The Seductive and Destructive Power of Debt

A hallmark of our dark current times is debt. More and more people are drowning in debt while banks get bailed out and bankster CEOs ride into the sunset with huge bonuses even after crashing the world economy. People often think that a system of credit and debt is the latest in economic developments, but in reality debt has a long and interesting history which explains why our almost religious worship of debt can lead to dreadful human suffering.

You have the option of listening to the following 1 hour and 21 minutes-long talk by David Graeber or read my short 598-word summary below:

(Note: if the video linked above gets deleted, you may search the Internet for the title: »David Graeber: “DEBT: The First 5,000 Years” | Talks at Google«)

Summary: Debt started, and is apparently inborn in us, as a way of social cohesion. Example: I gave you, my neighbor, a cow. So, some day, you help me build a new barn. Another neighbor gave me a bunch of chicken to start my chicken coup, and next year, when he has had a bad harvest, I give him and his hungry family several sacks of potatoes…  Continue reading “The Seductive and Destructive Power of Debt”