Conversations w/ Great Minds - Dr. David Graeber Debt: The 1st 5000 years P2

Dr. David Graeber, professor of anthropology at Goldsmiths College, University of London on his book - Debt: The First 5000 years. The First 5000 years. How the concepts of debt and credit have defined human history and what this means for our current credit crisis and the future of our economy.

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News & Politics

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• Thom Hartmann
• Conversations with great minds
• David Graeber
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• The First 5000 years

[summondadrummin]

"If they can do it for the big players they can do it for everybody"Jubilee yes and end fractional reserve lending while were at it.Even Mervyn King the Governor of the Bank of England thinks its time to end debt based money creation.

[MrIzzyDizzy]

the whole system is flawed. the money supply is debt principal and interest doesnt exist in the money supply so every dollar of interest paid - creates an unpayable debt. sadly we allow banksters to create money with loans out of thin air - and the interest insures someone some where will fail because they dont create the interest. its all a ponzie scheme and will always fail. sadly we dont even need to exchange -barter - buy or trade -but not many see that - so we remain indentured servants

[KenMacMillan]

@qonf How many people even know how to buy a house? I'd wager a guess at about 10% of people over 18. It's a shame, they spend more time teaching kids advanced calculus than how to handle money, buy a house, a car, start a business, etc. The country is screwed up because we put our faith in an education system that doesn't care about the students at all. It's been that way for decades & now we're reaping the "rewards".

[qonf]

@KenMacMillan Sucks if your a young guy who struggle to even scrape together the security capital to be eligible to take out a loan for a house.

[bigfootSH]

The examples in the book are feudal societies where the government is replaced by the rich over-lord or the king. To me, debt to the king is public debt.

[homoeroticfood]

@bigfootSH When he talks about debt he is mainly talking about private debt owed by poor people to rich people, not public debt (debt owed by governments). Thisis mentioned in the book.

[bigfootSH]

Wait a second, the concept of jubilee is for public debt, not including private right? At least that's my understanding from the book, but he doesn't seem to make that distinction in his interviews...

[kemokidding]

@KenMacMillan The better question to ask is: why are some people denied housing at all?

[KenMacMillan]

@Cabronosidad Jubilee is the solution? So everyone who was to stupid to realize they couldn't afford a house should get that house for free?

[Beannaich]

@overseachininadoll The system doesn't care who owns what money, as long as money is being spent, it works. I think it's an interesting idea, but not one that would ever fly in this country.