Feb 06 2012
Debt: The First 5000 Years
After weeks of discussion, the solution to Greece’s debt crisis continues to confound leaders. European officials have been pressuring Greek leaders to accept a $171 billion bailout and all the accompanying spending cuts. Greece is among many European nations struggling with a debt that grew out of the global recession.
Today we spend the rest of the program examining the concept and logic of debt, its political, societal, and even religious history, and how debt has been used since the beginning of civilization as a tool of the rich against the poor. My guest David Graeber is an American anthropologist, author, and activist who teaches at Goldsmiths, University of London. His book, Debt: The First Five Thousand Years, is the topic of our discussion. In it, Graeber shows how debt, and debt forgiveness have been at the center of political debates across the world and have given rise to innumerable uprisings. He explores the history of money and credit, and how societies have been divided into creditors and debtors.
Most Americans know too well the unjust difference between how homeowners facing foreclosure have been treated, versus how massive indebted banks culpable for the economic crisis have been treated. That unequal application of justice has angered so many Americans, that it gave rise to a nationwide, and to an extent, worldwide movement under the banner of Occupy Wall Street. My guest David Graeber is considered one of the first activists credited with getting Occupy Wall Street off the ground last year.
David Graeber’s earlier books include Towards and Anthropological Theory of Value, Lost People: Magic and the Legacy of Slavery in Madagascar, Fragments of an Anarchist Anthropology, and more. He also writes for Harper’s, the Nation, and the New Left Review.
2 Responses to “Debt: The First 5000 Years”
This interview was a hoot. If I understand the author correctly, all debt should be forgiven.
So if max out my credit card, take out massive loans from a bank to pay for an expensive car or an expensive degree, and sign a mortgage for an expensive house I can’t afford, I should just refuse to pay the bills. After all, the banks that loaned me all that money can afford for me to walk away, right? Because everyone is entitled to buy expensive things that they can’t pay for, right?
It’s helpful to know that Graeber is an anarchist – so he doesn’t believe in any societal order. Which is great so long as everyone agrees that nobody ever needs to pay their bills. Under that logic, KPFK and Pacifica should forego doing fundraisers and simply refuse to pay for things like their own mortgage and electricity.
This was excellent. It really follows along with what Modern Money Theory has been saying.
We, the masses have been in a fog about what money really is and as a result are being exploited!
Kevin, you really ought to do some critical thinking. I know your mind has been immersed in slavish thinking but keep reading and keep studying if you wish to free your mind.