,DEBT 
,! ,FIR/ ,FIVE ,?\S& ,YE>S 7,SPEE*7 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,:AT FOLL[S >E A S]IES ( BRIEF REFLECTIONS 7P>T ( A MU* BROAD] WORK 9 PROGRESS7 ON DEBT1 CR$IT1 & VIRTUAL MONEY3 TOPICS ?AT >E1 OBVI\SLY1 ( RA!R PRESS+ CONC]N = MANY AT ! CURR5T TIME4 

,!RE SEEMS LITTLE D\BT ?AT HI/ORY1 WIDELY RUMOR$ TO HAVE COME TO AN 5D A FEW YE>S AGO1 HAS GONE 9TO OV]DRIVE ( LATE1 & IS 9 ! PROCESS ( SPITT+ US 9TO A NEW POLITICAL & ECONOMIC L&SCAPE :OSE CONT\RS NO ONE UND]/&S4 ,EV]YONE AGREES SOME?+ HAS JU/ 5D$ BUT NO ONE IS QUITE SURE :AT4 ,NEOLIB]ALISM8 ,PO/MOD]NISM8 ,AM]ICAN HEGEMONY8 ,! RULE ( F9ANCE CAPITAL8 ,CAPITALISM ITSELF 7UNLIKELY = ! TIME BE+78 ,IT'S EV5 MORE DIFFICULT TO PR$ICT :AT'S AB\T TO BE ?R[N AT US1 LET ALONE :AT %APE ! =CES ( RESI/ANCE TO IT >E LIKELY TO TAKE4 ,SOME NEW =M ( GRE5 CAPITALISM8 ,KN[L$GE ,KEYNESIANISM8 ,*9ESE-/YLE 9DU/RIAL AU?ORIT>IANISM8 ',PROGRESSIVE' IMP]IALISM8 

,AT MOM5TS ( TRANS=MATION1 ONE ( ! FEW ?+S ONE CAN SAY = C]TA9 IS ?AT WE DON'T REALLY KN[ H[ MU* \R [N ACTIONS CAN AFFECT ! \TCOME1 BUT WE W\LD BE V]Y FOOLI% TO ASSUME ?AT !Y CANNOT4 

,HI/ORICAL ACTION T5DS TO BE N>RATIVE 9 =M4 ,9 ORD] TO BE ABLE TO MAKE AN 9T]V5TION 9 HI/ORY 7>GUABLY1 9 ORD] TO ACT DECISIVELY 9 ANY CIRCUM/ANCES71 ONE HAS TO BE ABLE TO CA/ ONESELF 9 SOME SORT ( /ORY -- ?\<1 SPEAK+ AS SOMEONE :O HAS ACTUALLY HAD ! OPPORTUNITY TO BE 9 ! MIDDLE ( ONE OR TWO WORLD HI/ORICAL EV5TS1 ,I CAN ALSO ATTE/ ?AT ONE 9 ?AT SITUATION IS ALMO/ NEV] QUITE C]TA9 :AT SORT ( DRAMA IT REALLY IS1 S9CE !RE >E USUALLY SEV]AL ALT]NATIVES BATTL+ IT \T1 & ?AT ! QUE/ION IS NOT 5TIRELY RESOLV$ UNTIL EV]Y?+ IS OV] 7& NEV] COMPLETELY RESOLV$ EV5 !N74 ,BUT ,I ?9K !RE'S SOME?+ ?AT COMES BE=E EV5 ?AT4 ,:5 ONE IS FIR/ TRY+ TO ASSESS A HI/ORICAL SITUATION1 HAV+ NO REAL IDEA :]E ONE /&S1 TRY+ TO PLACE ONESELF 9 A MU* L>G] /REAM ( HI/ORY SO AS TO BE ABLE TO />T TO ?9K AB\T :AT ! PROBLEM EV5 IS1 !N USUALLY IT'S LESS A MATT] ( PLAC+ ONESELF 9 A /ORY ?AN ( FIGUR+ \T ! L>G] RHY?MIC /RUCTURE1 ! EBB & FL[ ( HI/ORICAL MOVEM5TS4 ,IS :AT IS HAPP5+ >\ND ME ! RESULT ( A G5]ATIONAL POLITICAL REALIGNM5T1 A MOVEM5T ( CAPITALISM'S BOOM OR BU/ CYCLE1 ! BEG9N+ OR RESULT ( A NEW WAVE ( /RUGGLES1 ! 9EVITABLE UNFOLD+ ( A ,KONDRATIEFF ,B CURVE8 ,OR IS IT ALL !SE ?+S8 ,H[ DO ALL !SE RHY?MS WEAVE 9 & \T ( EA* O!R8 ,IS !RE ONE CORE RHY?M PU%+ ! O!RS ALONG8 ,H[ DO !Y SIT 9SIDE ONE ANO!R1 SYNCOPATE1 CONCAT5ATE1 H>MONIZE1 CLA%8 

,LET ME BRIEFLY LAY \T :AT MI<T BE AT /AKE H]E4 ,I'LL FOCUS H]E ON CYCLES ( CAPITALISM1 SECOND>ILY ON W>4 ,?IS IS BECAUSE ,I DON'T LIKE CAPITALISM & ?9K ?AT IT'S RAPIDLY DE/ROY+ ! PLANET1 & ?AT IF WE >E GO+ TO SURVIVE AS A SPECIES1 WE'RE REALLY GO+ TO HAVE TO COME UP ) SOME?+ ELSE4 ,I ALSO DON'T LIKE W>1 BO? = ALL ! OBVI\S REASONS1 BUT ALSO1 BECAUSE IT /RIKES ME AS ONE ( ! MA9 WAYS CAPITALISM HAS MANAG$ TO P]PETUATE ITSELF4 ,SO 9 PICK+ ?R\< POSSIBLE !ORIES ( HI/ORICAL CYCLES1 ?IS IS :AT ,I HAVE HAD PRIM>ILY 9 M9D4 ,EV5 H]E !RE >E ANY NUMB] ( POSSIBILITIES4 ,H]E >E A FEW3 

,>E WE SEE+ AN ALT]NATION BETWE5 P]IODS ( PEACE & MASSIVE GLOBAL W>F>E8 ,9 ! LATE #a#i? C5TURY1 = EXAMPLE1 W> BETWE5 MAJOR 9DU/RIAL P[]S SEEM$ TO BE A ?+ ( ! PA/1 & ?IS WAS ACCOMPANI$ BY VA/ GR[? ( BO? TRADE1 & REVOLUTION>Y 9T]NATIONALISM 7( BROADLY AN>*I/ 9SPIRATION74 #aiad M>K$ A K9D ( REACTION1 A %IFT TO #g YE>S MA9LY CONC]N$ ) FI<T+1 OR PLANN+ =1 WORLD W>S4 ,! MOM5T ! ,COLD ,W> 5D$1 ! PATT]N ( ! #a#h#iS SEEM$ TO BE REPEAT+ ITSELF1 & ! REACTION WAS PR$ICTABLE4 

,OR C\LD ONE LOOK AT BRIEF CYCLES -- SUB-CYCLES P]HAPS8 ,?IS IS P>TICUL>LY CLE> 9 ! ,U,S1 :]E ONE CAN SEE A CONT9UAL ALT]NATION1 S9CE ,W,W,I,I1 BETWE5 P]IODS ( RELATIVE PEACE & DEMOCRATIC MOBILIZATION IMM$IATELY FOLL[$ BY A RAT*ET+ UP ( 9T]NATIONAL CONFLICT3 ! CIVIL RI<TS MOVEM5T FOLL[$ BY ,VIETNAM1 = EXAMPLE2 ! ANTI-NUCLE> MOVEM5T ( ! '#gS FOLL[$ BY ,REAGAN'S PROXY W>S & AB&ONM5T ( DET5TE2 ! GLOBAL JU/ICE MOVEM5T FOLL[$ BY ! ,W> ON ,T]ROR4 

,OR %\LD WE BE LOOK+ AT F9ANCIALISATION8 ,>E WE DEAL+ ) ,F]N& ,BRAUDEL OR ,GIOVANNI ,>RI<I'S ALT]NATION BETWE5 HEGEMONIC P[]S 7,G5OA_/ ,V5ICE1 ,HOLL&1 ,5GL&1 ,U,S,A71 :I* />T AS C5T]S = COMM]CIAL & 9DU/RIAL CAPITAL1 LAT] TURN 9TO C5T]S ( F9ANCE CAPITAL1 & !N COLLAPSE8 

,IF SO1 !N ! QUE/ION IS ( %IFT+ HEGEMONIES TO ,EA/ ,ASIA1 & :E!R 7AS ,WALL]/E9 = 9/ANCE HAS REC5TLY BE5 PR$ICT+7 ! ,U,S WILL GRADUALLY %IFT 9TO ! ROLE ( MILIT>Y 5=C] = ,EA/ ,ASIAN CAPITAL1 PROVOK+ A REALIGNM5T BETWE5 ,RUSSIA & ! ,E,U4 ,OR1 9 FACT1 IF ALL BETS >E (F BECAUSE ! :OLE SY/EM IS AB\T TO %IFT S9CE1 AS ,WALL]/E9 ALSO SUGGE/S1 WE >E 5T]+ 9TO AN EV5 MORE PR(\ND1 #e-YE> CYCLE %IFT 9 ! NATURE ( ! WORLD-SY/EM ITSELF8 

,>E WE DEAL+ ) A GLOBAL MOVEM5T1 AS SOME AUTONOMI/S 7= EXAMPLE1 ! ,MIDNI<T ,NOTES COLLECTIVE7 PROPOSE1 ( WAVES ( POPUL> /RUGGLE1 AS CAPITALISM REA*ES A PO9T ( SATURATION & COLLAPSE -- A CRISIS ( 9CLUSION AS IT W]E8 

,ACCORD+ TO ?IS V]SION1 ! P]IOD FROM #aide TO P]HAPS #aige WAS M>K$ BY A TACIT DEAL ) ELEM5TS ( ! ,NOR? ,ATLANTIC MALE WORK+ CLASS1 :O W]E (F]$ GU>ANTE$ GOOD JOBS & SOCIAL SECURITY 9 EX*ANGE = POLITICAL LOYALTY4 ,! PROBLEM = CAPITAL WAS ?AT MORE & MORE PEOPLE DEM&$ 9 ON ! DEAL3 PEOPLE 9 ! ,?IRD ,WORLD1 EXCLUD$ M9ORITIES 9 ! ,NOR?1 &1 F9ALLY1 WOM54 ,AT ?IS PO9T ! SY/EM BROKE1 ! OIL %OCK & RECESSION ( ! '#gS BECAME A WAY ( DECL>+ ?AT ALL DEALS W]E (F3 SU* GR\PS C\LD HAVE POLITICAL RI<TS BUT !SE W\LD NO LONG] HAVE ANY ECONOMIC CONSEQU5CES4 

,!N1 ! >GUM5T GOES1 A NEW CYCLE BEGAN 9 :I* WORK]S TRI$ -- OR W]E 5C\RAG$ -- TO BUY 9TO CAPITALISM ITSELF1 :E!R 9 ! =M ( MICRO-CR$IT1 /OCK OPTIONS1 MORTGAGE REF9ANC+1 OR #d#aKS4 ,IT'S ?IS MOVEM5T ?AT SEEMS TO HAVE HIT ITS LIMIT N[1 S9CE1 CONTR>Y TO MU* HEADY RHETORIC1 CAPITALISM IS NOT & CAN NEV] BE A DEMOCRATIC SY/EM ?AT PROVIDES EQUAL OPPORTUNITIES TO EV]YONE1 & ! MOM5T !RE'S A S]I\S ATTEMPT TO 9CLUDE ! BULK ( ! POPULATION EV5 9 ONE C\NTRY 7! ,U,S7 9TO ! DEAL1 ! :OLE ?+ COLLAPSES 9TO 5]GY CRISIS & GLOBAL RECESSION ALL OV] AGA94 

,NONE ( !SE >E NECESS>ILY MUTUALLY EXCLUSIVE BUT !Y HAVE V]Y DIFF]5T /RATEGIC IMPLICATIONS4 ,MU* RE/S ON :I* FACTOR ONE HAPP5S TO DECIDE IS ! DRIV+ =CE3 ! 9T]NAL DYNAMICS ( CAPITALISM1 ! RISE & FALL ( EMPIRES1 ! *ALL5GE ( POPUL> RESI/ANCE8 ,BUT :5 IT COMES TO READ+ ! RHY?MS 9 ?IS WAY1 ! CURR5T MOM5T /ILL ?R[S UP UNUSUAL DIFFICULTIES4 ,!RE IS A WIDESPREAD S5SE ?AT WE >E HEAD+ T[>DS SOME K9D ( FUNDAM5TAL RUPTURE1 ?AT OLD RHY?MS CAN NO LONG] BE C\NT$ ON TO REPEAT !MSELVES1 ?AT WE MI<T BE 5T]+ A NEW SORT ( TIME4 ,WALL]/E9 SAYS SO MU* EXPLICITLY3 IF EV]Y?+ W]E GO+ ! WAY IT G5]ALLY HAS T5D$ TO GO1 = ! LA/ #e YE>S1 ,EA/ ,ASIA W\LD EM]GE AS ! NEW C5T] ( CAPITALI/ DOM9ANCE4 ,PROBLEM IS WE MAY BE COM+ TO ! 5D ( A #e YE> CYCLE & MOV+ 9TO A WORLD ?AT WORKS ON 5TIRELY DIFF]5T PR9CIPLES 7SUBTEXT3 CAPITALISM ITSELF MAY BE COM+ TO AN 5D74 ,9 :I* CASE1 :O KN[S8 ,SIMIL>LY1 CYCLES ( MILIT>ISM CANNOT CONT9UE 9 ! SAME =M 9 A WORLD :]E MAJOR MILIT>Y P[]S >E CAPABLE ( EXT+UI%+ ALL LIFE ON E>?1 ) ALL-\T W> BETWE5 !M !RE=E IMPOSSIBLE4 ,!N !RE'S ! FACTOR ( IMM95T ECOLOGICAL CATA/ROPHE4 

,ONE C\LD MAKE ! >GUM5T1 ( C\RSE1 ?AT HI/ORY IS SU* ?AT WE ALWAYS FEEL WE'RE AT ! $GE ( SOME?+4 ,IT'S ALWAYS A CRISIS1 !RE'S NO P>TICUL> REASON TO ASSUME ?AT ?IS TIME IT'S TRUE4 ,HI/ORICALLY1 IT HAS BE5 A PECULI> FEATURE ( CAPITALISM ?AT IT SEEMS TO FEEL ! NE$ TO CON/ANTLY ?R[ UP SPECT]S ( ITS [N DEMISE4 ,= MO/ ( ! #a#i? C5TURY1 & WELL 9TO ! #b?1 MO/ CAPITALI/S OP]AT$ UND] ! V]Y /RONG SUSPICION ?AT !Y MI<T %ORTLY 5D UP HANG+ FROM TREES -- OR1 IF !Y W]5'T GO+ TO BE /RUNG UP 9 AN APOCALYPTIC ,SOCIALI/ ,REVOLUTION1 WITNESS SOME SIMIL> APOCALYPTIC COLLAPSE 9TO DEG5]ATE B>B>ISM4 ,ONE ( ! MO/ DI/URB+ FEATURES ( CAPITALISM1 9 FACT1 IS NOT JU/ ?AT IT CON/ANTLY G5]ATES APOCALYPTIC FANTASIES1 BUT ?AT IT ACTUALLY PRODUCES ! PHYSICAL MEANS TO MAKE APOCALYPTIC FANTASIES COME TRUE4 ,= EXAMPLE1 9 ! '#eS1 ONCE ! DE/RUCTION ( CAPITALISM FROM )9 C\LD NO LONG] BE PLAUSIBLY IMAG9$1 ALONG CAME ! SPECT] ( NUCLE> W>4 ,9 ?IS CASE1 ! BOMBS W]E QUITE REAL4 ,& ONCE ! PROSPECT ( ANYONE US+ ?OSE BOMBS 7AT LEA/ 9 SU* NUMB]S AS TO DE/ROY ! PLANET7 BECAME 9CREAS+LY IMPLAUSIBLE1 ) ! 5D ( ! ,COLD ,W>1 WE W]E SUDD5LY GREET$ BY ! PROSPECT ( GLOBAL W>M+4 

,IT W\LD BE 9T]E/+ TO REFLECT AT L5G? ON CAPITALISM & ITS TIME HORIZONS3 :AT IS IT AB\T ?IS ECONOMIC SY/EM ?AT IT SEEMS TO WANT TO WIPE \T ! PROSPECT ( ITS [N ET]NITY8 ,ON ! ONE H&1 CAPITALISM BE+ BAS$ ON A LOGIC ( P]PETUAL GR[?1 ONE MI<T >GUE ?AT IT IS1 BY DEF9ITION1 NOT ET]NAL1 & CAN ONLY RECOGNIZE ITSELF AS SU*4 ,BUT AT O!R TIMES ?OSE :O EMBRACE CAPITALISM SEEM TO WANT TO ?9K ( IT AS HAV+ BE5 >\ND =EV]1 OR AT LEA/ #e ?\S& YE>S1 & /UBBORNLY 9SI/ IT WILL CONT9UE TO EXI/ #e ?\S& YE>S 9TO ! FUTURE4 ,AT YET O!R TIMES IT SEEMS LIKE A HI/ORICAL BLIP1 AN 9SANELY P[]FUL 5G9E ( ACCUMULATION ?AT EXPLOD$ >\ND #a#e1 OR MAYBE #a#g#e1 :I* C\LDN'T POSSIBLY BE MA9TA9$ )\T SOME SORT ( APOCALYPTIC COLLAPSE4 ,P]HAPS ! APP>5T TANGLE ( CONTRADICTIONS IS ! RESULT ( A NE$ TO BALANCE ! %ORT T]M P]SPECTIVES NE$$ BY %ORT T]M PR(IT-SEEK]S1 MANAG]S1 & ,C,E,OS1 ) ! BROAD] /RATEGIC P]SPECTIVES ( ?OSE ACTUALLY RUNN+ ! SY/EM1 :I* >E ( NECESSITY MORE POLITICAL4 ,! RESULT IS A CLA% ( N>RATIVES4 ,OR MAYBE IT'S ! FACT ?AT :5EV] CAPITALISM DOES SEE ITSELF AS ET]NAL1 IT T5DS TO LEAD TO A SPIRAL+ ( DEBT4 ,ACTUALLY1 ! RELATIONS BETWE5 DEBT BUBBLES & APOCALYPSE >E COMPLICAT$ & W\LD BE DIFFICULT 7?\< FASC9AT+7 TO DIS5TANGLE1 BUT ,I W\LD SUGGE/ ?IS MU*4 ,! F9ANCIALISATION ( CAPITAL HAS LEAD TO A SITUATION :]E SOME?+ LIKE #ig TO #ih P]C5T ( ! MONEY 9 ! TOTAL 'ECONOMY' ( WEAL?Y C\NTRIES LIKE ! ,U,S OR ,U,K IS DEBT4 ,?AT IS TO SAY1 IT IS MONEY :OSE VALUE RE/S NOT ON SOME?+ ?AT ACTUALLY EXI/S 9 ! PRES5T 7BAUXITE1 SCULPTURES1 PEA*ES1 S(TW>E71 BUT SOME?+ ?AT MI<T EXI/ AT SOME PO9T 9 ! FUTURE4 ',AB/RACT' MONEY IS NOT AN IDEA1 IT'S A PROMISE -- A PROMISE ( SOME?+ CONCRETE ?AT WILL EXI/ AT SOME TIME 9 ! FUTURE1 FUTURE PR(ITS EXTRACT$ FROM FUTURE RES\RCES1 FUTURE LABOR ( M9]S1 >TI/S1 FRUIT-PICK]S1 WEB DESIGN]S1 NOT YET BORN4 ,AT ! PO9T :]E ! IMAG9>Y FUTURE ECONOMY IS #e TO #a TIMES L>G] ?AN ! CURR5T 'REAL' ONE1 SOME?+ HAS GOT TO GIVE4 ,BUT ! BUR/+ ( BUBBLES (T5 LEAVES NO FUTURE TO IMAG9E AT ALL1 EXCEPT ( CATA/ROPHE1 BECAUSE ! CREATION ( BUBBLES IS MADE POSSIBLE BY ! DE/RUCTION ( ANY ABILITY TO IMAG9E ALT]NATIVE FUTURES4 ,IT'S ONLY ONCE ONE CANNOT IMAG9E ?AT WE >E MOV+ T[>DS ANY SORT ( NEW FUTURE SOCIETY1 ?AT ! WORLD WILL NEV] BE FUNDAM5TALLY DIFF]5T1 ?AT !RE'S NO?+ LEFT TO IMAG9E BUT MORE & MORE FUTURE MONEY4 

,IT MI<T BE 9T]E/+1 AS ,I SAY1 TO TRY TO DIS5TANGLE ! %IFT+ HI/ORICAL RELATIONS BETWE5 W>1 ! DEVELOPM5T ( 'SECURITY' APP>ATUSES DESIGN$ ABOVE ALL TO /RANGLE DREAMS ( ALT]NATIVE FUTURES1 SPECULATIVE BUBBLES1 CLASS /RUGGLE1 & HI/ORY ( ! CAPITALI/ ,FUTURE1 :I* SEEMS TO VE] BACK & =? BETWE5 UTOPIA & CATACLYSM4 ,!SE >E NOT1 H[EV]1 PRECISELY ! QUE/IONS ?AT ,I'M ASK+ H]E4 ,I WANT1 RA!R1 TO LOOK AT QUE/IONS ( DEBT FROM A DIFF]5T1 & MU* LONG] T]M1 HI/ORICAL P]SPECTIVE4 ,DO+ SO PROVIDES A PICTURE MU* LESS BLEAK & DEPRESS+ ?AN ONE MI<T ?9K1 S9CE ! HI/ORY ( DEBT IS NOT ONLY A HI/ORY ( SLAV]Y1 OPPRESSION1 & BITT] SOCIAL /RUGGLES -- :I*1 ( C\RSE1 IT C]TA9LY IS1 S9CE DEBT IS SURELY ! MO/ EFFECTIVE MEANS EV] CREAT$ = TAK+ RELATIONS ?AT >E F\ND$ ON VIOL5CE & OPPRESSION & MAK+ !M SEEM RI<T & MORAL TO ALL CONC]N$ -- BUT ALSO ( CR$IT1 HONOR1 TRU/1 & MUTUAL COMMITM5T4 ,DEBT HAS BE5 = ! LA/ #e ?\S& YE>S ! FULCRUM NOT ONLY ( =MS ( OPPRESSION BUT ( POPUL> /RUGGLE4 ,DEBT CRISES >E P]IODIC & BECOME ! /UFF ( UPRIS+S1 MOBILIZATIONS & REVOLUTIONS1 BUT ALSO1 AS A RESULT1 REFLECTIONS ON :AT HUMAN BE+S ACTUALLY DO [E EA* O!R1 ON ! MORAL BASIS ( HUMAN SOCIETY1 & ON ! NATURE ( TIME1 LABOR1 VALUE1 CREATIVITY & VIOL5CE4 

,DEBT & ,VIOL5CE 

,9 ?IS ESSAY ,I DON'T WANT SO MU* TO DELVE 9TO ! PHILOSOPHICAL QUE/IONS AS TO LAY \T ! HI/ORICAL GR\NDWORK1 ! RHY?MIC /RUCTURE ( HI/ORY IF IMAG9$ AS A HI/ORY ( DEBT4 ,H]E MY TRA9+ AS AN AN?ROPOLOGI/ BECOMES P>TICUL>LY USEFUL4 ,ONE ( ! TRADITIONAL ROLES ( ! ECONOMIC AN?ROPOLOGI/ IS TO PO9T \T ?AT ! /&>D N>RATIVE SET \T 9 ECONOMIC TEXTBOOKS -- ! ONE WE ALL TAKE = GRANT$1 REALLY1 ?AT ONCE UPON A TIME !RE WAS B>T]2 ?AT :5 ?IS BECAME TOO 9CONV5I5T1 PEOPLE 9V5T$ MONEY2 ?AT EV5TUALLY1 ?IS LEAD TO AB/RACT SY/EMS ( CR$IT & DEBT1 BANK+1 & ! ,NEW ,YORK ,/OCK ,EX*ANGE -- IS SIMPLY WRONG4 ,!RE IS 9 FACT NO KN[N EXAMPLE ( A HUMAN SOCIETY :OSE ECONOMY IS BAS$ ON B>T] ( ! ',I'LL GIVE Y\ T5 *ICK5S = ?AT C[' V>IETY4 ,MO/ ECONOMIES ?AT DON'T EMPLOY MONEY -- OR ANY?+ ?AT WE'D ID5TIFY AS MONEY1 ANYWAY -- OP]ATE QUITE DIFF]5TLY4 ,!Y >E1 AS ,FR5* AN?ROPOLOGI/ ,M>CEL ,MAUSS FAM\SLY PUT IT1 'GIFT ECONOMIES' :]E TRANSACTIONS >E EI!R BAS$ ON PR9CIPLES ( OP5H&$ G5]OSITY1 OR1 :5 CALCULATION DOES TAKE PLACE1 MO/ (T5 DESC5D 9TO COMPETITIONS OV] :O CAN GIVE ! MO/ AWAY4 ,:AT ,I WANT TO EMPHASIZE H]E1 ?\<1 IS :AT HAPP5S :5 MONEY DOES FIR/ APPE> 9 SOME?+ LIKE IT'S CURR5T =M 7BASICALLY1 ) ! APPE>ANCE ( ! /ATE74 ,BECAUSE H]E1 IT BECOMES APP>5T ?AT NOT ONLY DO ! ECONOMI/S GET IT WRONG1 !Y GET IT PRECISELY BACKW>DS4 ,9 FACT1 VIRTUAL MONEY COMES FIR/4 ,BANK+1 TABS1 & EXP5SE ACC\NTS EXI/$ = AT LEA/ #b ?\S& YE>S BE=E !RE WAS ANY?+ LIKE CO9AGE1 OR ANY O!R PHYSICAL OBJECT ?AT WAS REGUL>LY US$ TO BUY & SELL ?+S1 ANY?+ ?AT C\LD BE LABEL$ 'CURR5CY'4 

',MONEY' 9 ?AT MOD]N S5SE1 A UNI=M COMMODITY NOT ONLY *OS5 TO MEASURE ! VALUE ( O!R COMMODITIES1 BUT ACTUALLY /AMP$ 9 UNI=M D5OM9ATIONS & PAID \T EV]Y TIME ANYONE B\<T OR SOLD SOME?+1 WAS AN ,IRON ,AGE 9NOVATION -- MO/ LIKELY1 9V5T$ TO PAY M]C5>IES4 ,B>T] 9 ! S5SE IMAG9$ BY ,ADAM ,SMI?1 ! DIRECT EX*ANGE ( >RO:EADS = %OES OR ! LIKE1 CAN SOMETIMES DEVELOP AT ! M>G9S BETWE5 SOCIETIES1 OR AS P>T ( 9T]NATIONAL TRADE1 BUT IT MA9LY T5DS TO OCCUR 9 PLACES :]E PEOPLE HAVE BECOME ACCU/OM$ TO ! USE ( MONEY & !N ?AT SUPPLY ( MONEY DISAPPE>S4 ,EXAMPLES ( ! LATT] 9CLUDE SOME P>TS ( #a#h? & #a#i? C5TURY ,WE/ ,AFRICA1 OR MORE REC5TLY1 IF MORE BRIEFLY1 9 ,RUSSIA OR ,>G5T9A4 

,:AT FOLL[S IS A FRAGM5T ( A MU* L>G] PROJECT ( RESE>* ON DEBT & DEBT MONEY 9 HUMAN HI/ORY4 ,! FIR/ & OV]:ELM+ CONCLUSION ( ?IS PROJECT IS ?AT 9 /UDY+ ECONOMIC HI/ORY1 WE T5D TO SY/EMATICALLY IGNORE ! ROLE ( VIOL5CE1 ! ABSOLUTELY C5TRAL ROLE ( W> & SLAV]Y 9 CREAT+ & %AP+ ! BASIC 9/ITUTIONS ( :AT WE N[ CALL '! ECONOMY'4 ,:AT'S MORE1 ORIG9S MATT]4 ,! VIOL5CE MAY BE 9VISIBLE1 BUT IT REMA9S 9SCRIB$ 9 ! V]Y LOGIC ( \R ECONOMIC COMMON S5SE1 9 ! APP>5TLY SELF-EVID5T NATURE ( 9/ITUTIONS ?AT SIMPLY W\LD NEV] & C\LD NEV] EXI/ \TSIDE ( ! MONOPOLY ( VIOL5CE -- BUT ALSO1 ! SY/EMATIC ?REAT ( VIOL5CE -- MA9TA9$ BY ! CONTEMPOR>Y /ATE4 

,LET ME />T ) ! 9/ITUTION ( SLAV]Y1 :OSE ROLE1 ,I ?9K1 IS KEY4 ,9 MO/ TIMES & PLACES1 SLAV]Y IS SE5 AS A CONSEQU5CE ( W>4 ,SOMETIMES MO/ SLAVES ACTUALLY >E W> CAPTIVES1 SOMETIMES !Y >E NOT1 BUT ALMO/ 9V>IABLY1 W> IS SE5 AS ! F\NDATION & JU/IFICATION ( ! 9/ITUTION4 ,IF Y\ SURR5D] 9 W>1 :AT Y\ SURR5D] IS Y\R LIFE2 Y\R CONQU]OR HAS ! RI<T TO KILL Y\1 & (T5 WILL4 ,IF HE *OOSES NOT TO1 Y\ LIT]ALLY [E Y\R LIFE TO HIM1 A DEBT CONCEIV$ AS ABSOLUTE1 9F9ITE1 IRR$EEMABLE4 ,HE CAN 9 PR9CIPLE EXTRACT ANY?+ HE WANTS1 & ALL DEBTS -- OBLIGATIONS -- Y\ MAY [E TO O!RS 7Y\R FRI5DS1 FAMILY1 =M] POLITICAL ALLEGIANCES71 OR ?AT O!RS !RE=E [E Y\1 >E SE5 AS BE+ ABSOLUTELY NEGAT$4 ,Y\R DEBT TO Y\R [N] IS ALL ?AT N[ EXI/S4 

,?IS SORT ( LOGIC HAS AT LEA/ TWO V]Y 9T]E/+ CONSEQU5CES1 ?\< !Y MI<T BE SAID TO PULL 9 RA!R CONTR>Y DIRECTIONS4 ,FIR/ ( ALL1 AS WE ALL KN[1 IT IS ANO!R TYPICAL -- P]HAPS DEF9+ -- FEATURE ( SLAV]Y ?AT SLAVES CAN BE B\<T OR SOLD4 ,9 ?IS CASE1 ABSOLUTE DEBT BECOMES 79 ANO!R CONTEXT1 ?AT ( ! M>KET7 NO LONG] ABSOLUTE -- 9 FACT1 IT CAN BE PRECISELY QUANTIFI$4 ,!RE IS GOOD REASON TO BELIEVE ?AT IT WAS PRECISELY ?IS OP]ATION ?AT MADE IT POSSIBLE TO CREATE SOME?+ LIKE \R CONTEMPOR>Y =M ( MONEY TO BEG9 )1 S9CE :AT AN?ROPOLOGI/S US$ TO REF] TO AS 'PRIMITIVE MONEY'1 ! K9D ?AT ONE F9DS 9 /ATELESS SOCIETIES 7,SOLOMON ,ISL& FEA!R MONEY1 ,IROQUOIS WAMPUM71 WAS MO/LY US$ TO >RANGE M>RIAGES1 RESOLVE BLOOD-FEUDS1 & FIDDLE ) O!R SORTS ( RELATIONS BETWE5 PEOPLE RA!R ?AN TO BUY & SELL COMMODITIES4 ,= 9/ANCE1 IF SLAV]Y IS DEBT1 !N DEBT CAN LEAD TO SLAV]Y4 ,A ,BABYLONIAN PEASANT MI<T HAVE PAID A H&Y SUM 9 SILV] TO HIS WIFE'S P>5TS TO (FICIALIZE ! M>RIAGE1 BUT HE 9 NO S5SE [N$ H]4 ,HE C]TA9LY C\LDN'T BUY OR SELL ! MO!R ( HIS *ILDR54 ,BUT ALL ?AT W\LD *ANGE IF HE TOOK \T A LOAN4 ,W]E HE TO DEFAULT1 HIS CR$ITORS C\LD FIR/ REMOVE HIS %EEP & FURNITURE1 !N HIS H\SE1 FIELDS & OR*>DS1 &1 F9ALLY1 TAKE HIS WIFE1 *ILDR51 & EV5 HIMSELF AS DEBT PEONS UNTIL ! MATT] WAS SETTL$ 7:I*1 AS HIS RES\RCES VANI%$1 ( C\RSE BECAME 9CREAS+LY DIFFICULT TO DO47 ,DEBT WAS ! H+E ?AT MADE IT POSSIBLE TO IMAG9E MONEY 9 ANY?+ LIKE ! MOD]N S5SE1 & !RE=E1 TOO1 TO PRODUCE :AT WE LIKE TO CALL ! M>KET3 AN >5A :]E ANY?+ CAN BE B\<T & SOLD1 BECAUSE ALL OBJECTS >E 7LIKE SLAVES7 DISEMB$D$ FROM !IR =M] SOCIAL RELATIONS & EXI/ ONLY 9 RELATION TO MONEY4 

,BUT AT ! SAME TIME ! LOGIC ( DEBT AS CONQUE/ CAN1 AS ,I M5TION$1 PULL ANO!R WAY4 ,K+S1 ?R\<\T HI/ORY1 T5D TO BE PR(\NDLY AMBIVAL5T T[>DS ALL[+ ! LOGIC ( DEBT TO GET COMPLETELY \T ( H&4 ,?IS IS NOT BECAUSE !Y >E HO/ILE TO M>KETS4 ,ON ! CONTR>Y1 !Y NORMALLY 5C\RAGE !M1 = ! SIMPLE REASON ?AT GOV]NM5TS F9D IT 9CONV5I5T TO LEVY EV]Y?+ !Y NE$ 7SILKS1 *>IOT :EELS1 FLAM+O TONGUES1 LAPIS LAZULI7 DIRECTLY FROM !IR SUBJECT POPULATION2 IT'S MU* EASI] TO 5C\RAGE M>KETS & !N BUY !M4 ,E>LY M>KETS (T5 FOLL[$ >MIES OR ROYAL 5T\RAGES1 OR =M$ NE> PALACES OR ON ! FR+ES ( MILIT>Y PO/S4 ,?IS ACTUALLY HELPS EXPLA9 MORE1 RA!R PUZZL+ BEHAVIOR ON ! P>T ( ROYAL C\RTS3 AFT] ALL1 S9CE K+S USUALLY CONTROLL$ ! GOLD & SILV] M9ES1 :AT EXACTLY WAS ! PO9T ( /AMP+ BITS ( ! /UFF ) Y\R FACE ON IT1 DUMP+ IT ON ! CIVILIAN POPULATION1 & !N DEM&+ !Y GIVE IT BACK TO Y\ AGA9 AS TAXES8 ,IT ONLY MAKES S5SE IF LEVY+ TAXES WAS REALLY A WAY TO =CE EV]YONE TO ACQUIRE CO9S1 SO AS TO FACILITATE ! RISE ( M>KETS1 S9CE M>KETS W]E CONV5I5T TO HAVE >\ND4 ,H[EV]1 = \R PRES5T PURPOSES1 ! CRITICAL QUE/ION IS3 H[ W]E !SE TAXES JU/IFI$8 ,:Y DID SUBJECTS [E !M1 :AT DEBT W]E !Y DIS*>G+ :5 !Y W]E PAID8 ,H]E WE RETURN AGA9 TO RI<T ( CONQUE/4 7,ACTUALLY1 9 ! ANCI5T WORLD1 FREE CITIZ5S -- :E!R 9 ,MESOPOTAMIA1 ,GREECE1 OR ,ROME -- (T5 DID NOT HAVE TO PAY DIRECT TAXES = ?IS V]Y REASON1 BUT = OBVI\S REASONS ,I'M SIMPLIFY+ H]E47 ,IF K+S CLAIM$ TO HOLD ! P[] ( LIFE & DEA? OV] !IR SUBJECTS BY RI<T ( CONQUE/1 !N !IR SUBJECTS' DEBTS W]E1 ALSO1 ULTIMATELY 9F9ITE2 & ALSO1 AT LEA/ 9 ?AT CONTEXT1 !IR RELATIONS TO ONE ANO!R1 :AT !Y [$ TO ONE ANO!R1 WAS UNIMPORTANT2 ALL ?AT REALLY EXI/$ WAS !IR RELATION TO ! K+4 ,?IS 9 TURN EXPLA9S :Y K+S & EMP]ORS 9V>IABLY TRI$ TO REGULATE ! P[]S ?AT MA/]S HAD OV] SLAVES1 & CR$ITORS OV] DEBTORS4 ,AT ! V]Y LEA/ !Y W\LD ALWAYS 9SI/1 IF !Y HAD ! P[]1 ?AT ! LIVES ( W> PRISON]S HAV+ ONCE BE5 SP>$1 !IR MA/]S C\LD NO LONG] KILL !M2 ?AT1 9 FACT1 ONLY RUL]S C\LD HAVE >BITR>Y P[] OV] LIFE & DEA?4 ,ONE'S ULTIMATE DEBT WAS TO ! /ATE2 IT WAS ! ONLY ONE ?AT WAS TRULY UNLIMIT$1 ?AT C\LD MAKE ABSOLUTE1 COSMIC1 CLAIMS4 

,! REASON ,I /RESS ?IS IS BECAUSE ?IS LOGIC IS /ILL ) US4 ,:5 WE SPEAK ( A 'SOCIETY' 7,FR5* SOCIETY1 ,JAMAICAN SOCIETY7 WE >E REALLY SPEAK+ ( PEOPLE ORGANIZ$ BY A S+LE NATION /ATE4 ,?AT IS ! TACIT MODEL1 ANYWAY4 ',SOCIETIES' >E REALLY /ATES1 ! LOGIC ( /ATES IS ?AT ( CONQUE/1 ! LOGIC ( CONQUE/ IS ULTIMATELY ID5TICAL TO ?AT ( SLAV]Y4 ,TRUE1 9 ! H&S ( /ATE APOLOGI/S1 ?IS BECOMES TRANS=M$ 9TO A NOTION ( A MORE B5EVOL5T 'SOCIAL DEBT'4 ,H]E !RE IS A LITTLE /ORY TOLD1 A K9D ( MY?4 ,WE >E ALL BORN ) AN 9F9ITE DEBT TO ! SOCIETY ?AT RAIS$1 NURTUR$1 F$ & CLO!D US1 TO ?OSE LONG DEAD :O 9V5T$ \R LANGUAGE & TRADITIONS1 TO ALL ?OSE :O MADE IT POSSIBLE = US TO EXI/4 ,9 ANCI5T TIMES WE ?\<T WE [$ ?IS TO ! GODS 7IT WAS REPAID 9 SACRIFICE -- OR1 SACRIFICE WAS REALLY JU/ ! PAYM5T ( 9T]E/ -- ULTIMATELY1 IT WAS REPAID BY DEA?74 ,LAT] ! DEBT WAS ADOPT$ BY ! /ATE -- ITSELF A DIV9E 9/ITUTION -- ) TAXES SUB/ITUT$ = SACRIFICE1 & MILIT>Y S]VICE = ONE'S DEBT ( LIFE4 ,MONEY IS SIMPLY ! CONCRETE =M ( ?IS SOCIAL DEBT1 ! WAY ?AT IT IS MANAG$4 ,KEYNESIANS LIKE ?IS SORT ( LOGIC4 ,SO DO V>I\S /RA9S ( SOCIALI/1 SOCIAL DEMOCRATS1 EV5 CRYPTO-FASCI/S LIKE ,AUGU/E ,COMTE 7! FIR/1 AS F> AS ,I AM AW>E1 TO ACTUALLY CO9 ! PHRASE 'SOCIAL DEBT'74 ,BUT ! LOGIC ALSO RUNS ?R\< MU* ( \R COMMON S5SE3 CONSID] = 9/ANCE1 ! PHRASE1 'TO PAY ONE'S DEBT TO SOCIETY'1 OR1 ',I FELT ,I [$ SOME?+ TO MY C\NTRY'1 OR1 ',I WANT$ TO GIVE SOME?+ BACK4' ,ALWAYS1 9 SU* CASES1 MUTUAL RI<TS & OBLIGATIONS1 MUTUAL COMMITM5TS -- ! K9D ( RELATIONS ?AT G5U9ELY FREE PEOPLE C\LD MAKE ) ONE ANO!R -- T5D TO BE SUBSUM$ 9TO A CONCEPTION ( 'SOCIETY' :]E WE >E ALL EQUAL ONLY AS ABSOLUTE DEBTORS BE=E ! 7N[ 9VISIBLE7 FIGURE ( ! ,K+1 :O /&S 9 = Y\R MO!R1 & BY EXT5SION1 HUMANITY4 

,:AT ,I AM SUGGE/+ !N IS ?AT :ILE ! CLAIMS ( ! IMP]SONAL M>KET1 & ! CLAIMS ( 'SOCIETY'1 >E (T5 JUXTAPOS$ -- & C]TA9LY HAVE HAD A T5D5CY TO JOCKEY BACK & =? 9 ALL SORTS ( PRACTICAL WAYS -- !Y >E BO? ULTIMATELY F\ND$ ON A V]Y SIMIL> LOGIC ( VIOL5CE4 ,NEI!R IS ?IS A M]E MATT] ( HI/ORICAL ORIG9S ?AT CAN BE BRU%$ AWAY AS 9CONSEQU5TIAL3 NEI!R /ATES NOR M>KETS CAN EXI/ )\T ! CON/ANT ?REAT ( =CE4 

,ONE MI<T ASK1 !N1 :AT IS ! ALT]NATIVE8 

,T[>DS A ,HI/ORY ( ,VIRTUAL ,MONEY 

,H]E ,I CAN RETURN TO MY ORIG9AL PO9T3 ?AT MONEY DID NOT ORIG9ALLY APPE> 9 ?IS COLD1 METAL1 IMP]SONAL =M4 ,IT ORIG9ALLY APPE>S 9 ! =M ( A MEASURE1 AN AB/RACTION1 BUT ALSO AS A RELATION 7( DEBT & OBLIGATION7 BETWE5 HUMAN BE+S4 ,IT IS IMPORTANT TO NOTE ?AT HI/ORICALLY IT IS COMMODITY MONEY ?AT HAS ALWAYS BE5 MO/ DIRECTLY L9K$ TO VIOL5CE4 ,AS ONE HI/ORIAN PUT IT1 'BULLION IS ! ACCESSORY ( W>1 & NOT ( PEACEFUL TRADE4'.<#a.> 

,! REASON IS SIMPLE4 ,COMMODITY MONEY1 P>TICUL>LY 9 ! =M ( GOLD & SILV]1 IS DI/+UI%$ FROM CR$IT MONEY MO/ ( ALL BY ONE SPECTACUL> FEATURE3 IT CAN BE /OL54 ,S9CE AN +OT ( GOLD OR SILV] IS AN OBJECT )\T A P$IGREE1 ?R\<\T MU* ( HI/ORY BULLION HAS S]V$ ! SAME ROLE AS ! CONTEMPOR>Y DRUG DEAL]'S SUITCASE FULL ( DOLL> BILLS1 AS AN OBJECT )\T A HI/ORY ?AT WILL BE ACCEPT$ 9 EX*ANGE = O!R VALUABLES JU/ AB\T ANY:]E1 ) NO QUE/IONS ASK$4 ,AS A RESULT1 ONE CAN SEE ! LA/ #e ?\S& YE>S ( HUMAN HI/ORY AS ! HI/ORY ( A K9D ( ALT]NATION4 ,CR$IT SY/EMS SEEM TO >ISE1 & TO BECOME DOM9ANT1 9 P]IODS ( RELATIVE SOCIAL PEACE1 ACROSS NETWORKS ( TRU/1 :E!R CREAT$ BY /ATES OR1 9 MO/ P]IODS1 TRANSNATIONAL 9/ITUTIONS1 :IL/ PRECI\S METALS REPLACE !M 9 P]IODS *>ACT]IZ$ BY WIDESPREAD PLUND]4 ,PR$ATORY L5D+ SY/EMS C]TA9LY EXI/ AT EV]Y P]IOD1 BUT !Y SEEM TO HAVE HAD ! MO/ DAMAG+ EFFECTS 9 P]IODS :5 MONEY WAS MO/ EASILY CONV]TIBLE 9TO CA%4 

,SO AS A />T+ PO9T TO ANY ATTEMPT TO DISC]N ! GREAT RHY?MS ?AT DEF9E ! CURR5T HI/ORICAL MOM5T1 LET ME PROPOSE ! FOLL[+ BREAKD[N ( ,EURASIAN HI/ORY ACCORD+ TO ! ALT]NATION BETWE5 P]IODS ( VIRTUAL & METAL MONEY3 

,I4 ,AGE ( ! ,FIR/ ,AGR>IAN ,EMPIRES 7#c#e-#h ,B,C,E7 
,DOM9ANT MONEY =M3 VIRTUAL CR$IT MONEY 

,\R BE/ 9=MATION ON ! ORIG9S ( MONEY GOES BACK TO ANCI5T ,MESOPOTAMIA1 BUT !RE SEEMS NO P>TICUL> REASON TO BELIEVE MATT]S W]E RADICALLY DIFF]5T 9 ,PH>AONIC ,EGYPT1 ,BRONZE ,AGE ,*9A1 OR ! ,9DUS ,VALLEY4 ,! ,MESOPOTAMIAN ECONOMY WAS DOM9AT$ BY L>GE PUBLIC 9/ITUTIONS 7,TEMPLES & ,PALACES7 :OSE BUREAUCRATIC ADM9I/RATORS EFFECTIVELY CREAT$ MONEY ( ACC\NT BY E/ABLI%+ A FIX$ EQUIVAL5T BETWE5 SILV] & ! /APLE CROP1 B>LEY4 ,DEBTS W]E CALCULAT$ 9 SILV]1 BUT SILV] WAS R>ELY US$ 9 TRANSACTIONS4 ,9/EAD1 PAYM5TS W]E MADE 9 B>LEY OR 9 ANY?+ ELSE ?AT HAPP5$ TO BE H&Y & ACCEPTABLE4 ,MAJOR DEBTS W]E RECORD$ ON CUNEI=M TABLETS KEPT AS SURETIES BY BO? P>TIES TO ! TRANSACTION4 

,M>KETS1 C]TA9LY1 DID EXI/4 ,PRICES ( C]TA9 COMMODITIES ?AT W]E NOT PRODUC$ )9 ,TEMPLE OR ,PALACE HOLD+S1 & ?US NOT SUBJECT TO ADM9I/]$ PRICE S*$ULES1 W\LD T5D TO FLUCTUATE ACCORD+ TO ! VAG>IES ( SUPPLY & DEM&4 ,BUT MO/ ACTUAL ACTS ( EV]YDAY BUY+ & SELL+1 P>TICUL>LY ?OSE ?AT W]E NOT C>RI$ \T BETWE5 ABSOLUTE /RANG]S1 APPE> TO HAVE BE5 MADE ON CR$IT4 ',ALE WOM5'1 OR LOCAL 9NKEEP]S1 S]V$ BE]1 = EXAMPLE1 & (T5 R5T$ ROOMS2 CU/OM]S RAN UP A TAB2 NORMALLY1 ! FULL SUM WAS DISPAT*$ AT H>VE/ TIME4 ,M>KET V5DORS PRESUMABLY ACT$ AS !Y DO 9 SMALL SCALE M>KETS 9 ,AFRICA1 OR ,C5TRAL ,ASIA1 TODAY1 BUILD+ UP LI/S ( TRU/WOR?Y CLI5TS TO :OM !Y C\LD EXT5D CR$IT4 

,! HABIT ( MONEY AT 9T]E/ ALSO ORIG9ATES 9 ,SUM] -- IT REMA9$ UNKN[N1 = EXAMPLE1 9 ,EGYPT4 ,9T]E/ RATES1 FIX$ AT #b P]C5T1 REMA9$ /ABLE = #b ?\S& YE>S4 7,?IS WAS NOT A SIGN ( GOV]NM5T CONTROL ( ! M>KET3 AT ?IS /AGE1 9/ITUTIONS LIKE ?IS W]E :AT MADE M>KETS POSSIBLE47 ,?IS H[EV]1 L$ TO SOME S]I\S SOCIAL PROBLEMS4 ,9 YE>S ) BAD H>VE/S ESPECIALLY1 PEASANTS W\LD />T BECOM+ HOPELESSLY 9DEBT$ TO ! RI*1 & W\LD HAVE TO SURR5D] !IR F>MS &1 ULTIMATELY1 FAMILY MEMB]S1 9 DEBT BONDAGE4 ,GRADUALLY1 ?IS CONDITION SEEMS TO HAVE COME TO A SOCIAL CRISIS -- NOT SO MU* LEAD+ TO POPUL> UPRIS+S1 BUT TO COMMON PEOPLE AB&ON+ ! CITIES & SETTL+ T]RITORY 5TIRELY & BECOM+ SEMI-NOMADIC 'B&ITS' & RAID]S4 ,IT SOON BECAME TRADITIONAL = EA* NEW RUL] TO WIPE ! SLATE CLEAN1 CANCEL ALL DEBTS1 & DECL>E A G5]AL AMNE/Y OR 'FRE$OM'1 SO ?AT ALL BOND$ LABOR]S C\LD RETURN TO !IR FAMILIES4 7,IT IS SIGNIFICANT H]E ?AT ! FIR/ WORD = 'FRE$OM' KN[N 9 ANY HUMAN LANGUAGE1 ! ,SUM]IAN AM>GA1 LIT]ALLY MEANS 'RETURN TO MO!R4'7 ,BIBLICAL PROPHETS 9/ITUT$ A SIMIL> CU/OM1 ! ,JUBILEE1 :]EBY AFT] SEV5 YE>S ALL DEBTS W]E SIMIL>LY CANCEL$4 ,?IS IS ! DIRECT ANCE/OR ( ! ,NEW ,TE/AM5T NOTION ( 'R$EMPTION'4 ,AS ECONOMI/ ,MI*AEL ,HUDSON HAS PO9T$ \T1 IT SEEMS ONE ( ! MIS=TUNES ( WORLD HI/ORY ?AT ! 9/ITUTION ( L5D+ MONEY AT 9T]E/ DISSEM9AT$ \T ( ,MESOPOTAMIA )\T1 = ! MO/ P>T1 BE+ ACCOMPANI$ BY ITS ORIG9AL *ECKS & BALANCES4 

,I,I4 ,AXIAL ,AGE 7#h ,B,C,E -- #f ,C,E7 
,DOM9ANT MONEY =M3 CO9AGE & METAL BULLION 

,?IS WAS ! AGE ?AT SAW ! EM]G5CE ( CO9AGE1 AS WELL AS ! BIR?1 9 ,*9A1 ,9DIA1 & ! ,MIDDLE ,EA/1 ( ALL MAJOR WORLD RELIGIONS4.<#b.> ,FROM ! ,W>R+ ,/ATES P]IOD 9 ,*9A1 TO FRAGM5TATION 9 ,9DIA1 & TO ! C>NAGE & MASS 5SLAVEM5T ?AT ACCOMPANI$ ! EXPANSION 7& LAT]1 DISSOLUTION7 ( ! ,ROMAN ,EMPIRE1 IT WAS A P]IOD ( SPECTACUL> CREATIVITY ?R\<\T MO/ ( ! WORLD1 BUT ( ALMO/ EQUALLY SPECTACUL> VIOL5CE4 

,CO9AGE1 :I* ALL[$ = ! ACTUAL USE ( GOLD & SILV] AS A M$IUM ( EX*ANGE1 ALSO MADE POSSIBLE ! CREATION ( M>KETS 9 ! N[ MORE FAMILI>1 IMP]SONAL S5SE ( ! T]M4 ,PRECI\S METALS W]E ALSO F> MORE APPROPRIATE = AN AGE ( G5]ALIZ$ W>F>E1 = ! OBVI\S REASON ?AT !Y C\LD BE /OL54 ,CO9AGE1 C]TA9LY1 WAS NOT 9V5T$ TO FACILITATE TRADE 7! ,PHO5ICIANS1 CONSUMMATE TRAD]S ( ! ANCI5T WORLD1 W]E AMONG ! LA/ TO ADOPT IT74 ,IT APPE>S TO HAVE BE5 FIR/ 9V5T$ TO PAY SOLDI]S1 PROBABLY FIR/ ( ALL BY RUL]S ( ,LYDIA 9 ,ASIA ,M9OR TO PAY !IR ,GREEK M]C5>IES4 ,C>?AGE1 ANO!R GREAT TRAD+ NATION1 ONLY />T$ M9T+ CO9S V]Y LATE1 & !N EXPLICITLY TO PAY ITS =EIGN SOLDI]S4 

,?R\<\T ANTIQUITY ONE CAN CONT9UE TO SPEAK ( :AT ,GE(FREY ,+HAM HAS DUBB$ ! 'MILIT>Y-CO9AGE COMPLEX'4 ,HE MAY HAVE BE5 BETT] TO CALL IT A 'MILIT>Y-CO9AGE-SLAV]Y COMPLEX'1 S9CE ! DIFFUSION ( NEW MILIT>Y TE*NOLOGIES 7,GREEK HOPLITES1 ,ROMAN LEGIONS7 WAS ALWAYS CLOSELY TI$ TO ! CAPTURE & M>KET+ ( SLAVES1 & ! O!R MAJOR S\RCE ( SLAVES WAS DEBT3 N[ ?AT /ATES NO LONG] P]IODICALLY WIP$ ! SLATES CLEAN1 ?OSE NOT LUCKY 5\< TO BE CITIZ5S ( ! MAJOR MILIT>Y CITY-/ATES -- :O W]E G5]ALLY PROTECT$ FROM PR$ATORY L5D]S -- W]E FAIR GAME4 ,! CR$IT SY/EMS ( ! ,NE> ,EA/ DID NOT CRUMBLE UND] COMM]CIAL COMPETITION2 !Y W]E DE/ROY$ BY ,ALEX&]'S >MIES -- >MIES ?AT REQUIR$ HALF A TON ( SILV] BULLION P] DAY 9 WAGES4 ,! M9ES :]E ! BULLION WAS PRODUC$ W]E G5]ALLY WORK$ BY SLAVES4 ,MILIT>Y CAMPAIGNS 9 TURN 5SUR$ AN 5DLESS FL[ ( NEW SLAVES4 ,IMP]IAL TAX SY/EMS1 AS NOT$1 W]E L>GELY DESIGN$ TO =CE !IR SUBJECTS TO CREATE M>KETS1 SO ?AT SOLDI]S 7& ALSO ( C\RSE GOV]NM5T (FICIALS7 W\LD BE ABLE TO USE ?AT BULLION TO BUY ANY?+ !Y WANT$4 ,! K9D ( IMP]SONAL M>KETS ?AT ONCE T5D$ TO SPR+ UP BETWE5 SOCIETIES1 OR AT ! FR+ES ( MILIT>Y OP]ATIONS1 N[ BEGAN TO P]MEATE SOCIETY AS A :OLE4 

,H[EV] TAWDRY !IR ORIG9S1 ! CREATION ( NEW M$IA ( EX*ANGE -- CO9AGE APPE>$ ALMO/ SIMULTANE\SLY 9 ,GREECE1 ,9DIA1 & ,*9A -- APPE>S TO HAVE HAD PR(\ND 9TELLECTUAL EFFECTS4 ,SOME HAVE EV5 GONE SO F> AS TO >GUE ?AT ,GREEK PHILOSOPHY WAS ITSELF MADE POSSIBLE BY CONCEPTUAL 9NOVATIONS 9TRODUC$ BY CO9AGE4 ,! MO/ REM>KABLE PATT]N1 ?\<1 IS ! EM]G5CE1 9 ALMO/ ! EXACT TIMES & PLACES :]E ONE ALSO SEES ! E>LY SPREAD ( CO9AGE1 ( :AT W]E TO BECOME MOD]N WORLD RELIGIONS3 PROPHETIC ,JUDAISM1 ,*RI/IANITY1 ,BUDDHISM1 ,JA9ISM1 ,CONFUCIANISM1 ,TAOISM1 & EV5TUALLY1 ,ISLAM4 ,:ILE ! PRECISE L9KS >E YET TO BE FULLY EXPLOR$1 9 C]TA9 WAYS1 !SE RELIGIONS APPE> TO HAVE >IS5 9 DIRECT REACTION TO ! LOGIC ( ! M>KET4 ,TO PUT ! MATT] SOME:AT CRUDELY3 IF ONE RELEGATES A C]TA9 SOCIAL SPACE SIMPLY TO ! SELFI% ACQUISITION ( MAT]IAL ?+S1 IT IS ALMO/ 9EVITABLE ?AT SOON SOMEONE ELSE WILL COME TO SET ASIDE ANO!R DOMA9 9 :I* TO PREA* ?AT1 FROM ! P]SPECTIVE ( ULTIMATE VALUES1 MAT]IAL ?+S >E UNIMPORTANT1 & SELFI%NESS -- OR EV5 ! SELF -- ILLUSORY4 

,I,I,I4 ,! ,MIDDLE ,AGES 7#f ,C,E -- #ae ,C,E7 
,! RETURN TO VIRTUAL CR$IT-MONEY 

,IF ! ,AXIAL ,AGE SAW ! EM]G5CE ( COMPLEM5T>Y IDEALS ( COMMODITY M>KETS & UNIV]SAL WORLD RELIGIONS1 ! ,MIDDLE ,AGES.<#c.> W]E ! P]IOD 9 :I* ?OSE TWO 9/ITUTIONS BEGAN TO M]GE4 ,RELIGIONS BEGAN TO TAKE OV] ! M>KET SY/EMS4 ,EV]Y?+ FROM 9T]NATIONAL TRADE TO ! ORGANIZATION ( LOCAL FAIRS 9CREAS+LY CAME TO BE C>RI$ \T ?R\< SOCIAL NETWORKS DEF9$ & REGULAT$ BY RELIGI\S AU?ORITIES4 ,?IS 5ABL$1 9 TURN1 ! RETURN ?R\<\T ,EURASIA ( V>I\S =MS ( VIRTUAL CR$IT-MONEY4 

,9 ,EUROPE1 :]E ALL ?IS TOOK PLACE UND] ! EGIS ( ,*RI/5DOM1 CO9AGE WAS ONLY SPORADICALLY1 & UNEV5LY1 AVAILABLE4 ,PRICES AFT] #h ,A,D W]E CALCULAT$ L>GELY 9 T]MS ( AN OLD ,C>OL+IAN CURR5CY ?AT NO LONG] EXI/$ 7IT WAS ACTUALLY REF]R$ TO AT ! TIME AS 'IMAG9>Y MONEY'71 BUT ORD9>Y DAY-TO-DAY BUY+ & SELL+ WAS C>RI$ \T MA9LY ?R\< O!R MEANS4 ,ONE COMMON EXP$I5T1 = EXAMPLE1 WAS ! USE ( TALLY-/ICKS1 NOT*$ PIECES ( WOOD ?AT W]E BROK5 9 TWO AS RECORDS ( DEBT1 ) HALF BE+ KEPT BY ! CR$ITOR1 HALF BY ! DEBTOR4 ,SU* TALLY-/ICKS W]E /ILL 9 COMMON USE 9 MU* ( ,5GL& WELL 9TO ! #a#f? C5TURY4 ,L>G] TRANSACTIONS W]E H&L$ ?R\< BILLS ( EX*ANGE1 ) ! GREAT COMM]CIAL FAIRS S]V+ AS !IR CLE>+-H\SES4 ,! ,*UR*1 MEAN:ILE1 PROVID$ A LEGAL FRAMEWORK1 5=C+ /RICT CONTROLS ON ! L5D+ ( MONEY AT 9T]E/ & PROHIBITIONS ON DEBT BONDAGE4 

,! REAL N]VE C5T] ( ! ,M$IEVAL WORLD ECONOMY ?\< WAS ! ,9DIAN ,OCEAN1 :I* ALONG ) ! ,C5TRAL ,ASIA C>AVAN R\TES1 CONNECT$ ! GREAT CIVILIZATIONS ( ,9DIA1 ,*9A1 & ! ,MIDDLE ,EA/4 ,H]E1 TRADE WAS CONDUCT$ ?R\< ! FRAMEWORK ( ,ISLAM1 :I* NOT ONLY PROVID$ A LEGAL /RUCTURE HI<LY CONDUCIVE TO M]CANTILE ACTIVITIES 7:ILE ABSOLUTELY =BIDD+ ! L5D+ ( MONEY AT 9T]E/71 BUT ALL[$ = PEACEFUL RELATIONS BETWE5 M]*ANTS OV] A REM>KABLY L>GE P>T ( ! GLOBE1 ALL[+ ! CREATION ( A V>IETY ( SOPHI/ICAT$ CR$IT 9/RUM5TS4 ,ACTUALLY1 ,WE/]N ,EUROPE WAS1 AS 9 SO MANY ?+S1 A RELATIVE LATE-COM] 9 ?IS REG>D3 MO/ ( ! F9ANCIAL 9NOVATIONS ?AT REA*$ ,ITALY & ,FRANCE 9 ! #a#a? & #a#b? C5TURIES HAD BE5 9 COMMON USE 9 ,EGYPT OR ,IRAQ S9CE ! #h? OR #i? C5TURIES4 ,! WORD '*ECK'1 = EXAMPLE1 D]IVES FROM ! ,>AB SAKK1 & >RIV$ 9 ,5GLI% ONLY >\ND #abb ,A,D4 

,! CASE ( ,*9A IS EV5 MORE COMPLICAT$3 ! ,MIDDLE ,AGES !RE BEGAN ) ! RAPID SPREAD ( ,BUDDHISM1 :I*1 :ILE IT WAS 9 NO POSITION TO 5ACT LAWS OR REGULATE COMM]CE1 DID QUICKLY MOVE AGA9/ LOCAL USUR]S BY ITS 9V5TION ( ! PAWN %OP -- ! FIR/ PAWN %OPS BE+ BAS$ 9 ,BUDDHI/ TEMPLES AS A WAY ( (F]+ POOR F>M]S AN ALT]NATIVE TO ! LOCAL USUR]4 ,BE=E LONG1 ?\<1 ! /ATE REASS]T$ ITSELF1 AS ! /ATE ALWAYS T5DS TO DO 9 ,*9A4 ,BUT AS IT DID SO1 IT NOT ONLY REGULAT$ 9T]E/ RATES & ATTEMPT$ TO ABOLI% DEBT PEONAGE1 IT MOV$ AWAY FROM BULLION 5TIRELY BY 9V5T+ PAP] MONEY4 ,ALL ?IS WAS ACCOMPANI$ BY ! DEVELOPM5T1 AGA91 ( A V>IETY ( COMPLEX F9ANCIAL 9/RUM5TS4 

,ALL ?IS IS NOT TO SAY ?AT ?IS P]IOD DID NOT SEE ITS %>E ( C>NAGE & PLUND] 7P>TICUL>LY DUR+ ! GREAT NOMADIC 9VASIONS7 OR ?AT CO9AGE WAS NOT1 9 MANY TIMES & PLACES1 AN IMPORTANT M$IUM ( EX*ANGE4 ,/ILL1 :AT REALLY *>ACT]IZES ! P]IOD APPE>S TO BE A MOVEM5T 9 ! O!R DIRECTION4 ,MONEY1 DUR+ MO/ ( ! ,M$IEVAL P]IOD1 WAS L>GELY DEL9K$ FROM CO]CIVE 9/ITUTIONS4 ,MONEY *ANG]S1 ONE MI<T SAY1 W]E 9VIT$ BACK 9TO ! TEMPLES1 :]E !Y C\LD BE MONITOR$4 ,! RESULT WAS A FL[]+ ( 9/ITUTIONS PREMIS$ ON A MU* HI<] DEGREE ( SOCIAL TRU/4 

,I,V4 ,AGE ( ,EUROPEAN ,EMPIRES 7#a#e-#a#i#g#a7 
,! RETURN ( PRECI\S METALS 

,) ! ADV5T ( ! GREAT ,EUROPEAN EMPIRES -- ,IB]IAN1 !N ,NOR? ,ATLANTIC -- ! WORLD SAW BO? A REV]SION TO MASS 5SLAVEM5T1 PLUND]1 & W>S ( DE/RUCTION1 & ! CONSEQU5T RAPID RETURN ( GOLD & SILV] BULLION AS ! MA9 =M ( CURR5CY4 ,HI/ORICAL 9VE/IGATION WILL PROBABLY 5D UP DEMON/RAT+ ?AT ! ORIG9S ( !SE TRANS=MATIONS W]E MORE COMPLICAT$ ?AN WE ORD9>ILY ASSUME4 ,SOME ( ?IS WAS BEG9N+ TO HAPP5 EV5 BE=E ! CONQUE/ ( ! ,NEW ,WORLD4 ,ONE ( ! MA9 FACTORS ( ! MOVEM5T BACK TO BULLION1 = EXAMPLE1 WAS ! EM]G5CE ( POPUL> MOVEM5TS DUR+ ! E>LY ,M+ DYNA/Y1 9 ! #a#e? & #a#f? C5TURIES1 ?AT ULTIMATELY =C$ ! GOV]NM5T TO AB&ON NOT ONLY PAP] MONEY BUT ANY ATTEMPT TO IMPOSE ITS [N CURR5CY4 ,?IS L$ TO ! REV]SION ( ! VA/ ,*9ESE M>KET TO AN UNCO9$ SILV] /&>D4 ,S9CE TAXES W]E ALSO GRADUALLY COMMUT$ 9TO SILV]1 IT SOON BECAME ! MORE OR LESS (FICIAL ,*9ESE POLICY TO TRY TO BR+ AS MU* SILV] 9TO ! C\NTRY AS POSSIBLE1 SO AS TO KEEP TAXES L[ & PREV5T NEW \TBREAKS ( SOCIAL UNRE/4 ,! SUDD5 5ORM\S DEM& = SILV] HAD EFFECTS ACROSS ! GLOBE4 ,MO/ ( ! PRECI\S METALS LOOT$ BY ! CONQUI/ADORS & LAT] EXTRACT$ BY ! ,SPANI% FROM ! M9ES ( ,MEXICO & ,POTOSI 7AT ALMO/ UNIMAG9ABLE CO/ 9 HUMAN LIVES7 5D$ UP 9 ,*9A4 ,!SE GLOBAL-SCALE CONNECTIONS ?AT EV5TUALLY DEVELOP$ ACROSS ! ,ATLANTIC1 ,PACIFIC1 & ,9DIAN ,OCEANS HAVE ( C\RSE BE5 DOCUM5T$ 9 GREAT DETAIL4 ,! CRUCIAL PO9T IS ?AT ! DEL9K+ ( MONEY FROM RELIGI\S 9/ITUTIONS1 & ITS REL9K+ ) CO]CIVE ONES 7ESPECIALLY ! /ATE71 WAS H]E ACCOMPANI$ BY AN IDEOLOGICAL REV]SION TO 'METALLISM'4.<#d.> 

,CR$IT1 9 ?IS CONTEXT1 WAS ON ! :OLE AN AFFAIR ( /ATES ?AT W]E !MSELVES RUN L>GELY BY DEFICIT F9ANC+1 A =M ( CR$IT :I* WAS1 9 TURN1 9V5T$ TO F9ANCE 9CREAS+LY EXP5SIVE W>S4 ,9T]NATIONALLY ! ,BRITI% ,EMPIRE WAS /EADFA/ 9 MA9TA9+ ! GOLD /&>D ?R\< ! #a#i? & E>LY #b? C5TURIES1 & GREAT POLITICAL BATTLES W]E F\<T 9 ! ,UNIT$ ,/ATES OV] :E!R ! GOLD OR SILV] /&>D %\LD PREVAIL4 

,?IS WAS ALSO1 OBVI\SLY1 ! P]IOD ( ! RISE ( CAPITALISM1 ! 9DU/RIAL REVOLUTION1 REPRES5TATIVE DEMOCRACY1 & SO ON4 ,:AT ,I AM TRY+ TO DO H]E IS NOT TO D5Y !IR IMPORTANCE1 BUT TO PROVIDE A FRAMEWORK = SEE+ SU* FAMILI> EV5TS 9 A LESS FAMILI> CONTEXT4 ,IT MAKES IT EASI]1 = 9/ANCE1 TO DETECT ! TIES BETWE5 W>1 CAPITALISM1 & SLAV]Y4 ,! 9/ITUTION ( WAGE LABOR1 = 9/ANCE1 HAS HI/ORICALLY EM]G$ FROM )9 ?AT ( SLAV]Y 7! E>LIE/ WAGE CONTRACTS WE KN[ (1 FROM ,GREECE TO ! ,MALAY CITY /ATES1 W]E ACTUALLY SLAVE R5TALS71 & IT HAS ALSO T5D$1 HI/ORICALLY1 TO BE 9TIMATELY TI$ TO V>I\S =MS ( DEBT PEONAGE -- AS 9DE$1 IT REMA9S TODAY4 ,! FACT ?AT WE HAVE CA/ SU* 9/ITUTIONS 9 A LANGUAGE ( FRE$OM DOES NOT MEAN ?AT :AT WE N[ ?9K ( AS ECONOMIC FRE$OM DOES NOT ULTIMATELY RE/ ON A LOGIC ?AT HAS = MO/ ( HUMAN HI/ORY BE5 CONSID]$ ! V]Y ESS5CE ( SLAV]Y4 

,V4 ,CURR5T ,]A 7#a#i#g#a ONW>DS7 
,! EMPIRE ( DEBT 

,! CURR5T ]A MI<T BE SAID TO HAVE BE5 9ITIAT$ ON #ae ,AUGU/ #a#i#g#a1 :5 ,U,S ,PRESID5T ,RI*>D ,NIXON (FICIALLY SUSP5D$ ! CONV]TIBILITY ( ! DOLL> 9TO GOLD & EFFECTIVELY CREAT$ ! CURR5T FLOAT+ CURR5CY REGIMES4 ,WE HAVE RETURN$1 AT ANY RATE1 TO AN AGE ( VIRTUAL MONEY1 9 :I* CONSUM] PUR*ASES 9 WEAL?Y C\NTRIES R>ELY 9VOLVE EV5 PAP] MONEY1 & NATIONAL ECONOMIES >E DRIV5 L>GELY BY CONSUM] DEBT4 ,IT'S 9 ?IS CONTEXT ?AT WE CAN TALK AB\T ! 'F9ANCIALISATION' ( CAPITAL1 :]EBY SPECULATION 9 CURR5CIES & F9ANCIAL 9/RUM5TS BECOMES A DOMA9 UNTO ITSELF1 DETA*$ FROM ANY IMM$IATE RELATION ) PRODUCTION OR EV5 COMM]CE4 ,?IS IS ( C\RSE ! SECTOR ?AT HAS 5T]$ 9TO CRISIS TODAY4 

,:AT CAN WE SAY = C]TA9 AB\T ?IS NEW ]A8 ,SO F>1 V]Y1 V]Y LITTLE4 ,?IRTY OR =TY YE>S IS NO?+ 9 T]MS ( ! SCALE WE HAVE BE5 DEAL+ )4 ,CLE>LY1 ?IS P]IOD HAS ONLY JU/ BEGUN4 ,/ILL1 ! =EGO+ ANALYSIS1 H[EV] CRUDE1 DOES ALL[ US TO BEG9 TO MAKE SOME 9=M$ SUGGE/IONS4 

,HI/ORICALLY1 AS WE HAVE SE51 AGES ( VIRTUAL1 CR$IT MONEY HAVE ALSO 9VOLV$ CREAT+ SOME SORT ( OV]>*+ 9/ITUTIONS -- ,MESOPOTAMIAN SACR$ K+%IP1 ,MOSAIC JUBILEES1 ,%>IA OR ,CANON ,LAW -- ?AT PLACE SOME SORT ( CONTROLS ON ! POT5TIALLY CATA/ROPHIC SOCIAL CONSEQU5CES ( DEBT4 ,ALMO/ 9V>IABLY1 !Y 9VOLVE 9/ITUTIONS 7USUALLY NOT /RICTLY CO9CID5T TO ! /ATE1 USUALLY L>G]7 TO PROTECT DEBTORS4 ,SO F> ! MOVEM5T ?IS TIME HAS BE5 ! O!R WAY >\ND3 />T+ ) ! '#hS WE HAVE BEGUN TO SEE ! CREATION ( ! FIR/ EFFECTIVE PLANET>Y ADM9I/RATIVE SY/EM1 OP]AT+ ?R\< ! ,I,M,F1 ,WORLD ,BANK1 CORPORATIONS & O!R F9ANCIAL 9/ITUTIONS1 L>GELY 9 ORD] TO PROTECT ! 9T]E/S ( CR$ITORS4 ,H[EV]1 ?IS APP>ATUS WAS V]Y QUICKLY ?R[N 9TO CRISIS1 FIR/ BY ! V]Y RAPID DEVELOPM5T ( GLOBAL SOCIAL MOVEM5TS 7! ALT]-GLOBALIZATION MOVEM5T71 :I* EFFECTIVELY DE/ROY$ ! MORAL AU?ORITY ( 9/ITUTIONS LIKE ! ,I,M,F1 & LEFT MANY ( !M V]Y CLOSE TO BANKRUPT1 & N[ BY ! CURR5T BANK+ CRISIS & GLOBAL ECONOMIC COLLAPSE4 ,:ILE ! NEW AGE ( VIRTUAL MONEY HAS ONLY JU/ BEGUN & ! LONG T]M CONSEQU5CES >E AS YET 5TIRELY UNCLE>1 WE CAN ALREADY SAY ONE OR TWO ?+S4 ,! FIR/ IS ?AT A MOVEM5T T[>DS VIRTUAL MONEY IS NOT 9 ITSELF1 NECESS>ILY1 AN 9SIDI\S EFFECT ( CAPITALISM4 ,9 FACT1 IT MI<T WELL MEAN EXACTLY ! OPPOSITE4 ,= MU* ( HUMAN HI/ORY1 SY/EMS ( VIRTUAL MONEY W]E DESIGN$ & REGULAT$ TO 5SURE ?AT NO?+ LIKE CAPITALISM C\LD EV] EM]GE TO BEG9 ) -- AT LEA/ NOT AS IT APPE>S 9 ITS PRES5T =M1 ) MO/ ( ! WORLD'S POPULATION PLAC$ 9 A CONDITION ?AT W\LD 9 MANY O!R P]IODS ( HI/ORY BE CONSID]$ TANTAM\NT TO SLAV]Y4 ,! SECOND PO9T IS TO UND]L9E ! ABSOLUTELY CRUCIAL ROLE ( VIOL5CE 9 DEF9+ ! V]Y T]MS BY :I* WE IMAG9E BO? 'SOCIETY' & 'M>KETS' -- 9 FACT1 MANY ( \R MO/ ELEM5T>Y IDEAS ( FRE$OM4 ,A WORLD LESS 5TIRELY P]VAD$ BY VIOL5CE W\LD RAPIDLY BEG9 TO DEVELOP O!R 9/ITUTIONS4 ,F9ALLY1 ?9K+ AB\T DEBT \TSIDE ! TW9 9TELLECTUAL /RAITJACKETS ( /ATE & M>KET OP5S UP EXCIT+ POSSIBILITIES4 ,= 9/ANCE1 WE CAN ASK3 EXACTLY :AT DO FREE M5 & WOM5 [E EA* O!R1 :AT SORT ( PROMISES & COMMITM5TS %\LD !Y MAKE TO EA* O!R1 9 A SOCIETY 9 :I* ?AT F\NDATION ( VIOL5CE HAD F9ALLY BE5 YANK$ AWAY8 

,LET US HOPE ?AT EV]YONE WILL SOM$AY BE 9 A POSITION TO />T ASK+ SU* QUE/IONS4 ,AT TIMES LIKE ?IS1 Y\ NEV] KN[4 

  

.<#a.> ,GE(FREY ,W4 ,G>D9]1 ',! ,PRIMACY ( ,TRADE ,DEBTS 9 ! ,DEVELOPM5T ( ,MONEY'1 9 ,CR$IT & ,/ATE ,!ORIES ( ,MONEY3 ,! ,CONTRIBUTIONS ( ,A4 ,MIT*ELL ,9NES1 $4 BY ,R&ALL ,WRAY1 ,*ELT5<AM3 ,ELG>1 #b#d1 P4#a#c#d4 

.<#b.> ,! PHRASE ! ',AXIAL ,AGE' WAS ORIG9ALLY CO9$ BY ,K>L ,JASP]S TO DESCRIBE ! RELATIVELY BRIEF P]IOD BETWE5 #h ,B,C,E -- #b ,B,C,E 9 :I*1 HE BELIEV$1 JU/ AB\T ALL ! MA9 PHILOSOPHICAL TRADITIONS WE >E FAMILI> ) TODAY >OSE SIMULTANE\SLY 9 ,*9A1 ,9DIA1 & ! ,EA/]N ,M$IT]RANEAN4 ,H]E1 ,I AM US+ IT 9 ,LEWIS ,MUM=D'S MORE EXPANSIVE USE ( ! T]M AS ! P]IOD ?AT SAW ! BIR? ( ALL EXI/+ WORLD RELIGIONS1 /RET*+ R\<LY FROM ! TIME ( ,ZOROA/] TO ?AT ( ,MOHAMM$4 

.<#c.> ,I AM H]E RELEGAT+ MO/ :AT IS G5]ALLY REF]R$ TO AS ! ',D>K ,AGES' 9 ,EUROPE 9TO ! E>LI] P]IOD1 *>ACT]IZ$ BY PR$ATORY MILIT>ISM & ! CONSEQU5T IMPORTANCE ( BULLION3 ! ,VIK+ RAIDS1 & ! FAM\S EXTRACTION ( DANEGELD FROM ,5GL&1 9 ! #hS1 MI<T BE SE5 AS ONE ! LA/ MANIFE/ATIONS ( AN AGE :]E PR$ATORY MILIT>ISM W5T H& & H& ) HO>DS ( GOLD & SILV] BULLION4 

.<#d.> ,! MY? ( B>T] & COMMODITY !ORIES ( MONEY WAS ( C\RSE DEVELOP$ 9 ?IS P]IOD4 

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

,*RONOLOGY 3 
,JANU>Y #f1 #bba 3 ,DEBT -- ,ADD$4 
,JANU>Y #d1 #bbb 3 ,DEBT -- ,UPDAT$4 

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