE NOT ONLY ( MOVEM5TS BY M9ORITY GR\PS 9 ,NOR? ,ATLANTIC C\NTRIES :O HAD FIR/ BE5 LEFT \T ( ! DEAL--SU* AS ?OSE = :OM ,DR4 ,K+ SPOKE--BUT :AT W]E !N CALL$ 0NATIONAL LIB]ATION0 MOVEM5TS FROM ,ALG]IA TO ,*ILI1 OR1 F9ALLY1 & P]HAPS MO/ DRAMATICALLY1 9 ! LATE #a#i#fS & #a#i#gS1 FEM9ISM4 ,AT SOME PO9T 9 ! '#gS1 ?+S REA*$ A BREAK+ PO9T4 ,IT W\LD APPE> ?AT CAPITALISM1 AS A SY/EM1 SIMPLY CANNOT EXT5D SU* A DEAL TO EV]YONE4 ,QUITE POSSIBLY IT W\LDN'T EV5 REMA9 VIABLE IF ALL ITS WORK]S W]E FREE WAGE LABOR]S2 C]TA9LY IT WILL NEV] BE ABLE TO PROVIDE EV]YONE 9 ! WORLD ! SORT ( LIFE LIV$ BY1 SAY1 A #a#i#fS AUTO WORK] 9 ,MI*IGAN OR ,TUR9 ) HIS [N H\SE1 G>AGE1 & *ILDR5 9 COLLEGE--& ?IS WAS TRUE EV5 BE=E SO MANY ( ?OSE *ILDR5 BEGAN DEM&+ LESS /ULTIFY+ LIVES4 ,! RESULT MI<T BE T]M$ A CRISIS ( 9CLUSION4 ,BY ! LATE #a#i#gS1 ! EXI/+ ORD] WAS CLE>LY 9 A /ATE ( COLLAPSE1 PLAGU$ SIMULTANE\SLY BY F9ANCIAL *AOS1 FOOD RIOTS1 OIL %OCK1 WIDESPREAD DOOMSDAY PROPHECIES ( ! 5D ( GR[? & ECOLOGICAL CRISIS--ALL ( :I*1 IT TURN$ \T1 PROV$ TO BE WAYS ( PUTT+ ! POPULACE ON NOTICE ?AT ALL DEALS W]E (F4 

,! MOM5T ?AT WE />T FRAM+ ! /ORY ?IS WAY1 IT'S EASY TO SEE ?AT ! NEXT ?IRTY YE>S1 ! P]IOD FROM R\<LY #ai< TO #b#i1 FOLL[S NE>LY ! SAME PATT]N4 ,EXCEPT ?AT ! DEAL1 ! SETTLEM5T1 HAD *ANG$4 ,C]TA9LY1 :5 BO? ,RONALD ,REAGAN 9 ! ,UNIT$ ,/ATES & ,M>G>ET ,?AT*] 9 ! ,U,K LAUN*$ A SY/EMATIC ATTACK ON ! P[] ( LABOR UNIONS1 AS WELL AS ON ! LEGACY ( ,KEYNES1 IT WAS A WAY ( EXPLICITLY DECL>+ ?AT ALL PREVI\S DEALS W]E (F4 ,EV]YONE C\LD N[ HAVE POLITICAL RI<TS--EV51 BY ! #a#i#iS1 MO/ EV]YONE 9 ,LAT9 ,AM]ICA & ,AFRICA--BUT POLITICAL RI<TS W]E TO BECOME ECONOMICALLY MEAN+LESS4 ,! L9K BETWE5 PRODUCTIVITY & WAGES WAS *OPP$ TO BITS3 PRODUCTIVITY RATES HAVE CONT9U$ TO RISE1 BUT WAGES HAVE /AGNAT$ OR EV5 ATROPHI$3.<#h#f#f.> 

,?IS WAS ACCOMPANI$1 AT FIR/1 BY A RETURN TO 0MONET>ISM03 ! DOCTR9E ?AT EV5 ?\< MONEY WAS NO LONG] 9 ANY WAY BAS$ 9 GOLD1 OR 9 ANY O!R COMMODITY1 GOV]NM5T & C5TRAL-BANK POLICY %\LD BE PRIM>ILY CONC]N$ ) C>EFULLY CONTROLL+ ! MONEY SUPPLY TO 5SURE ?AT IT ACT$ AS IF IT W]E A SC>CE COMMODITY4 ,EV5 AS1 AT ! SAME TIME1 ! F9ANCIALIZATION ( CAPITAL MEANT ?AT MO/ MONEY BE+ 9VE/$ 9 ! M>KETPLACE WAS COMPLETELY DETA*$ FROM ANY RELATION TO PRODUCTION ( COMM]CE AT ALL1 BUT HAD BECOME PURE SPECULATION4 

,ALL ?IS IS NOT TO SAY ?AT ! PEOPLE ( ! WORLD W]E NOT BE+ (F]$ SOME?+3 JU/ ?AT1 AS ,I SAY1 ! T]MS HAD *ANG$4 ,9 ! NEW DISP5SATION1 WAGES W\LD NO LONG] RISE1 BUT WORK]S W]E 5C\RAG$ TO BUY A PIECE ( CAPITALISM4 ,RA!R ?AN EU?ANIZE ! R5TI]S1 EV]YONE C\LD N[ BECOME R5TI]S--EFFECTIVELY1 C\LD GRAB A *UNK ( ! PR(ITS CREAT$ BY !IR [N 9CREAS+LY DRAMATIC RATES ( EXPLOITATION4 ,! MEANS W]E MANY & FAMILI>4 ,9 ! ,UNIT$ ,/ATES1 !RE W]E #d#a7K7 RETIREM5T ACC\NTS & AN 5DLESS V>IETY ( O!R WAYS ( 5C\RAG+ ORD9>Y CITIZ5S TO PLAY ! M>KET2 BUT AT ! SAME TIME1 5C\RAG+ !M TO BORR[4 ,ONE ( ! GUID+ PR9CIPLES ( ,?AT*]ISM & ,REAGANISM ALIKE WAS ?AT ECONOMIC RE=MS W\LD NEV] GA9 WIDESPREAD SUPPORT UNLESS ORD9>Y WORK+ PEOPLE C\LD AT LEA/ ASPIRE TO [N+ !IR [N HOMES2 TO ?IS WAS ADD$1 BY ! #a#i#iS & #bS1 5DLESS MORTGAGE-REF9ANC+ S*EMES ?AT TREAT$ H\SES1 :OSE VALUE IT WAS ASSUM$ W\LD ONLY RISE1 0LIKE ,A,T,MS0--AS ! POPUL> CAT*PHRASE HAD IT1 ?\< IT TURNS \T1 9 RETROSPECT1 IT WAS REALLY MORE LIKE CR$IT C>DS4 ,!N !RE WAS ! PROLIF]ATION ( ACTUAL CR$IT C>DS1 JUGGL$ AGA9/ ONE ANO!R4 ,H]E1 = MANY1 0BUY+ A PIECE ( CAPITALISM0 SLI!R$ UNDETECTABLY 9TO SOME?+ 9DI/+UI%ABLE FROM ?OSE FAMILI> SC\RGES ( ! WORK+ POOR3 ! LOAN %>K & ! PAWNBROK]4 ,IT DID NOT HELP H]E ?AT 9 #a#i#h1 ,U4,S4 F$]AL USURY LAWS1 :I* HAD PREVI\SLY LIMIT$ 9T]E/ TO BETWE5 #g & #a P]C5T1 W]E ELIM9AT$ BY ACT ( ,CONGRESS4 ,JU/ AS ! ,UNIT$ ,/ATES HAD MANAG$ TO L>GELY GET RID ( ! PROBLEM ( POLITICAL CORRUPTION BY MAK+ ! BRIB]Y ( LEGISLATORS EFFECTIVELY LEGAL 7IT WAS R$EF9$ AS 0LOBBY+071 SO ! PROBLEM ( LOAN-%>K+ WAS BRU%$ ASIDE BY MAK+ REAL 9T]E/ RATES ( #be P]C5T1 #e P]C5T1 OR EV5 9 SOME CASES 7= 9/ANCE = PAYDAY LOANS7 #ab P]C5T ANNUALLY1 ONCE TYPICAL ONLY ( ORGANIZ$ CRIME1 P]FECTLY LEGAL--& !RE=E1 5=CEABLE NO LONG] BY JU/ HIR$ GOONS & ! SORT ( PEOPLE :O PLACE MUTILAT$ ANIMALS ON !IR VICTIMS' DOOR/EPS1 BUT BY JUDGES1 LAWY]S1 BAILIFFS1 & POLICE4.<#h#f#g.> 

,ANY NUMB] ( NAMES HAVE BE5 CO9$ TO DESCRIBE ! NEW DISP5SATION1 FROM ! 0DEMOCRATIZATION ( F9ANCE0 TO ! 0F9ANCIALIZATION ( EV]YDAY LIFE40.<#h#f#h.> ,\TSIDE ! ,UNIT$ ,/ATES1 IT CAME TO BE KN[N AS 0NEOLIB]ALISM40 ,AS AN IDEOLOGY1 IT MEANT ?AT NOT JU/ ! M>KET1 BUT CAPITALISM 7,I MU/ CONT9UALLY REM9D ! READ] ?AT !SE >E NOT ! SAME ?+7 BECAME ! ORGANIZ+ PR9CIPLE ( ALMO/ EV]Y?+4 ,WE W]E ALL TO ?9K ( \RSELVES AS T9Y CORPORATIONS1 ORGANIZ$ >\ND ?AT SAME RELATION%IP ( 9VE/OR & EXECUTIVE3 BETWE5 ! COLD1 CALCULAT+ MA? ( ! BANK]1 & ! W>RIOR :O1 9DEBT$1 HAS AB&ON$ ANY S5SE ( P]SONAL HONOR & TURN$ HIMSELF 9TO A K9D ( DISGRAC$ MA*9E4 

,9 ?IS WORLD1 0PAY+ ONE'S DEBTS0 CAN WELL COME TO SEEM ! V]Y DEF9ITION ( MORALITY1 IF ONLY BECAUSE SO MANY PEOPLE FAIL TO DO IT4 ,= 9/ANCE1 IT HAS BECOME A REGUL> FEATURE ( MANY SORTS ( BUS9ESS 9 ,AM]ICA ?AT L>GE CORPORATIONS OR EV5 SOME SMALL BUS9ESSES1 FAC$ ) A DEBT1 WILL ALMO/ AUTOMATICALLY SIMPLY SEE :AT HAPP5S IF !Y DO NOT PAY--COMPLY+ ONLY IF REM9D$1 GOAD$1 OR PRES5T$ ) SOME SORT ( LEGAL WRIT4 ,9 O!R WORDS1 ! PR9CIPLE ( HONOR HAS ?US BE5 ALMO/ COMPLETELY REMOV$ FROM ! M>KETPLACE4.<#h#f#i.> ,AS A RESULT1 P]HAPS1 ! :OLE SUBJECT ( DEBT BECOMES SURR\ND$ BY A HALO ( RELIGION4 

,ACTUALLY1 ONE MI<T EV5 SPEAK ( A D\BLE !OLOGY1 ONE = ! CR$ITORS1 ANO!R = ! DEBTORS4 ,IT IS NO CO9CID5CE ?AT ! NEW PHASE ( ,AM]ICAN DEBT IMP]IALISM HAS ALSO BE5 ACCOMPANI$ BY ! RISE ( ! EVANGELICAL RI<T1 :O--9 DEFIANCE ( ALMO/ ALL PREVI\SLY EXI/+ ,*RI/IAN !OLOGY--HAVE 5?USIA/ICALLY EMBRAC$ ! DOCTR9E ( 0SUPPLY-SIDE ECONOMICS10 ?AT CREAT+ MONEY & EFFECTIVELY 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 ! V]Y DAWN ( :AT CAME TO BE KN[N AS ! ,REAGAN ,REVOLUTION4 ,GILD]'S >GUM5T WAS ?AT ?OSE :O FELT ?AT MONEY C\LD NOT SIMPLY BE CREAT$ W]E MIR$ 9 AN OLD-FA%ION$1 GODLESS MAT]IALISM ?AT DID NOT REALIZE ?AT JU/ AS ,GOD C\LD CREATE SOME?+ \T ( NO?+1 ,HIS GREATE/ GIFT TO HUMANITY WAS CREATIVITY ITSELF1 :I* PROCE$$ 9 EXACTLY ! SAME WAY4 ,9VE/ORS CAN 9DE$ CREATE VALUE \T ( NO?+ BY !IR WILL+NESS TO ACCEPT ! RISK 5TAIL$ 9 PLAC+ !IR FAI? 9 O!RS' CREATIVITY4 ,RA!R ?AN SEE+ ! IMITATION ( ,GOD'S P[]S ( CREATION EX NIHILO AS HUBRIS1 ,GILD] >GU$ ?AT IT WAS PRECISELY :AT ,GOD 9T5D$3 ! 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/0 AGA97 !IR VALUE BECOMES REALITY3 

,ECONOMI/S :O !MSELVES DO NOT BELIEVE 9 ! FUTURE ( CAPITALISM WILL T5D TO IGNORE ! DYNAMICS ( *ANCE & FAI? ?AT L>GELY WILL DET]M9E ?AT FUTURE4 ,ECONOMI/S :O DI/RU/ RELIGION WILL ALWAYS FAIL TO COMPREH5D ! MODES ( WOR%IP BY :I* PROGRESS IS A*IEV$4 ,*ANCE IS ! F\NDATION ( *ANGE & ! VESSEL ( ! DIV9E4.<#h#g.> 

,SU* EFFUSIONS 9SPIR$ EVANGELI/S LIKE ,PAT ,ROB]TSON TO DECL>E SUPPLY-SIDE ECONOMICS 0! FIR/ TRULY DIV9E !ORY ( MONEY-CREATION40.<#h#g#a.> 

,MEAN:ILE1 = ?OSE :O C\LD NOT SIMPLY CREATE MONEY1 !RE WAS A QUITE DIFF]5T !OLOGICAL DISP5SATION4 0,DEBT IS ! NEW FAT10 ,M>G>ET ,ATWOOD REC5TLY REM>K$1 /RUCK BY H[ MU* ! ADV]TISEM5TS ?AT SURR\ND H] DAILY ON ! BUS 9 H] NATIVE ,TORONTO HAD AB&ON$ !IR E>LI] ATTEMPTS TO MAKE RID]S PANIC AB\T ! CREEP+ T]RORS ( SEXUAL UNATTRACTIV5ESS1 BUT 9/EAD TURN$ TO PROVID+ ADVICE ON H[ TO FREE ONESELF FROM ! MU* MORE IMM$IATE T]RORS ( ! REPO MAN3 

,!RE >E EV5 DEBT ,T,V %[S1 :I* HAVE A FAMILI> RELIGI\S-REVIVAL R+ TO !M4 ,!RE >E ACC\NTS ( %OPAHOLIC B+ES DUR+ :I* Y\ DON'T KN[ :AT CAME OV] Y\ & EV]Y?+ WAS A BLUR1 ) TE>FUL CONFESSIONS BY ?OSE :O'VE SP5T !MSELVES 9TO QUIV]+ 9SOMNIAC JELLIES ( HOPELESS 9DEBT$NESS1 & HAVE RESORT$ TO LY+1 *EAT+1 /EAL+1 & KIT+ *ECKS BETWE5 BANK ACC\NTS AS A RESULT4 ,!RE >E TE/IMONIALS BY FAMILIES & LOV$ ONES :OSE LIVES HAVE BE5 DE/ROY$ BY ! DEBTOR'S H>MFUL BEHAVIOR4 ,!RE >E COMPASSIONATE BUT SEV]E ADMONITIONS BY ! TELEVISION HO/1 :O H]E PLAYS ! P>T ( PRIE/ OR REVIVALI/4 ,!RE'S A MOM5T ( SEE+ ! LI<T1 FOLL[$ BY REP5TANCE & A PROMISE NEV] TO DO IT AGA94 ,!RE'S A P5ANCE IMPOS$--SNIP1 SNIP GO ! SCISSORS ON ! CR$IT C>DS--FOLL[$ BY A /RICT CURB-ON-SP5D+ REGIM52 & F9ALLY1 IF ALL GOES WELL1 ! DEBTS >E PAID D[N1 ! S9S >E =GIV51 ABSOLUTION IS GRANT$1 & A NEW DAY DAWNS1 9 :I* A SADD] BUT MORE SOLV5T MAN Y\ RISE ! MORR[ MORN4.<#h#g#b.> 

,H]E1 RISK-TAK+ IS 9 NO S5SE ! VESSEL ( ! DIV9E4 ,QUITE ! OPPOSITE4 ,BUT = ! POOR IT'S ALWAYS DIFF]5T4 ,9 A WAY1 :AT ,ATWOOD DESCRIBES MI<T BE SE5 AS ! P]FECT 9V]SION ( ! PROPHETIC VOICE ( ,REV]5D ,K+'S 0,I ,HAVE A ,DREAM0 SPEE*3 :]EAS ! FIR/ PO/W> AGE WAS AB\T COLLECTIVE CLAIMS ON ! NATION'S DEBT TO ITS HUMBLE/ CITIZ5S1 ! NE$ = ?OSE :O HAVE MADE FALSE PROMISES TO R$EEM !MSELVES1 N[ ?OSE SAME HUMBLE CITIZ5S >E TAU<T TO ?9K ( !MSELVES AS S9N]S1 SEEK+ SOME K9D ( PURELY 9DIVIDUAL R$EMPTION TO HAVE ! RI<T TO ANY SORT ( MORAL RELATIONS ) O!R HUMAN BE+S AT ALL4 

,AT ! SAME TIME1 !RE IS SOME?+ PR(\NDLY DECEPTIVE GO+ ON H]E4 ,ALL !SE MORAL DRAMAS />T FROM ! ASSUMPTION ?AT P]SONAL DEBT IS ULTIMATELY A MATT] ( SELF-9DULG5CE1 A S9 AGA9/ ONE'S LOV$ ONES--& !RE=E1 ?AT R$EMPTION MU/ NECESS>ILY BE A MATT] ( PURG+ & RE/ORATION ( ASCETIC SELF-D5IAL4 ,:AT'S BE+ %UNT$ \T ( SI<T H]E IS FIR/ ( ALL ! FACT ?AT EV]YONE IS N[ 9 DEBT 7,U4,S4 H\SEHOLD DEBT IS N[ E/IMAT$ AT ON AV]AGE #ac P]C5T ( 9COME71 & ?AT V]Y LITTLE ( ?IS DEBT WAS ACCRU$ BY ?OSE DET]M9$ TO F9D MONEY TO BET ON ! HORSES OR TOSS AWAY ON FRIPP]IES4 ,9S(> AS IT WAS BORR[$ = :AT ECONOMI/S LIKE TO CALL DISCRETION>Y SP5D+1 IT WAS MA9LY TO BE GIV5 TO *ILDR51 TO %>E ) FRI5DS1 OR O!RWISE TO BE ABLE TO BUILD & MA9TA9 RELATIONS ) O!R HUMAN BE+S ?AT >E BAS$ ON SOME?+ O!R ?AN %E] MAT]IAL CALCULATION4.<#h#g#c.> ,ONE MU/ GO 9TO DEBT TO A*IEVE A LIFE ?AT GOES 9 ANY WAY BEYOND %E] SURVIVAL4 

,9S(> AS !RE IS A POLITICS1 H]E1 IT SEEMS A V>IATION ON A !ME SE5 S9CE ! DAWN ( CAPITALISM4 ,ULTIMATELY1 IT'S SOCIALITY ITSELF ?AT'S TREAT$ AS ABUSIVE1 CRIM9AL1 DEMONIC4 ,TO ?IS1 MO/ ORD9>Y ,AM]ICANS--9CLUD+ ,BLACK & ,LAT9O ,AM]ICANS1 REC5T IMMIGRANTS1 & O!RS :O W]E =M]LY EXCLUD$ FROM CR$IT--HAVE RESPOND$ ) A /UBBORN 9SI/5CE ON CONT9U+ TO LOVE ONE ANO!R4 ,!Y CONT9UE TO ACQUIRE H\SES = !IR FAMILIES1 LIQUOR & S\ND SY/EMS = P>TIES1 GIFTS = FRI5DS2 !Y EV5 9SI/ ON CONT9U+ TO HOLD W$D+S & FUN]ALS1 REG>DLESS ( :E!R ?IS IS LIKELY TO S5D !M SKIRT+ DEFAULT OR BANKRUPTCY--APP>5TLY FIGUR+ ?AT1 AS LONG AS EV]YONE N[ HAS TO REMAKE !MSELVES AS M9IATURE CAPITALI/S1 :Y %\LDN'T !Y BE ALL[$ TO CREATE MONEY \T ( NO?+ TOO8 

,GRANT$1 ! ROLE ( DISCRETION>Y SP5D+ ITSELF %\LD NOT BE EXAGG]AT$4 ,! *IEF CAUSE ( BANKRUPTCY 9 ,AM]ICA IS CATA/ROPHIC ILLNESS2 MO/ BORR[+ IS SIMPLY A MATT] ( SURVIVAL 7IF ONE DOES NOT HAVE A C>1 ONE CANNOT WORK72 & 9CREAS+LY1 SIMPLY BE+ ABLE TO GO TO COLLEGE N[ ALMO/ NECESS>ILY MEANS DEBT PEONAGE = AT LEA/ HALF ONE'S SUBSEQU5T WORK+ LIFE4.<#h#g#d.> ,/ILL1 IT IS USEFUL TO PO9T \T ?AT = REAL HUMAN BE+S SURVIVAL IS R>ELY 5\<4 ,NOR %\LD IT BE4 

,BY ! #a#i#iS1 ! SAME T5SIONS HAD BEGUN TO REAPPE> ON A GLOBAL SCALE1 AS ! OLD] P5*ANT = LOAN+ MONEY = GR&IOSE1 /ATE-DIRECT$ PROJECTS LIKE ! ,ASWAN ,DAM GAVE WAY TO AN EMPHASIS ON MICROCR$IT4 ,9SPIR$ BY ! SUCCESS ( ! ,GRAME5 ,BANK 9 ,BANGLADE%1 ! NEW MODEL WAS TO ID5TIFY BUDD+ 5TREPR5EURS 9 POOR COMMUNITIES & PROVIDE !M ) SMALL L[-9T]E/ LOANS4 0,CR$IT10 ! ,GRAME5 ,BANK 9SI/$1 0IS A HUMAN RI<T40 ,AT ! SAME TIME ! IDEA WAS TO DRAW ON ! 0SOCIAL CAPITAL0--! KN[L$GE1 NETWORKS1 CONNECTIONS1 & +5UITY ?AT ! POOR PEOPLE ( ! WORLD >E ALREADY US+ TO GET BY 9 DIFFICULT CIRCUM/ANCES--& CONV]T IT 9TO A WAY ( G5]AT+ EV5 MORE 7EXPANSIVE7 CAPITAL1 ABLE TO GR[ AT #e TO #b P]C5T ANNUALLY4 

,AS AN?ROPOLOGI/S LIKE ,JULIA ,ELYA*> DISCOV]$1 ! RESULT IS D\BLE-$G$4 ,AS ONE UNUSUALLY C&ID ,N,G,O CONSULTANT EXPLA9$ TO H] 9 ,CAIRO 9 #a#i#i#e3 

,MONEY IS EMP[]M5T4 ,?IS IS EMP[]M5T MONEY4 ,Y\ NE$ TO BE BIG1 NE$ TO ?9K BIG4 ,BORR[]S H]E CAN BE IMPRISON$ IF !Y DON'T PAY1 SO :Y BE WORRI$8 

,9 ,AM]ICA WE GET T5 (F]S = CR$IT C>DS 9 ! MAIL EV]Y DAY4 ,Y\ PAY 9CR$IBLE REAL 9T]E/ RATES = ?AT CR$IT1 SOME?+ LIKE #d P]C5T4 ,BUT ! (F] IS !RE1 SO Y\ GET ! C>D1 & /UFF Y\R WALLET FULL ( CR$IT C>DS4 ,Y\ FEEL GOOD4 ,IT %\LD BE ! SAME ?+ H]E1 :Y NOT HELP !M GET 9TO DEBT8 ,DO ,I REALLY C>E :AT !Y USE ! MONEY =1 AS LONG AS !Y PAY ! LOAN BACK8.<#h#g#e.> 

,! V]Y 9COH]5CE ( ! QUOTE IS TELL+4 ,! ONLY UNIFY+ !ME SEEMS TO BE3 PEOPLE \<T TO BE 9 DEBT4 ,IT'S GOOD 9 ITSELF4 ,IT'S EMP[]+4 ,ANYWAY1 IF !Y 5D UP TOO EMP[]$1 WE CAN ALSO HAVE !M >RE/$4 ,DEBT & P[]1 S9 & R$EMPTION1 BECOME ALMO/ 9DI/+UI%ABLE4 ,FRE$OM IS SLAV]Y4 ,SLAV]Y IS FRE$OM4 ,DUR+ H] TIME 9 ,CAIRO1 ,ELYA*> WITNESS$ Y\NG GRADUATES ( AN ,N,G,O TRA9+ PROGRAM GO ON /RIKE = !IR RI<T TO RECEIVE />TUP LOANS4 ,AT ! SAME TIME1 JU/ AB\T EV]YONE 9VOLV$ TOOK IT = GRANT$ ?AT MO/ ( !IR FELL[ /UD5TS1 NOT TO M5TION EV]YONE ELSE 9VOLV$ 9 ! PROGRAM1 WAS CORRUPT & EXPLOIT+ ! SY/EM AS !IR P]SONAL CA% C[4 ,H]E TOO1 ASPECTS ( ECONOMIC LIFE ?AT HAD BE5 BAS$ ON LONG/&+ RELATIONS ( TRU/ W]E1 ?R\< ! 9TRUSION ( CR$IT BUREAUCRACIES1 BECOM+ EFFECTIVELY CRIM9ALIZ$4 

,)9 ANO!R DECADE1 ! 5TIRE PROJECT--EV5 9 ,S\? ,ASIA1 :]E IT BEGAN--BEGAN TO APPE> SUSPICI\SLY SIMIL> TO ! ,U4,S4 SUBPRIME MORTGAGE CRISIS3 ALL SORTS ( UNSCRUPUL\S L5D]S PIL$ 91 ALL SORTS ( DECEPTIVE F9ANCIAL APPRAISALS W]E PASS$ (F TO 9VE/ORS1 9T]E/ ACCUMULAT$1 BORR[]S TRI$ TO COLLECTIVELY REFUSE PAYM5T1 L5D]S BEGAN S5D+ 9 GOONS TO SEIZE :AT LITTLE WEAL? !Y HAD 7CORRUGAT$ T9 RO(S1 = EXAMPLE71 & ! 5D RESULT HAS BE5 AN EPIDEMIC ( SUICIDES BY POOR F>M]S CAU<T 9 TRAPS FROM :I* !IR FAMILIES C\LD NEV]1 POSSIBLY1 ESCAPE4.<#h#g#f.> 

,JU/ AS 9 ! #a#i#d#e-#a#i#g#e CYCLE1 ?IS NEW ONE CULM9AT$ 9 ANO!R CRISIS ( 9CLUSION4 ,IT PROV$ NO MORE POSSIBLE TO REALLY TURN EV]YONE 9 ! WORLD 9TO MICRO-CORPORATIONS1 OR TO 0DEMOCRATIZE CR$IT0 9 SU* A WAY ?AT EV]Y FAMILY ?AT WANT$ TO C\LD HAVE A H\SE 7& IF Y\ ?9K AB\T IT1 IF WE HAVE ! MEANS TO BUILD !M1 :Y %\LDN'T !Y8 >E !RE FAMILIES :O DON'T 0DES]VE0 H\SES87 ?AN IT HAD BE5 TO ALL[ ALL WAGE LABOR]S TO HAVE UNIONS1 P5SIONS1 & HEAL? B5EFITS4 ,CAPITALISM DOESN'T WORK ?AT WAY4 ,IT IS ULTIMATELY A SY/EM ( P[] & EXCLUSION1 & :5 IT REA*ES ! BREAK+ PO9T1 ! SYMPTOMS RECUR1 JU/ AS !Y HAD 9 ! #a#i#gS3 FOOD RIOTS1 OIL %OCK1 F9ANCIAL CRISIS1 ! SUDD5 />TL$ REALIZATION ?AT ! CURR5T C\RSE WAS ECOLOGICAL UNSU/A9ABLE1 ATT5DANT APOCALYPTIC SC5>IOS ( EV]Y SORT4 

,9 ! WAKE ( ! SUBPRIME COLLAPSE1 ! ,U4,S4 GOV]NM5T WAS =C$ TO DECIDE :O REALLY GETS TO MAKE MONEY \T ( NO?+3 ! F9ANCI]S1 OR ORD9>Y CITIZ5S4 ,! RESULTS W]E PR$ICTABLE4 ,F9ANCI]S W]E 0BAIL$ \T ) TAXPAY] MONEY0--:I* BASICALLY MEANS ?AT !IR IMAG9>Y MONEY WAS TREAT$ AS IF IT W]E REAL4 ,MORTGAGE HOLD]S W]E1 OV]:ELM+LY1 LEFT TO ! T5D] M]CIES ( ! C\RTS1 UND] A BANKRUPTCY LAW ?AT ,CONGRESS HAD A YE> BE=E 7RA!R SUSPICI\SLY PRESCI5TLY1 ONE MI<T ADD7 MADE F> MORE EXACT+ AGA9/ DEBTORS4 ,NO?+ WAS ALT]$4 ,ALL MAJOR DECISIONS W]E PO/PON$4 ,! ,GREAT ,CONV]SATION ?AT MANY W]E EXPECT+ NEV] HAPP5$4 

,WE LIVE1 N[1 AT A G5U9ELY PECULI> HI/ORICAL JUNCTURE4 ,! CR$IT CRISIS HAS PROVID$ US ) A VIVID ILLU/RATION ( ! PR9CIPLE SET \T 9 ! LA/ *APT]3 ?AT CAPITALISM CANNOT REALLY OP]ATE 9 A WORLD :]E PEOPLE BELIEVE IT WILL BE >\ND =EV]4 

,= MO/ ( ! LA/ SEV]AL C5TURIES1 MO/ PEOPLE ASSUM$ ?AT CR$IT C\LD NOT BE G5]AT$ 9F9ITELY BECAUSE !Y ASSUM$ ?AT ! ECONOMIC SY/EM ITSELF WAS UNLIKELY TO 5DURE =EV]4 ,! FUTURE WAS LIKELY TO BE FUNDAM5TALLY DIFF]5T4 ,YET SOMEH[1 ! ANTICIPAT$ REVOLUTIONS NEV] HAPP5$4 ,! BASIC /RUCTURES ( F9ANCIAL CAPITALISM L>GELY REMA9$ 9 PLACE4 ,IT'S ONLY N[1 AT ! V]Y MOM5T :5 IT'S BECOM+ 9CREAS+LY CLE> ?AT CURR5T >RANGEM5TS >E NOT VIABLE1 ?AT WE SUDD5LY HAVE HIT ! WALL 9 T]MS ( \R COLLECTIVE IMAG9ATION4 

,!RE IS V]Y GOOD REASON TO BELIEVE ?AT1 9 A G5]ATION OR SO1 CAPITALISM ITSELF WILL NO LONG] EXI/--MO/ OBVI\SLY1 AS ECOLOGI/S KEEP REM9D+ US1 BECAUSE IT'S IMPOSSIBLE TO MA9TA9 AN 5G9E ( P]PETUAL GR[? =EV] ON A F9ITE PLANET1 & ! CURR5T =M ( CAPITALISM DOESN'T SEEM TO BE CAPABLE ( G5]AT+ ! K9D ( VA/ TE*NOLOGICAL BREAK?R\<S & MOBILIZATIONS ?AT W\LD BE REQUIR$ = US TO />T F9D+ & COLONIZ+ ANY O!R PLANETS4 ,YET FAC$ ) ! PROSPECT ( CAPITALISM ACTUALLY 5D+1 ! MO/ COMMON REACTION--EV5 FROM ?OSE :O CALL !MSELVES 0PROGRESSIVES0--IS SIMPLY FE>4 ,WE CL+ TO :AT EXI/S BECAUSE WE CAN NO LONG] IMAG9E AN ALT]NATIVE ?AT W\LDN'T BE EV5 WORSE4 

,H[ DID WE GET H]E8 ,MY [N SUSPICION IS ?AT WE >E LOOK+ AT ! F9AL EFFECTS ( ! MILIT>IZATION ( ,AM]ICAN CAPITALISM ITSELF4 ,9 FACT1 IT C\LD WELL BE SAID ?AT ! LA/ ?IRTY YE>S HAVE SE5 ! CON/RUCTION ( A VA/ BUREAUCRATIC APP>ATUS = ! CREATION & MA9T5ANCE ( HOPELESSNESS1 A GIANT MA*9E DESIGN$1 FIR/ & =EMO/1 TO DE/ROY ANY S5SE ( POSSIBLE ALT]NATIVE FUTURES4 ,AT ITS ROOT IS A V]ITABLE OBSESSION ON ! P>T ( ! RUL]S ( ! WORLD--9 RESPONSE TO ! UPHEAVALS ( ! #a#i#fS & #a#i#gS--) 5SUR+ ?AT SOCIAL MOVEM5TS CANNOT BE SE5 TO GR[1 FL\RI%1 OR PROPOSE ALT]NATIVES2 ?AT ?OSE :O *ALL5GE EXI/+ P[] >RANGEM5TS CAN NEV]1 UND] ANY CIRCUM/ANCES1 BE P]CEIV$ TO W94.<#h#g#g.> ,TO DO SO REQUIRES CREAT+ A VA/ APP>ATUS ( >MIES1 PRISONS1 POLICE1 V>I\S =MS ( PRIVATE SECURITY FIRMS & POLICE & MILIT>Y 9TELLIG5CE APP>ATUS1 & PROPAG&A 5G9ES ( EV]Y CONCEIVABLE V>IETY1 MO/ ( :I* DO NOT ATTACK ALT]NATIVES DIRECTLY SO MU* AS CREATE A P]VASIVE CLIMATE ( FE>1 J+OI/IC CON=MITY1 & SIMPLE DESPAIR ?AT R5D]S ANY ?\<T ( *ANG+ ! WORLD SEEM AN IDLE FANTASY4 ,MA9TA9+ ?IS APP>ATUS SEEMS EV5 MORE IMPORTANT1 TO EXPON5TS ( ! 0FREE M>KET10 EV5 ?AN MA9TA9+ ANY SORT ( VIABLE M>KET ECONOMY4 ,H[ ELSE CAN ONE EXPLA9 :AT HAPP5$ 9 ! =M] ,SOVIET ,UNION8 ,ONE W\LD ORD9>ILY HAVE IMAG9$ ?AT ! 5D ( ! ,COLD ,W> W\LD HAVE L$ TO ! DISMANTL+ ( ! >MY & ! ,K,G,B & REBUILD+ ! FACTORIES1 BUT 9 FACT :AT HAPP5$ WAS PRECISELY ! O!R WAY >\ND4 ,?IS IS JU/ AN EXTREME EXAMPLE ( :AT HAS BE5 HAPP5+ EV]Y:]E4 ,ECONOMICALLY1 ! APP>ATUS IS PURE DEAD WEI<T2 ALL ! GUNS1 SURVEILLANCE CAM]AS1 & PROPAG&A 5G9ES >E EXTRAORD9>ILY EXP5SIVE & REALLY PRODUCE NO?+1 & NO D\BT IT'S YET ANO!R ELEM5T DRAGG+ ! 5TIRE CAPITALI/ SY/EM D[N--ALONG ) PRODUC+ ! ILLUSION ( AN 5DLESS CAPITALI/ FUTURE ?AT LAID ! GR\NDWORK = ! 5DLESS BUBBLES TO BEG9 )4 ,F9ANCE CAPITAL BECAME ! BUY+ & SELL+ ( *UNKS ( ?AT FUTURE1 & ECONOMIC FRE$OM1 = MO/ ( US1 WAS R$UC$ TO ! RI<T TO BUY A SMALL PIECE ( ONE'S [N P]MAN5T SUBORD9ATION4 

,9 O!R WORDS1 !RE SEEMS TO HAVE BE5 A PR(\ND CONTRADICTION BETWE5 ! POLITICAL IMP]ATIVE ( E/ABLI%+ CAPITALISM AS ! ONLY POSSIBLE WAY TO MANAGE ANY?+1 & CAPITALISM'S [N UNACKN[L$G$ NE$ TO LIMIT ITS FUTURE HORIZONS LE/ SPECULATION1 PR$ICTABLY1 GO HAYWIRE4 ,ONCE IT DID1 & ! :OLE MA*9E IMPLOD$1 WE W]E LEFT 9 ! /RANGE SITUATION ( NOT BE+ ABLE TO EV5 IMAG9E ANY O!R WAY ?AT ?+S MI<T BE >RANG$4 ,AB\T ! ONLY ?+ WE CAN IMAG9E IS CATA/ROPHE4 

,TO BEG9 TO FREE \RSELVES1 ! FIR/ ?+ WE NE$ TO DO IS TO SEE \RSELVES AGA9 AS HI/ORICAL ACTORS1 AS PEOPLE :O CAN MAKE A DIFF]5CE 9 ! C\RSE ( WORLD EV5TS4 ,?IS IS EXACTLY :AT ! MILIT>IZATION ( HI/ORY IS TRY+ TO TAKE AWAY4 

,EV5 IF WE >E AT ! BEG9N+ ( ! TURN ( A V]Y LONG HI/ORICAL CYCLE1 IT'S /ILL L>GELY UP TO US TO DET]M9E H[ IT'S GO+ TO TURN \T4 ,= 9/ANCE3 ! LA/ TIME WE %IFT$ FROM A BULLION ECONOMY TO ONE ( VIRTUAL CR$IT MONEY1 AT ! 5D ( ! ,AXIAL ,AGE & ! BEG9N+ ( ! ,MIDDLE ,AGES1 ! IMM$IATE %IFT WAS EXP]I5C$ L>GELY AS A S]IES ( GREAT CATA/ROPHES4 ,WILL IT BE ! SAME ?IS TIME >\ND8 ,PRESUMABLY A LOT DEP5DS ON H[ CONSCI\SLY WE SET \T TO 5SURE ?AT IT WON'T BE4 ,WILL A RETURN TO VIRTUAL MONEY LEAD TO A MOVE AWAY FROM EMPIRES & VA/ /&+ >MIES1 & TO ! CREATION ( L>G] /RUCTURES LIMIT+ ! DEPR$ATIONS ( CR$ITORS8 ,!RE IS GOOD REASON TO BELIEVE ?AT ALL !SE ?+S WILL HAPP5--& IF HUMANITY IS TO SURVIVE1 !Y WILL PROBABLY HAVE TO--BUT WE HAVE NO IDEA H[ LONG IT WILL TAKE1 OR :AT1 IF IT DOES1 IT W\LD REALLY LOOK LIKE4 ,CAPITALISM HAS TRANS=M$ ! WORLD 9 MANY WAYS ?AT >E CLE>LY IRREV]SIBLE4 ,:AT ,I HAVE BE5 TRY+ TO DO 9 ?IS BOOK IS NOT SO MU* TO PROPOSE A VISION ( :AT1 PRECISELY1 ! NEXT AGE WILL BE LIKE1 BUT TO ?R[ OP5 P]SPECTIVES1 5L>GE \R S5SE ( POSSIBILITIES2 TO BEG9 TO ASK :AT IT W\LD MEAN TO />T ?9K+ ON A BREAD? & ) A GR&EUR APPROPRIATE TO ! TIMES4 

,LET ME GIVE AN EXAMPLE4 ,I'VE SPOK5 ( TWO CYCLES ( POPUL> MOVEM5TS S9CE ,WORLD ,W> ,I,I3 ! FIR/ 7#a#i#d#e-#a#i#g#h71 AB\T DEM&+ ! RI<TS ( NATIONAL CITIZ5%IP1 ! SECOND 7#a#i#g#h-#b#h71 OV] ACCESS TO CAPITALISM ITSELF4 ,IT SEEMS SIGNIFICANT H]E ?AT 9 ! ,MIDDLE ,EA/1 9 ! FIR/ R\ND1 ?OSE POPUL> MOVEM5TS ?AT MO/ DIRECTLY *ALL5G$ ! GLOBAL /ATUS QUO T5D$ TO BE 9SPIR$ BY ,M>XISM2 9 ! SECOND1 L>GELY1 SOME V>IATION ON RADICAL ,ISLAM4 ,CONSID]+ ?AT ,ISLAM HAS ALWAYS PLAC$ DEBT AT ! C5T] ( ITS SOCIAL DOCTR9ES1 IT'S EASY TO UND]/& ! APPEAL4 ,BUT :Y NOT ?R[ ?+S OP5 EV5 MORE WIDELY8 ,OV] ! LA/ FIVE ?\S& YE>S1 !RE HAVE BE5 AT LEA/ TWO OCCASIONS :5 MAJOR1 DRAMATIC MORAL & F9ANCIAL 9NOVATIONS HAVE EM]G$ FROM ! C\NTRY WE N[ REF] TO AS ,IRAQ4 ,! FIR/ WAS ! 9V5TION ( 9T]E/-BE>+ DEBT1 P]HAPS SOMETIME >\ND #c BC2 ! SECOND1 >\ND #h AD1 ! DEVELOPM5T ( ! FIR/ SOPHI/ICAT$ COMM]CIAL SY/EM ?AT EXPLICITLY REJECT$ IT4 ,IS IT POSSIBLE ?AT WE >E DUE = ANO!R8 ,= MO/ ,AM]ICANS1 IT WILL SEEM AN ODD QUE/ION1 S9CE MO/ ,AM]ICANS >E US$ TO ?9K+ ( ,IRAQIS EI!R AS VICTIMS OR FANATICS 7?IS IS H[ OCCUPY+ P[]S ALWAYS ?9K AB\T ! PEOPLE !Y OCCUPY71 BUT IT IS WOR?Y ( NOTE ?AT ! MO/ PROM95T WORK+-CLASS ,ISLAMI/ MOVEM5T OPPOS$ TO ! ,U4,S4 OCCUPATION1 ! ,SADRI/S1 TAKE !IR NAME FROM ONE ( ! F\ND]S ( CONTEMPOR>Y ,ISLAMIC ECONOMICS1 ,MUHAMMAD ,BAQIR AL-,SADR4 ,TRUE1 MU* ( :AT HAS S9CE COME TO PASS = ,ISLAMIC ECONOMICS N[ADAYS HAS PROV$ DECID$LY UNIMPRESSIVE4.<#h#g#h.> ,C]TA9LY 9 NO S5SE DOES IT POSE A DIRECT *ALL5GE TO CAPITALISM4 ,/ILL1 ONE HAS TO ASSUME ?AT AMONG POPUL> MOVEM5TS ( ?IS SORT1 ALL K9DS ( 9T]E/+ CONV]SATIONS AB\T1 SAY1 ! /ATUS ( WAGE LABOR MU/ BE TAK+ PLACE4 ,OR P]HAPS IT'S NAIVE TO LOOK = ANY NEW BREAK?R\< FROM ! PURITANICAL LEGACY ( ! OLD PATRI>*AL REBELLION4 ,P]HAPS IT WILL COME \T ( FEM9ISM4 ,OR ,ISLAMIC FEM9ISM4 ,OR FROM SOME AS YET COMPLETELY UNEXPECT$ QU>T]4 ,:O'S TO SAY8 ,! ONE ?+ WE CAN BE CONFID5T ( IS ?AT HI/ORY IS NOT OV]1 & ?AT SURPRIS+ NEW IDEAS WILL C]TA9LY EM]GE4 

,! ONE ?+ ?AT'S CLE> IS ?AT NEW IDEAS WON'T EM]GE )\T ! JETTISON+ ( MU* ( \R ACCU/OM$ CATEGORIES ( ?\<T--:I* HAVE BECOME MO/LY %E] DEAD WEI<T1 IF NOT 9TR9SIC P>TS ( ! V]Y APP>ATUS ( HOPELESSNESS--& =MULAT+ NEW ONES4 ,?IS IS :Y ,I SP5T SO MU* ( ?IS BOOK TALK+ AB\T ! M>KET1 BUT ALSO AB\T ! FALSE *OICE BETWE5 /ATE & M>KET ?AT SO MONOPOLIZ$ POLITICAL IDEOLOGY = ! LA/ C5TURIES ?AT IT MADE IT DIFFICULT TO >GUE AB\T ANY?+ ELSE4 

,! REAL HI/ORY ( M>KETS IS NO?+ LIKE :AT WE'RE TAU<T TO ?9K IT IS4 ,! E>LI] M>KETS ?AT WE >E ABLE TO OBS]VE APPE> TO BE SPILLOV]S1 MORE OR LESS2 SIDE EFFECTS ( ! ELABORATE ADM9I/RATIVE SY/EMS ( ANCI5T ,MESOPOTAMIA4 ,!Y OP]AT$ PRIM>ILY ON CR$IT4 ,CA% M>KETS >OSE ?R\< W>3 AGA91 L>GELY ?R\< TAX & TRIBUTE POLICIES ?AT W]E ORIG9ALLY DESIGN$ TO PROVISION SOLDI]S1 BUT ?AT LAT] BECAME USEFUL 9 ALL SORTS ( O!R WAYS BESIDES4 ,IT WAS ONLY ! ,MIDDLE ,AGES1 ) !IR RETURN TO CR$IT SY/EMS1 ?AT SAW ! FIR/ MANIFE/ATIONS ( :AT MI<T BE CALL$ M>KET POPULISM3 ! IDEA ?AT M>KETS C\LD EXI/ BEYOND1 AGA9/1 & \TSIDE ( /ATES1 AS 9 ?OSE ( ! ,MUSLIM ,9DIAN ,OCEAN--AN IDEA ?AT WAS LAT] TO REAPPE> 9 ,*9A ) ! GREAT SILV] REVOLTS ( ! FIFTE5? C5TURY4 ,IT USUALLY SEEMS TO >ISE 9 SITUATIONS :]E M]*ANTS1 = ONE REASON OR ANO!R1 F9D !MSELVES MAK+ COMMON CAUSE ) COMMON PEOPLE AGA9/ ! ADM9I/RATIVE MA*9]Y ( SOME GREAT /ATE4 ,BUT M>KET POPULISM IS ALWAYS RIDDL$ ) P>ADOXES1 BECAUSE IT /ILL DOES DEP5D TO SOME DEGREE ON ! EXI/5CE ( ?AT /ATE1 & ABOVE ALL1 BECAUSE IT REQUIRES F\ND+ M>KET RELATIONS1 ULTIMATELY1 9 SOME?+ O!R ?AN %E] CALCULATION3 9 ! CODES ( HONOR1 TRU/1 & ULTIMATELY COMMUNITY & MUTUAL AID1 MORE TYPICAL ( HUMAN ECONOMIES4.<#h#g#i.> ,?IS 9 TURN MEANS RELEGAT+ COMPETITION TO A RELATIVELY M9OR ELEM5T4 ,9 ?IS LI<T1 WE CAN SEE ?AT :AT ,ADAM ,SMI? ULTIMATELY DID1 9 CREAT+ HIS DEBT-FREE M>KET UTOPIA1 WAS TO FUZE ELEM5TS ( ?IS UNLIKELY LEGACY ) ?AT UNUSUALLY MILIT>I/IC CONCEPTION ( M>KET BEHAVIOR *>ACT]I/IC ( ! ,*RI/IAN ,WE/4 ,9 DO+ SO HE WAS SURELY PRESCI5T4 ,BUT LIKE ALL EXTRAORD9>ILY 9FLU5TIAL WRIT]S1 HE WAS ALSO JU/ CAPTUR+ SOME?+ ( ! EM]G+ SPIRIT ( HIS AGE4 ,:AT WE HAVE SE5 EV] S9CE IS AN 5DLESS POLITICAL JOCKEY+ BACK & =? BETWE5 TWO SORTS ( POPULISM--/ATE & M>KET POPULISM--)\T ANYONE NOTIC+ ?AT !Y W]E TALK+ AB\T ! LEFT & RI<T FLANKS ( EXACTLY ! SAME ANIMAL4 

,! MA9 REASON ?AT WE'RE UNABLE TO NOTICE1 ,I ?9K1 IS ?AT ! LEGACY ( VIOL5CE HAS TWI/$ EV]Y?+ >\ND US4 ,W>1 CONQUE/1 & SLAV]Y NOT ONLY PLAY$ ! C5TRAL ROLE 9 CONV]T+ HUMAN ECONOMIES 9TO M>KET ONES2 !RE IS LIT]ALLY NO 9/ITUTION 9 \R SOCIETY ?AT HAS NOT BE5 TO SOME DEGREE AFFECT$4 ,! /ORY TOLD AT ! 5D ( *APT] #g1 ( H[ EV5 \R CONCEPTIONS ( 0FRE$OM0 ITSELF CAME TO BE TRANS=M$1 ?R\< ! ,ROMAN 9/ITUTION ( SLAV]Y1 FROM ! ABILITY TO MAKE FRI5DS1 TO 5T] 9TO MORAL RELATIONS ) O!RS1 9TO 9COH]5T DREAMS ( ABSOLUTE P[]1 IS ONLY P]HAPS ! MO/ DRAMATIC 9/ANCE--& MO/ 9SIDI\S1 BECAUSE IT LEAVES IT V]Y H>D TO IMAG9E :AT MEAN+FUL HUMAN FRE$OM W\LD EV5 BE LIKE4.<#h#h.> 

,IF ?IS BOOK HAS %[N ANY?+1 IT'S EXACTLY H[ MU* VIOL5CE IT HAS TAK51 OV] ! C\RSE ( HUMAN HI/ORY1 TO BR+ US TO A SITUATION :]E IT'S EV5 POSSIBLE TO IMAG9E ?AT ?AT'S :AT LIFE IS REALLY AB\T4 ,ESPECIALLY :5 ONE CONSID]S H[ MU* ( \R [N DAILY EXP]I5CE FLIES DIRECTLY 9 ! FACE ( IT4 ,AS ,I'VE EMPHASIZ$1 COMMUNISM MAY BE ! F\NDATION ( ALL HUMAN RELATIONS--?AT COMMUNISM ?AT1 9 \R [N DAILY LIFE1 MANIFE/S ITSELF ABOVE ALL 9 :AT WE CALL 0LOVE0--BUT !RE'S ALWAYS SOME SORT ( SY/EM ( EX*ANGE1 & USUALLY1 A SY/EM ( HI]>*Y BUILT ON TOP ( IT4 ,!SE SY/EMS ( EX*ANGE CAN TAKE AN 5DLESS V>IETY ( =MS1 MANY P]FECTLY 9NOCU\S4 ,/ILL1 :AT WE >E SPEAK+ ( H]E IS A V]Y P>TICUL> TYPE ( CALCULAT+ EX*ANGE4 ,AS ,I PO9T$ \T 9 ! V]Y BEG9N+3 ! DIFF]5CE BETWE5 [+ SOMEONE A FAVOR1 & [+ SOMEONE A DEBT1 IS ?AT ! AM\NT ( A DEBT CAN BE PRECISELY CALCULAT$4 ,CALCULATION DEM&S EQUIVAL5CE4 ,& SU* EQUIVAL5CE--ESPECIALLY :5 IT 9VOLVES EQUIVAL5CE BETWE5 HUMAN BE+S 7& IT ALWAYS SEEMS TO />T ?AT WAY1 BECAUSE AT FIR/1 HUMAN BE+S >E ALWAYS ! ULTIMATE VALUES7--ONLY SEEMS TO OCCUR :5 PEOPLE HAVE BE5 =CIBLY SEV]$ FROM !IR CONTEXTS1 SO MU* SO ?AT !Y CAN BE TREAT$ AS ID5TICAL TO SOME?+ ELSE1 AS 93 0SEV5 M>T9 SK9S & TWELVE L>GE SILV] R+S = ! RETURN ( Y\R CAPTUR$ BRO!R10 0ONE ( Y\R ?REE DAU<T]S AS SURETY = ?IS LOAN ( ONE HUNDR$ & FIFTY BU%ELS ( GRA90 444 

,?IS 9 TURN LEADS TO ?AT GREAT EMB>RASS+ FACT ?AT HAUNTS ALL ATTEMPTS TO REPRES5T ! M>KET AS ! HI<E/ =M ( HUMAN FRE$OM3 ?AT HI/ORICALLY1 IMP]SONAL1 COMM]CIAL M>KETS ORIG9ATE 9 !FT4 ,MORE ?AN ANY?+ ELSE1 ! 5DLESS RECITATION ( ! MY? ( B>T]1 EMPLOY$ MU* LIKE AN 9CANTATION1 IS ! ECONOMI/S' WAY ( F5D+ (F ANY POSSIBILITY ( HAV+ TO CONFRONT IT4 ,BUT EV5 A MOM5T'S REFLECTION MAKES IT OBVI\S4 ,:O WAS ! FIR/ MAN TO LOOK AT A H\SE FULL ( OBJECTS & TO IMM$IATELY ASSESS !M ONLY 9 T]MS ( :AT HE C\LD TRADE !M 9 = 9 ! M>KET LIKELY TO HAVE BE58 ,SURELY1 HE CAN ONLY HAVE BE5 A ?IEF4 ,BURGL>S1 M>AUD+ SOLDI]S1 !N P]HAPS DEBT COLLECTORS1 W]E ! FIR/ TO SEE ! WORLD ?IS WAY4 ,IT WAS ONLY 9 ! H&S ( SOLDI]S1 FRE% FROM LOOT+ T[NS & CITIES1 ?AT *UNKS ( GOLD OR SILV]--MELT$ D[N1 9 MO/ CASES1 FROM SOME HEIRLOOM TREASURE1 ?AT LIKE ! ,KA%MIRI GODS1 OR ,AZTEC BREA/PLATES1 OR ,BABYLONIAN WOM5'S ANKLE BRACELETS1 WAS BO? A WORK ( >T & A LITTLE COMP5DIUM ( HI/ORY--C\LD BECOME SIMPLE1 UNI=M BITS ( CURR5CY1 ) NO HI/ORY1 VALUABLE PRECISELY = !IR LACK ( HI/ORY1 BECAUSE !Y C\LD BE ACCEPT$ ANY:]E1 NO QUE/IONS ASK$4 ,& IT CONT9UES TO BE TRUE4 ,ANY SY/EM ?AT R$UCES ! WORLD TO NUMB]S CAN ONLY BE HELD 9 PLACE BY WEAPONS1 :E!R !SE >E SWORDS & CLUBS1 OR N[ADAYS1 0SM>T BOMBS0 FROM UNMANN$ DRONES4 

,IT CAN ALSO ONLY OP]ATE BY CONT9UALLY CONV]T+ LOVE 9TO DEBT4 ,I KN[ MY USE ( ! WORD 0LOVE0 H]E IS EV5 MORE PROVOCATIVE1 9 ITS [N WAY1 ?AN 0COMMUNISM40 ,/ILL1 IT'S IMPORTANT TO HAMM] ! PO9T HOME4 ,JU/ AS M>KETS1 :5 ALL[$ TO DRIFT 5TIRELY FREE FROM !IR VIOL5T ORIG9S1 9V>IABLY BEG9 TO GR[ 9TO SOME?+ DIFF]5T1 9TO NETWORKS ( HONOR1 TRU/1 & MUTUAL CONNECT$NESS1 SO DOES ! MA9T5ANCE ( SY/EMS ( CO]CION CON/ANTLY DO ! OPPOSITE3 TURN ! PRODUCTS ( HUMAN COOP]ATION1 CREATIVITY1 DEVOTION1 LOVE1 & TRU/ BACK 9TO NUMB]S ONCE AGA94 ,9 DO+ SO1 !Y MAKE IT POSSIBLE TO IMAG9E A WORLD ?AT IS NO?+ MORE ?AN A S]IES ( COLD-BLOOD$ CALCULATIONS4 ,EV5 MORE1 BY TURN+ HUMAN SOCIALITY ITSELF 9TO DEBTS1 !Y TRANS=M ! V]Y F\NDATIONS ( \R BE+--S9CE :AT ELSE >E WE1 ULTIMATELY1 EXCEPT ! SUM ( ! RELATIONS WE HAVE ) O!RS--9TO MATT]S ( FAULT1 S91 & CRIME1 & MAK+ ! WORLD 9TO A PLACE ( 9IQUITY ?AT CAN ONLY BE OV]COME BY COMPLET+ SOME GREAT COSMIC TRANSACTION ?AT WILL ANNIHILATE EV]Y?+4 

,TRY+ TO FLIP ?+S >\ND BY ASK+1 0,:AT DO WE [E SOCIETY80 OR EV5 TRY+ TO TALK AB\T \R 0DEBT TO NATURE0 OR SOME O!R MANIFE/ATION ( ! COSMOS IS A FALSE SOLUTION--REALLY JU/ A DESP]ATE SCRAMBLE TO SALVAGE SOME?+ FROM ! V]Y MORAL LOGIC ?AT HAS SEV]$ US FROM ! COSMOS TO BEG9 )4 ,9 FACT1 IT'S IF ANY?+ ! CULM9ATION ( ! PROCESS1 ! PROCESS BR\<T TO A PO9T ( V]ITABLE DEM5TIA1 S9CE IT'S PREMIS$ ON ! ASSUMPTION ?AT WE'RE SO ABSOLUTELY1 ?OR\<LY DIS5TANGL$ FROM ! WORLD ?AT WE CAN JU/ TOSS ALL O!R HUMAN BE+S--OR ALL O!R LIV+ CREATURES1 EV51 OR ! COSMOS--9 A SACK1 & !N />T NEGOTIAT+ ) !M4 ,IT'S H>DLY SURPRIS+ ?AT ! 5D RESULT1 HI/ORICALLY1 IS TO SEE \R LIFE ITSELF AS SOME?+ WE HOLD ON FALSE PREMISES1 A LOAN LONG S9CE OV]DUE1 & !RE=E1 TO SEE EXI/5CE ITSELF AS CRIM9AL4 ,9S(> AS !RE'S A REAL CRIME H]E1 ?\<1 IT'S FRAUD4 ,! V]Y PREMISE IS FRAUDUL5T4 ,:AT C\LD POSSIBLY BE MORE PRESUMPTU\S1 OR MORE RIDICUL\S1 ?AN TO ?9K IT W\LD BE POSSIBLE TO NEGOTIATE ) ! GR\NDS ( ONE'S EXI/5CE8 ,( C\RSE IT ISN'T4 ,9S(> AS IT IS 9DE$ POSSIBLE TO COME 9TO ANY SORT ( RELATION ) ! ,ABSOLUTE1 WE >E CONFRONT+ A PR9CIPLE ?AT EXI/S \TSIDE ( TIME1 OR HUMAN-SCALE TIME1 5TIRELY2 !RE=E1 AS ,M$IEVAL !OLOGIANS CORRECTLY RECOGNIZ$1 :5 DEAL+ ) ! ,ABSOLUTE1 !RE CAN BE NO SU* ?+ AS DEBT4 

,CONCLUSION3 ,P]HAPS ! ,WORLD ,REALLY ,DOES ,[E ,Y\ A ,LIV+ 

  

,MU* ( ! EXI/+ ECONOMIC LIT]ATURE ON CR$IT & BANK+1 :5 IT TURNS TO ! K9D ( L>G] HI/ORICAL QUE/IONS TREAT$ 9 ?IS BOOK1 /RIKES ME AS LITTLE MORE ?AN SPECIAL PLEAD+4 ,TRUE1 E>LI] FIGURES LIKE ,ADAM ,SMI? & ,DAVID ,RIC>DO W]E SUSPICI\S ( CR$IT SY/EMS1 BUT ALREADY BY ! MID-N9ETE5? C5TURY1 ECONOMI/S :O CONC]N$ !MSELVES ) SU* MATT]S W]E L>GELY 9 ! BUS9ESS ( TRY+ TO DEMON/RATE ?AT1 DESPITE APPE>ANCES1 ! BANK+ SY/EM REALLY WAS PR(\NDLY DEMOCRATIC4 ,ONE ( ! MORE COMMON >GUM5TS WAS ?AT IT WAS REALLY A WAY ( FUNNEL+ RES\RCES FROM ! 0IDLE RI*10 :O1 TOO UNIMAG9ATIVE TO DO ! WORK ( 9VE/+ !IR [N MONEY1 5TRU/$ IT TO O!RS1 TO ! 09DU/RI\S POOR0--:O HAD ! 5]GY & 9ITIATIVE TO PRODUCE NEW WEAL?4 ,?IS JU/IFI$ ! EXI/5CE ( BANKS1 BUT IT ALSO /R5G!N$ ! H& ( POPULI/S :O DEM&$ EASY MONEY POLICIES1 PROTECTIONS = DEBTORS1 & SO ON--S9CE1 IF TIMES W]E R\<1 :Y %\LD ! 9DU/RI\S POOR1 ! F>M]S & >TISANS & SMALL BUS9ESSM51 BE ! ONES TO SUFF]8 

,?IS GAVE RISE TO A SECOND L9E ( >GUM5T3 ?AT NO D\BT ! RI* W]E ! MAJOR CR$ITORS 9 ! ANCI5T WORLD1 BUT N[ ! SITUATION HAS BE5 REV]S$4 ,SO ,LUDWIG VON ,MISES1 WRIT+ 9 ! #a#i#cS1 >\ND ! TIME :5 ,KEYNES WAS CALL+ = ! EU?ANASIA ( ! R5TI]S3 

,PUBLIC OP9ION HAS ALWAYS BE5 BIAS$ AGA9/ CR$ITORS4 ,IT ID5TIFIES CR$ITORS ) ! IDLE RI* & DEBTORS ) ! 9DU/RI\S POOR4 ,IT ABHORS ! =M] AS RU?LESS EXPLOIT]S & PITIES ! LATT] AS 9NOC5T VICTIMS ( OPPRESSION4 ,IT CONSID]S GOV]NM5T ACTION DESIGN$ TO CURTAIL ! CLAIMS ( ! CR$ITORS AS MEASURES EXTREMELY B5EFICIAL TO ! IMM5SE MAJORITY AT ! EXP5SE ( A SMALL M9ORITY ( H>DBOIL$ USUR]S4 ,IT DID NOT NOTICE AT ALL ?AT N9ETE5?-C5TURY CAPITALI/ 9NOVATIONS HAVE :OLLY *ANG$ ! COMPOSITION ( ! CLASSES ( CR$ITORS & DEBTORS4 ,9 ! DAYS ( ,SOLON ! ,A!NIAN1 ( ANCI5T ,ROME'S AGR>IAN LAWS1 & ( ! ,MIDDLE ,AGES1 ! CR$ITORS W]E BY & L>GE ! RI* & ! DEBTORS ! POOR4 ,BUT 9 ?IS AGE ( BONDS & DEB5TURES1 MORTGAGE BANKS1 SAV+ BANKS1 LIFE 9SURANCE POLICIES1 & SOCIAL SECURITY B5EFITS1 ! MASSES ( PEOPLE ) MORE MOD]ATE 9COME >E RA!R !MSELVES CR$ITORS4.<#h#h#a.> 

,:]EAS ! RI*1 ) !IR LEV]AG$ COMPANIES1 >E N[ ! PR9CIPAL DEBTORS4 ,?IS IS ! 0DEMOCRATIZATION ( F9ANCE0 >GUM5T & IT IS NO?+ NEW3 :5EV] !RE >E SOME PEOPLE CALL+ = ! ELIM9ATION ( ! CLASS ?AT LIVES BY COLLECT+ 9T]E/1 !RE WILL BE O!RS TO OBJECT ?AT ?IS WILL DE/ROY ! LIVELIHOOD ( WID[S & P5SION]S4 

,! REM>KABLE ?+ IS ?AT N[ADAYS1 DEF5D]S ( ! F9ANCIAL SY/EM >E (T5 PREP>$ TO USE BO? >GUM5TS1 APPEAL+ TO ONE OR ! O!R ACCORD+ TO ! RHETORICAL CONV5I5CE ( ! MOM5T4 ,ON ! ONE H&1 WE HAVE 0PUNDITS0 LIKE ,?OMAS ,FRI$MAN1 CELEBRAT+ ! FACT ?AT 0EV]YONE0 N[ [NS A PIECE ( ,EXXON OR ,MEXICO1 & ?AT RI* DEBTORS >E !RE=E ANSW]ABLE TO ! POOR4 ,ON ! O!R1 ,NIALL ,F]GUSON1 AU?OR ( ,! ,ASC5T ( ,MONEY1 PUBLI%$ 9 #b#i1 CAN /ILL ANN\NCE AS ONE ( HIS MAJOR DISCOV]IES ?AT3 

,POV]TY IS NOT ! RESULT ( RAPACI\S F9ANCI]S EXPLOIT+ ! POOR4 ,IT HAS MU* MORE TO DO ) ! LACK ( F9ANCIAL 9/ITUTIONS1 ) ! ABS5CE ( BANKS1 NOT !IR PRES5CE4 ,ONLY :5 BORR[]S HAVE ACCESS TO EFFICI5T CR$IT NETWORKS CAN !Y ESCAPE FROM ! CLUT*ES ( LOAN %>KS1 & ONLY :5 SAV]S CAN DEPOSIT !IR MONEY 9 RELIABLE BANKS CAN IT BE *ANNEL$ FROM ! IDLE RI* TO ! 9DU/RI\S POOR4.<#h#h#b.> 

,SU* IS ! /ATE ( ! CONV]SATION 9 ! MA9/REAM LIT]ATURE4 ,MY PURPOSE H]E HAS BE5 LESS TO 5GAGE ) IT DIRECTLY ?AN TO %[ H[ IT HAS CONSI/5TLY 5C\RAG$ US TO ASK ! WRONG QUE/IONS4 ,LET'S TAKE ?IS LA/ P>AGRAPH AS AN ILLU/RATION4 ,:AT IS ,F]GUSON REALLY SAY+ H]E8 ,POV]TY IS CAUS$ BY A LACK ( CR$IT4 ,IT'S ONLY IF ! 9DU/RI\S POOR HAVE ACCESS TO LOANS FROM /ABLE1 RESPECTABLE BANKS--RA!R ?AN TO LOAN %>KS1 OR1 PRESUMABLY1 CR$IT C>D COMPANIES1 OR PAYDAY LOAN OP]ATIONS1 :I* N[ *>GE LOAN-%>K RATES--?AT !Y CAN RISE \T ( POV]TY4 ,SO ACTUALLY ,F]GUSON IS NOT REALLY CONC]N$ ) 0POV]TY0 AT ALL1 JU/ ) ! POV]TY ( SOME PEOPLE1 ?OSE :O >E 9DU/RI\S & ?US DO NOT DES]VE TO BE POOR4 ,:AT AB\T ! NON-9DU/RI\S POOR8 ,!Y CAN GO TO HELL1 PRESUMABLY 7QUITE LIT]ALLY1 ACCORD+ TO MANY BRAN*ES ( ,*RI/IANITY74 ,OR MAYBE !IR BOATS WILL BE LIFT$ SOME:AT BY ! RIS+ TIDE4 ,/ILL1 ?AT'S CLE>LY 9CID5TAL4 ,!Y'RE UNDES]V+1 S9CE !Y'RE NOT 9DU/RI\S1 & !RE=E :AT HAPP5S TO !M IS REALLY BESIDE ! PO9T4 

,= ME1 ?IS IS EXACTLY :AT'S SO P]NICI\S AB\T ! MORALITY ( DEBT3 ! WAY ?AT F9ANCIAL IMP]ATIVES CON/ANTLY TRY TO R$UCE US ALL1 DESPITE \RSELVES1 TO ! EQUIVAL5T ( PILLAG]S1 EYE+ ! WORLD SIMPLY = :AT CAN BE TURN$ 9TO MONEY--& !N TELL US ?AT IT'S ONLY ?OSE :O >E WILL+ TO SEE ! WORLD AS PILLAG]S :O DES]VE ACCESS TO ! RES\RCES REQUIR$ TO PURSUE ANY?+ 9 LIFE O!R ?AN MONEY4 ,IT 9TRODUCES MORAL P]V]SIONS ON ALMO/ EV]Y LEVEL4 70,CANCEL ALL /UD5T LOAN DEBT8 ,BUT ?AT W\LD BE UNFAIR TO ALL ?OSE PEOPLE :O /RUGGL$ = YE>S TO PAY BACK !IR /UD5T LOANS60 ,LET ME ASSURE ! READ] ?AT1 AS SOMEONE :O /RUGGL$ = YE>S TO PAY BACK HIS /UD5T LOANS & F9ALLY DID SO1 ?IS >GUM5T MAKES AB\T AS MU* S5SE AS SAY+ IT W\LD BE 0UNFAIR0 TO A MUGG+ VICTIM NOT TO MUG !IR NEI<BORS TOO47 

,! >GUM5T MI<T P]HAPS MAKE S5SE IF ONE AGRE$ ) ! UND]LY+ ASSUMPTION--?AT WORK IS BY DEF9ITION VIRTU\S1 S9CE ! ULTIMATE MEASURE ( HUMANITY'S SUCCESS AS A SPECIES IS ITS ABILITY TO 9CREASE ! OV]ALL GLOBAL \TPUT ( GOODS & S]VICES BY AT LEA/ #e P]C5T P] YE>4 ,! PROBLEM IS ?AT IT IS BECOM+ 9CREAS+LY OBVI\S ?AT IF WE CONT9UE ALONG !SE L9ES MU* LONG]1 WE'RE LIKELY TO DE/ROY EV]Y?+4 ,?AT GIANT DEBT MA*9E ?AT HAS1 = ! LA/ FIVE C5TURIES1 R$UC$ 9CREAS+ PROPORTIONS ( ! WORLD'S POPULATION TO ! MORAL EQUIVAL5T ( CONQUI/ADORS W\LD APPE> TO BE COM+ UP AGA9/ ITS SOCIAL & ECOLOGICAL LIMITS4 ,CAPITALISM'S 9VET]ATE PROP5SITY TO IMAG9E ITS [N DE/RUCTION HAS MORPH$1 9 ! LA/ HALF-C5TURY1 9TO SC5>IOS ?AT ?REAT5 TO BR+ ! RE/ ( ! WORLD D[N ) IT4 ,& !RE'S NO REASON TO BELIEVE ?AT ?IS PROP5SITY IS EV] GO+ TO GO AWAY4 ,! REAL QUE/ION N[ IS H[ TO RAT*ET ?+S D[N A BIT1 TO MOVE T[>D A SOCIETY :]E PEOPLE CAN LIVE MORE BY WORK+ LESS4 

,I W\LD LIKE1 !N1 TO 5D BY PUTT+ 9 A GOOD WORD = ! NON-9DU/RI\S POOR4.<#h#h#c.> ,AT LEA/ !Y >5'T HURT+ ANYONE4 ,9S(> AS ! TIME !Y >E TAK+ TIME (F FROM WORK IS BE+ SP5T ) FRI5DS & FAMILY1 5JOY+ & C>+ = ?OSE !Y LOVE1 !Y'RE PROBABLY IMPROV+ ! WORLD MORE ?AN WE ACKN[L$GE4 ,MAYBE WE %\LD ?9K ( !M AS PIONE]S ( A NEW ECONOMIC ORD] ?AT W\LD NOT %>E \R CURR5T ONE'S P5*ANT = SELF-DE/RUCTION4 

,9 ?IS BOOK ,I HAVE L>GELY AVOID$ MAK+ CONCRETE PROPOSALS1 BUT LET ME 5D ) ONE4 ,IT SEEMS TO ME ?AT WE >E LONG OV]DUE = SOME K9D ( ,BIBLICAL-/YLE ,JUBILEE3 ONE ?AT W\LD AFFECT BO? 9T]NATIONAL DEBT & CONSUM] DEBT4 ,IT W\LD BE SALUT>Y NOT JU/ BECAUSE IT W\LD RELIEVE SO MU* G5U9E HUMAN SUFF]+1 BUT ALSO BECAUSE IT W\LD BE \R WAY ( REM9D+ \RSELVES ?AT MONEY IS NOT 9EFFABLE1 ?AT PAY+ ONE'S DEBTS IS NOT ! ESS5CE ( MORALITY1 ?AT ALL !SE ?+S >E HUMAN >RANGEM5TS & ?AT IF DEMOCRACY IS TO MEAN ANY?+1 IT IS ! ABILITY TO ALL AGREE TO >RANGE ?+S 9 A DIFF]5T WAY4 ,IT IS SIGNIFICANT1 ,I ?9K1 ?AT 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 ! $GES1 S(T5+ ! IMPACT1 ELIM9AT+ OBVI\S ABUSES LIKE DEBT SLAV]Y1 US+ ! SPOILS ( EMPIRE TO ?R[ ALL SORTS ( EXTRA B5EFITS AT !IR POOR] CITIZ5S 7:O1 AFT] ALL1 PROVID$ ! RANK & FILE ( !IR >MIES71 SO AS TO KEEP !M MORE OR LESS AFLOAT--BUT ALL 9 SU* A WAY AS NEV] TO ALL[ A *ALL5GE TO ! PR9CIPLE ( DEBT ITSELF4 ,! GOV]N+ CLASS ( ! ,UNIT$ ,/ATES SEEMS TO HAVE TAK5 A REM>KABLY SIMIL> APPROA*3 ELIM9AT+ ! WOR/ ABUSES 7E4G41 DEBTORS' PRISONS71 US+ ! FRUITS ( EMPIRE TO PROVIDE SUBSIDIES1 VISIBLE & O!RWISE1 TO ! BULK ( ! P\LATION2 9 MORE REC5T YE>S1 MANIPULAT+ CURR5CY RATES TO FLOOD ! C\NTRY ) *EAP GOODS FROM ,*9A1 BUT NEV] ALL[+ ANYONE TO QUE/ION ! SACR$ PR9CIPLE ?AT WE MU/ ALL PAY \R DEBTS4 

,AT ?IS PO9T1 H[EV]1 ! PR9CIPLE HAS BE5 EXPOS$ AS A FLAGRANT LIE4 ,AS IT TURNS \T1 WE DON'T 0ALL0 HAVE TO PAY \R DEBTS4 ,ONLY SOME ( US DO4 ,NO?+ W\LD BE MORE IMPORTANT ?AN TO WIPE ! SLATE CLEAN = EV]YONE1 M>K A BREAK ) \R ACCU/OM$ MORALITY1 & />T AGA94 

,:AT IS A DEBT1 ANYWAY8 ,A DEBT IS JU/ ! P]V]SION ( A PROMISE4 ,IT IS A PROMISE CORRUPT$ BY BO? MA? & VIOL5CE4 ,IF FRE$OM 7REAL FRE$OM7 IS ! ABILITY TO MAKE FRI5DS1 !N IT IS ALSO1 NECESS>ILY1 ! ABILITY TO MAKE REAL PROMISES4 ,:AT SORTS ( PROMISES MI<T G5U9ELY FREE M5 & WOM5 MAKE TO ONE ANO!R8 ,AT ?IS PO9T WE CAN'T EV5 SAY4 ,IT'S MORE A QUE/ION ( H[ WE CAN GET TO A PLACE ?AT WILL ALL[ US TO F9D \T4 ,& ! FIR/ /EP 9 ?AT J\RNEY1 9 TURN1 IS TO ACCEPT ?AT 9 ! L>GE/ S*EME ( ?+S1 JU/ AS NO ONE HAS ! RI<T TO TELL US \R TRUE VALUE1 NO ONE HAS ! RI<T TO TELL US :AT WE TRULY [E4 

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