,*APT] #a 
,ON ! ,EXP]I5CE ( ,MORAL ,CONFUSION 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,ON ! ,EXP]I5CE ( ,MORAL ,CONFUSION 

  
  

DEBT3 N\N #a A SUM ( MONEY [$4 #b ! /ATE ( [+ MONEY4 #c A FEEL+ ( GRATITUDE = A FAVOR OR S]VICE4 

--,OX=D ,5GLI% ,DICTION>Y  
  
  

,IF Y\ [E ! BANK A HUNDR$ ?\S& DOLL>S1 ! BANK [NS Y\4 ,IF Y\ [E ! BANK A HUNDR$ MILLION DOLL>S1 Y\ [N ! BANK4 

--,AM]ICAN ,PROV]B  
  

,TWO YE>S AGO1 BY A S]IES ( /RANGE CO9CID5CES1 ,I F\ND MYSELF ATT5D+ A G>D5 P>TY AT ,WE/M9/] ,ABBEY4 ,I WAS A BIT UNCOM=TABLE4 ,IT'S NOT ?AT O!R GUE/S W]5'T PLEASANT & AMICABLE1 & ,FA!R ,GRAEME1 :O HAD ORGANIZ$ ! P>TY1 WAS NO?+ IF NOT A GRACI\S & *>M+ HO/4 ,BUT ,I FELT MORE ?AN A LITTLE \T ( PLACE4 ,AT ONE PO9T1 ,FA!R ,GRAEME 9T]V5$1 SAY+ ?AT !RE WAS SOMEONE BY A NE>BY F\NTA9 :OM ,I W\LD C]TA9LY WANT TO MEET4 ,%E TURN$ \T TO BE A TRIM1 WELL-APPO9T$ Y\NG WOMAN :O1 HE EXPLA9$1 WAS AN ATTORNEY--0BUT MORE ( ! ACTIVI/ K9D4 ,%E WORKS = A F\NDATION ?AT PROVIDES LEGAL SUPPORT = ANTI-POV]TY GR\PS 9 ,LONDON4 ,Y\'LL PROBABLY HAVE A LOT TO TALK AB\T40 

,WE *ATT$4 ,%E TOLD ME AB\T H] JOB4 ,I TOLD H] ,I HAD BE5 9VOLV$ = MANY YE>S ) ! GLOBAL JU/ICE MOVEM5T--0ANTI-GLOBALIZATION MOVEM5T10 AS IT WAS USUALLY CALL$ 9 ! M$IA4 ,%E WAS CURI\S3 %E'D ( C\RSE READ A LOT AB\T ,SEATTLE1 ,G5OA1 ! TE> GAS & /REET BATTLES1 BUT 444 WELL1 HAD WE REALLY ACCOMPLI%$ ANY?+ BY ALL ( ?AT8 

0,ACTUALLY10 ,I SAID1 0,I ?9K IT'S K9D ( AMAZ+ H[ MU* WE DID MANAGE TO ACCOMPLI% 9 ?OSE FIR/ C\PLE ( YE>S40 

0,= EXAMPLE80 

0,WELL1 = EXAMPLE1 WE MANAG$ TO ALMO/ COMPLETELY DE/ROY ! ,I,M,F40 

,AS IT HAPP5$1 %E DIDN'T ACTUALLY KN[ :AT ! ,I,M,F WAS1 SO ,I (F]$ ?AT ! ,9T]NATIONAL ,MONET>Y ,FUND BASICALLY ACT$ AS ! WORLD'S DEBT 5=C]S--0,Y\ MI<T SAY1 ! HI<-F9ANCE EQUIVAL5T ( ! GUYS :O COME TO BREAK Y\R LEGS40 ,I LAUN*$ 9TO HI/ORICAL BACKGR\ND1 EXPLA9+ H[1 DUR+ ! '#gS OIL CRISIS1 ,O,P,E,C C\NTRIES 5D$ UP P\R+ SO MU* ( !IR NEWF\ND RI*ES 9TO ,WE/]N BANKS ?AT ! BANKS C\LDN'T FIGURE \T :]E TO 9VE/ ! MONEY2 H[ ,CITIBANK & ,*ASE !RE=E BEGAN S5D+ AG5TS >\ND ! WORLD TRY+ TO CONV9CE ,?IRD ,WORLD DICTATORS & POLITICIANS TO TAKE \T LOANS 7AT ! TIME1 ?IS WAS CALL$ 0GO-GO BANK+072 H[ !Y />T$ \T AT EXTREMELY L[ RATES ( 9T]E/ ?AT ALMO/ IMM$IATELY SKYROCKET$ TO #b P]C5T OR SO DUE TO TI<T ,U4,S4 MONEY POLICIES 9 ! E>LY '#hS2 H[1 DUR+ ! '#hS & '#iS1 ?IS L$ TO ! ,?IRD ,WORLD DEBT CRISIS2 H[ ! ,I,M,F !N /EPP$ 9 TO 9SI/ ?AT1 9 ORD] TO OBTA9 REF9ANC+1 POOR C\NTRIES W\LD BE OBLIG$ TO AB&ON PRICE SUPPORTS ON BASIC FOOD/UFFS1 OR EV5 POLICIES ( KEEP+ /RATEGIC FOOD RES]VES1 & AB&ON FREE HEAL? C>E & FREE $UCATION2 H[ ALL ( ?IS HAD L$ TO ! COLLAPSE ( ALL ! MO/ BASIC SUPPORTS = SOME ( ! POORE/ & MO/ VULN]ABLE PEOPLE ON E>?4 ,I SPOKE ( POV]TY1 ( ! LOOT+ ( PUBLIC RES\RCES1 ! COLLAPSE ( SOCIETIES1 5DEMIC VIOL5CE1 MALNUTRITION1 HOPELESSNESS1 & BROK5 LIVES4 

0,BUT :AT WAS Y\R POSITION80 ! LAWY] ASK$4 

0,AB\T ! ,I,M,F8 ,WE WANT$ TO ABOLI% IT40 

0,NO1 ,I MEAN1 AB\T ! ,?IRD ,WORLD DEBT40 

0,OH1 WE WANT$ TO ABOLI% ?AT TOO4 ,! IMM$IATE DEM& WAS TO /OP ! ,I,M,F FROM IMPOS+ /RUCTURAL ADJU/M5T POLICIES1 :I* W]E DO+ ALL ! DIRECT DAMAGE1 BUT WE MANAG$ TO ACCOMPLI% ?AT SURPRIS+LY QUICKLY4 ,! MORE LONG-T]M AIM WAS DEBT AMNE/Y4 ,SOME?+ ALONG ! L9ES ( ! BIBLICAL ,JUBILEE4 ,AS F> AS WE W]E CONC]N$10 ,I TOLD H]1 0?IRTY YE>S ( MONEY FL[+ FROM ! POORE/ C\NTRIES TO ! RI*E/ WAS QUITE 5\<40 

0,BUT10 %E OBJECT$1 AS IF ?IS W]E SELF-EVID5T1 0!Y'D BORR[$ ! MONEY6 ,SURELY ONE HAS TO PAY ONE'S DEBTS40 

,IT WAS AT ?IS PO9T ?AT ,I REALIZ$ ?IS WAS GO+ TO BE A V]Y DIFF]5T SORT ( CONV]SATION ?AN ,I HAD ORIG9ALLY ANTICIPAT$4 

,:]E TO />T8 ,I C\LD HAVE BEGUN BY EXPLA9+ H[ !SE LOANS HAD ORIG9ALLY BE5 TAK5 \T BY UNELECT$ DICTATORS :O PLAC$ MO/ ( IT DIRECTLY 9 !IR ,SWISS BANK ACC\NTS1 & ASK H] TO CONTEMPLATE ! JU/ICE ( 9SI/+ ?AT ! L5D]S BE REPAID1 NOT BY ! DICTATOR1 OR EV5 BY HIS CRONIES1 BUT BY LIT]ALLY TAK+ FOOD FROM ! M\?S ( HUNGRY *ILDR54 ,OR TO ?9K AB\T H[ MANY ( !SE POOR C\NTRIES HAD ACTUALLY ALREADY PAID BACK :AT !Y'D BORR[$ ?REE OR F\R TIMES N[1 BUT ?AT ?R\< ! MIRACLE ( COMP\ND 9T]E/1 IT /ILL HADN'T MADE A SIGNIFICANT D5T 9 ! PR9CIPAL4 ,I C\LD ALSO OBS]VE ?AT !RE WAS A DIFF]5CE BETWE5 REF9ANC+ LOANS1 & DEM&+ ?AT 9 ORD] TO OBTA9 REF9ANC+1 C\NTRIES HAVE TO FOLL[ SOME OR?ODOX FREE-M>KET ECONOMIC POLICY DESIGN$ 9 ,WA%+TON OR ,ZURI* ?AT !IR CITIZ5S HAD NEV] AGRE$ TO & NEV] W\LD1 & ?AT IT WAS A BIT DI%ONE/ TO 9SI/ ?AT C\NTRIES ADOPT DEMOCRATIC CON/ITUTIONS & !N ALSO 9SI/ ?AT1 :OEV] GETS ELECT$1 !Y HAVE NO CONTROL OV] !IR C\NTRY'S POLICIES ANYWAY4 ,OR ?AT ! ECONOMIC POLICIES IMPOS$ BY ! ,I,M,F DIDN'T EV5 WORK4 ,BUT !RE WAS A MORE BASIC PROBLEM3 ! V]Y ASSUMPTION ?AT DEBTS HAVE TO BE REPAID4 

,ACTUALLY1 ! REM>KABLE ?+ AB\T ! /ATEM5T 0ONE HAS TO PAY ONE'S DEBTS0 IS ?AT EV5 ACCORD+ TO /&>D ECONOMIC !ORY1 IT ISN'T TRUE4 ,A L5D] IS SUPPOS$ TO ACCEPT A C]TA9 DEGREE ( RISK4 ,IF ALL LOANS1 NO MATT] H[ IDIOTIC1 W]E /ILL RETRIEVABLE--IF !RE W]E NO BANKRUPTCY LAWS1 = 9/ANCE--! RESULTS W\LD BE DISA/R\S4 ,:AT REASON W\LD L5D]S HAVE NOT TO MAKE A /UPID LOAN8 

0,WELL1 ,I KN[ ?AT S\NDS LIKE COMMON S5SE10 ,I SAID1 0BUT ! FUNNY ?+ IS1 ECONOMICALLY1 ?AT'S NOT H[ LOANS >E ACTUALLY SUPPOS$ TO WORK4 ,F9ANCIAL 9/ITUTIONS >E SUPPOS$ TO BE WAYS ( DIRECT+ RES\RCES T[>D PR(ITABLE 9VE/M5TS4 ,IF A BANK W]E GU>ANTE$ TO GET ITS MONEY BACK1 PLUS 9T]E/1 NO MATT] :AT IT DID1 ! :OLE SY/EM W\LDN'T WORK4 ,SAY ,I W]E TO WALK 9TO ! NE>E/ BRAN* ( ! ,ROYAL ,BANK ( ,SCOTL& & SAY ',Y\ KN[1 ,I JU/ GOT A REALLY GREAT TIP ON ! HORSES4 ,?9K Y\ C\LD L5D ME A C\PLE MILLION QUID8' ,OBVI\SLY !Y'D JU/ LAU< AT ME4 ,BUT ?AT'S JU/ BECAUSE !Y KN[ IF MY HORSE DIDN'T COME 91 !RE'D BE NO WAY = !M TO GET ! MONEY BACK4 ,BUT1 IMAG9E !RE WAS SOME LAW ?AT SAID !Y W]E GU>ANTE$ TO GET !IR MONEY BACK NO MATT] :AT HAPP5S1 EV5 IF ?AT MEANT1 ,I DON'T KN[1 SELL+ MY DAU<T] 9TO SLAV]Y OR H>VE/+ MY ORGANS OR SOME?+4 ,WELL1 9 ?AT CASE1 :Y NOT8 ,:Y BO!R WAIT+ = SOMEONE TO WALK 9 :O HAS A VIABLE PLAN TO SET UP A LAUNDROMAT OR SOME SU*8 ,BASICALLY1 ?AT'S ! SITUATION ! ,I,M,F CREAT$ ON A GLOBAL LEVEL--:I* IS H[ Y\ C\LD HAVE ALL ?OSE BANKS WILL+ TO =K OV] BILLIONS ( DOLL>S TO A BUN* ( OBVI\S CROOKS 9 ! FIR/ PLACE40 

,I DIDN'T GET QUITE ?AT F>1 BECAUSE AT AB\T ?AT PO9T A DRUNK5 F9ANCI] APPE>$1 HAV+ NOTIC$ ?AT WE W]E TALK+ AB\T MONEY1 & BEGAN TELL+ FUNNY /ORIES AB\T MORAL HAZ>D--:I* SOMEH[1 BE=E TOO LONG1 HAD MORPH$ 9TO A LONG & NOT P>TICUL>LY 5GROSS+ ACC\NT ( ONE ( HIS SEXUAL CONQUE/S4 ,I DRIFT$ (F4 

,/ILL1 = SEV]AL DAYS AFT]W>DS1 ?AT PHRASE KEPT RESONAT+ 9 MY HEAD4 

0,SURELY ONE HAS TO PAY ONE'S DEBTS40 

,! REASON IT'S SO P[]FUL IS ?AT IT'S NOT ACTUALLY AN ECONOMIC /ATEM5T3 IT'S A MORAL /ATEM5T4 ,AFT] ALL1 ISN'T PAY+ ONE'S DEBTS :AT MORALITY IS SUPPOS$ TO BE ALL AB\T8 ,GIV+ PEOPLE :AT IS DUE !M4 ,ACCEPT+ ONE'S RESPONSIBILITIES4 ,FULFILL+ ONE'S OBLIGATIONS TO O!RS1 JU/ AS ONE W\LD EXPECT !M TO FULFILL !IR OBLIGATIONS TO Y\4 ,:AT C\LD BE A MORE OBVI\S EXAMPLE ( %IRK+ ONE'S RESPONSIBILITIES ?AN R5EG+ ON A PROMISE1 OR REFUS+ TO PAY A DEBT8 

,IT WAS ?AT V]Y APP>5T SELF-EVID5CE1 ,I REALIZ$1 ?AT MADE ! /ATEM5T SO 9SIDI\S4 ,?IS WAS ! K9D ( L9E ?AT C\LD MAKE T]RIBLE ?+S APPE> UTT]LY BL& & UNREM>KABLE4 ,?IS MAY S\ND /RONG1 BUT IT'S H>D NOT TO FEEL /RONGLY AB\T SU* MATT]S ONCE Y\'VE WITNESS$ ! EFFECTS4 ,I HAD4 ,= ALMO/ TWO YE>S1 ,I HAD LIV$ 9 ! HI<L&S ( ,MADAGASC>4 ,%ORTLY BE=E ,I >RIV$1 !RE HAD BE5 AN \TBREAK ( MAL>IA4 ,IT WAS A P>TICUL>LY VIRUL5T \TBREAK BECAUSE MAL>IA HAD BE5 WIP$ \T 9 HI<L& ,MADAGASC> MANY YE>S BE=E1 SO ?AT1 AFT] A C\PLE ( G5]ATIONS1 MO/ PEOPLE HAD LO/ !IR IMMUNITY4 ,! PROBLEM WAS1 IT TOOK MONEY TO MA9TA9 ! MOSQUITO ]ADICATION PROGRAM1 S9CE !RE HAD TO BE P]IODIC TE/S TO MAKE SURE MOSQUITOES W]5'T />T+ TO BRE$ AGA9 & SPRAY+ CAMPAIGNS IF IT WAS DISCOV]$ ?AT !Y W]E4 ,NOT A LOT ( MONEY4 ,BUT [+ TO ,I,M,F-IMPOS$ AU/]ITY PROGRAMS1 ! GOV]NM5T HAD TO CUT ! MONITOR+ PROGRAM4 ,T5 ?\S& PEOPLE DI$4 ,I MET Y\NG MO!RS GRIEV+ = LO/ *ILDR54 ,ONE MI<T ?9K IT W\LD BE H>D TO MAKE A CASE ?AT ! LOSS ( T5 ?\S& HUMAN LIVES IS REALLY JU/IFI$ 9 ORD] TO 5SURE ?AT ,CITIBANK W\LDN'T HAVE TO CUT ITS LOSSES ON ONE IRRESPONSIBLE LOAN ?AT WASN'T P>TICUL>LY IMPORTANT TO ITS BALANCE %EET ANYWAY4 ,BUT H]E WAS A P]FECTLY DEC5T WOMAN--ONE :O WORK$ = A *>ITABLE ORGANIZATION1 NO LESS--:O TOOK IT AS SELF-EVID5T ?AT IT WAS4 ,AFT] ALL1 !Y [$ ! MONEY1 & SURELY ONE HAS TO PAY ONE'S DEBTS4 

,= ! NEXT FEW WEEKS1 ?AT PHRASE KEPT COM+ BACK AT ME4 ,:Y DEBT8 ,:AT MAKES ! CONCEPT SO /RANGELY P[]FUL8 ,CONSUM] DEBT IS ! LIFEBLOOD ( \R ECONOMY4 ,ALL MOD]N NATION-/ATES >E BUILT ON DEFICIT SP5D+4 ,DEBT HAS COME TO BE ! C5TRAL ISSUE ( 9T]NATIONAL POLITICS4 ,BUT NOBODY SEEMS TO KN[ EXACTLY :AT IT IS1 OR H[ TO ?9K AB\T IT4 

,! V]Y FACT ?AT WE DON'T KN[ :AT DEBT IS1 ! V]Y FLEXIBILITY ( ! CONCEPT1 IS ! BASIS ( ITS P[]4 ,IF HI/ORY %[S ANY?+1 IT IS ?AT !RE'S NO BETT] WAY TO JU/IFY RELATIONS F\ND$ ON VIOL5CE1 TO MAKE SU* RELATIONS SEEM MORAL1 ?AN BY REFRAM+ !M 9 ! LANGUAGE ( DEBT--ABOVE ALL1 BECAUSE IT IMM$IATELY MAKES IT SEEM ?AT IT'S ! VICTIM :O'S DO+ SOME?+ WRONG4 ,MAFIOSI UND]/& ?IS4 ,SO DO ! COMM&]S ( CONQU]+ >MIES4 ,= ?\S&S ( YE>S1 VIOL5T M5 HAVE BE5 ABLE TO TELL !IR VICTIMS ?AT ?OSE VICTIMS [E !M SOME?+4 ,IF NO?+ ELSE1 !Y 0[E !M !IR LIVES0 7A TELL+ PHRASE7 BECAUSE !Y HAV5'T BE5 KILL$4 

,N[ADAYS1 = EXAMPLE1 MILIT>Y AGGRESSION IS DEF9$ AS A CRIME AGA9/ HUMANITY1 & 9T]NATIONAL C\RTS1 :5 !Y >E BR\<T TO BE>1 USUALLY DEM& ?AT AGGRESSORS PAY COMP5SATION4 ,G]MANY HAD TO PAY MASSIVE REP>ATIONS AFT] ,WORLD ,W> ,I1 & ,IRAQ IS /ILL PAY+ ,KUWAIT = ,SADDAM ,HUSSE9'S 9VASION 9 #a#i#i4 ,YET ! ,?IRD ,WORLD DEBT1 ! DEBT ( C\NTRIES LIKE ,MADAGASC>1 ,BOLIVIA1 & ! ,PHILIPP9ES1 SEEMS TO WORK PRECISELY ! O!R WAY >\ND4 ,?IRD ,WORLD DEBTOR NATIONS >E ALMO/ EXCLUSIVELY C\NTRIES ?AT HAVE AT ONE TIME BE5 ATTACK$ & CONQU]$ BY ,EUROPEAN C\NTRIES--(T51 ! V]Y C\NTRIES TO :OM !Y N[ [E MONEY4 ,9 #a#h#i#e1 = EXAMPLE1 ,FRANCE 9VAD$ ,MADAGASC>1 DISB&$ ! GOV]NM5T ( !N-,QUE5 ,RANAVALONA ,I,I,I1 & DECL>$ ! C\NTRY A ,FR5* COLONY4 ,ONE ( ! FIR/ ?+S ,G5]AL ,GALLI5I DID AFT] 0PACIFICATION10 AS !Y LIK$ TO CALL IT !N1 WAS TO IMPOSE HEAVY TAXES ON ! ,MALAGASY POPULATION1 9 P>T SO !Y C\LD REIMBURSE ! CO/S ( HAV+ BE5 9VAD$1 BUT ALSO1 S9CE ,FR5* COLONIES W]E SUPPOS$ TO BE FISCALLY SELF-SUPPORT+1 TO DEFRAY ! CO/S ( BUILD+ ! RAILROADS1 HI<WAYS1 BRIDGES1 PLANTATIONS1 & SO =? ?AT ! ,FR5* REGIME WI%$ TO BUILD4 ,MALAGASY TAXPAY]S W]E NEV] ASK$ :E!R !Y WANT$ !SE RAILROADS1 HI<WAYS1 BRIDGES1 & PLANTATIONS1 OR ALL[$ MU* 9PUT 9TO :]E & H[ !Y W]E BUILT4.<#a.> ,TO ! CONTR>Y3 OV] ! NEXT HALF C5TURY1 ! ,FR5* >MY & POLICE SLAU<T]$ QUITE A NUMB] ( ,MALAGASY :O OBJECT$ TOO /RONGLY TO ! >RANGEM5T 7UPW>DS ( HALF A MILLION1 BY SOME REPORTS1 DUR+ ONE REVOLT 9 #a#i#d#g74 ,IT'S NOT AS IF ,MADAGASC> HAS EV] DONE ANY COMP>ABLE DAMAGE TO ,FRANCE4 ,DESPITE ?IS1 FROM ! BEG9N+1 ! ,MALAGASY PEOPLE W]E TOLD !Y [$ ,FRANCE MONEY1 & TO ?IS DAY1 ! ,MALAGASY PEOPLE >E /ILL HELD TO [E ,FRANCE MONEY1 & ! RE/ ( ! WORLD ACCEPTS ! JU/ICE ( ?IS >RANGEM5T4 ,:5 ! 09T]NATIONAL COMMUNITY0 DOES P]CEIVE A MORAL ISSUE1 IT'S USUALLY :5 !Y FEEL ! ,MALAGASY GOV]NM5T IS BE+ SL[ TO PAY !IR DEBTS4 

,BUT DEBT IS NOT JU/ VICTOR'S JU/ICE2 IT CAN ALSO BE A WAY ( PUNI%+ W9N]S :O W]5'T SUPPOS$ TO W94 ,! MO/ SPECTACUL> EXAMPLE ( ?IS IS ! HI/ORY ( ! ,REPUBLIC ( ,HAITI--! FIR/ POOR C\NTRY TO BE PLAC$ 9 P]MAN5T DEBT PEONAGE4 ,HAITI WAS A NATION F\ND$ BY =M] PLANTATION SLAVES :O HAD ! TEM]ITY NOT ONLY TO RISE UP 9 REBELLION1 AMID GR& DECL>ATIONS ( UNIV]SAL RI<TS & FRE$OMS1 BUT TO DEFEAT ,NAPOLEON'S >MIES S5T TO RETURN !M TO BONDAGE4 ,FRANCE IMM$IATELY 9SI/$ ?AT ! NEW REPUBLIC [$ IT #ae MILLION FRANCS 9 DAMAGES = ! EXPROPRIAT$ PLANTATIONS1 AS WELL AS ! EXP5SES ( \TFITT+ ! FAIL$ MILIT>Y EXP$ITIONS1 & ALL O!R NATIONS1 9CLUD+ ! ,UNIT$ ,/ATES1 AGRE$ TO IMPOSE AN EMB>GO ON ! C\NTRY UNTIL IT WAS PAID4 ,! SUM WAS 9T5TIONALLY IMPOSSIBLE 7EQUIVAL5T TO AB\T #ah BILLION DOLL>S71 & ! RESULTANT EMB>GO 5SUR$ ?AT ! NAME 0,HAITI0 HAS BE5 A SYNONYM = DEBT1 POV]TY1 & HUMAN MIS]Y EV] S9CE4.<#b.> 

,SOMETIMES1 ?\<1 DEBT SEEMS TO MEAN ! V]Y OPPOSITE4 ,/>T+ 9 ! #a#i#hS1 ! ,UNIT$ ,/ATES1 :I* 9SI/$ ON /RICT T]MS = ! REPAYM5T ( ,?IRD ,WORLD DEBT1 ITSELF ACCRU$ DEBTS ?AT EASILY DW>F$ ?OSE ( ! 5TIRE ,?IRD ,WORLD COMB9$--MA9LY FUEL$ BY MILIT>Y SP5D+4 ,! ,U4,S4 =EIGN DEBT1 ?\<1 TAKES ! =M ( TREASURY BONDS HELD BY 9/ITUTIONAL 9VE/ORS 9 C\NTRIES 7,G]MANY1 ,JAPAN1 ,S\? ,KOREA1 ,TAIWAN1 ,?AIL&1 ! ,GULF ,/ATES7 ?AT >E 9 MO/ CASES1 EFFECTIVELY1 ,U4,S4 MILIT>Y PROTECTORATES1 MO/ COV]$ 9 ,U4,S4 BASES FULL ( >MS & EQUIPM5T PAID = ) ?AT V]Y DEFICIT SP5D+4 ,?IS HAS *ANG$ A LITTLE N[ ?AT ,*9A HAS GOTT5 9 ON ! GAME 7,*9A IS A SPECIAL CASE1 = REASONS ?AT WILL BE EXPLA9$ LAT]71 BUT NOT V]Y MU*--EV5 ,*9A F9DS ?AT ! FACT IT HOLDS SO MANY ,U4,S4 TREASURY BONDS MAKES IT TO SOME DEGREE BEHOLD5 TO ,U4,S4 9T]E/S1 RA!R ?AN ! O!R WAY >\ND4 

,SO :AT IS ! /ATUS ( ALL ?IS MONEY CONT9UALLY BE+ FUNNEL$ 9TO ! ,U4,S4 TREASURY8 ,>E !SE LOANS8 ,OR IS IT TRIBUTE8 ,9 ! PA/1 MILIT>Y P[]S ?AT MA9TA9$ HUNDR$S ( MILIT>Y BASES \TSIDE !IR [N HOME T]RITORY W]E ORD9>ILY REF]R$ TO AS 0EMPIRES10 & EMPIRES REGUL>LY DEM&$ TRIBUTE FROM SUBJECT PEOPLES4 ,! ,U4,S4 GOV]NM5T1 ( C\RSE1 9SI/S ?AT IT IS NOT AN EMPIRE--BUT ONE C\LD EASILY MAKE A CASE ?AT ! ONLY REASON IT 9SI/S ON TREAT+ !SE PAYM5TS AS 0LOANS0 & NOT AS 0TRIBUTE0 IS PRECISELY TO D5Y ! REALITY ( :AT'S GO+ ON4 

,N[1 IT'S TRUE ?AT1 ?R\<\T HI/ORY1 C]TA9 SORTS ( DEBT1 & C]TA9 SORTS ( DEBTOR1 HAVE ALWAYS BE5 TREAT$ DIFF]5TLY ?AN O!RS4 ,9 ! #a#g#bS1 ONE ( ! ?+S ?AT MO/ SC&ALIZ$ ! ,BRITI% PUBLIC :5 CONDITIONS AT DEBTORS' PRISONS W]E EXPOS$ 9 ! POPUL> PRESS WAS ! FACT ?AT !SE PRISONS W]E REGUL>LY DIVID$ 9TO TWO SECTIONS4 ,>I/OCRATIC 9MATES1 :O (T5 ?\<T ( A BRIEF /AY 9 ,FLEET OR ,M>%ALSEA AS SOME?+ ( A FA%ION /ATEM5T1 W]E W9$ & D9$ BY LIV]I$ S]VANTS & ALL[$ TO RECEIVE REGUL> VISITS FROM PRO/ITUTES4 ,ON ! 0COMMON SIDE10 IMPOV]I%$ DEBTORS W]E %ACKL$ TOGE!R 9 T9Y CELLS1 0COV]$ ) FIL? & V]M910 AS ONE REPORT PUT IT1 0& SUFF]$ TO DIE1 )\T PITY1 ( HUNG] & JAIL FEV]40.<#c.> 

,9 A WAY Y\ CAN SEE CURR5T WORLD ECONOMIC >RANGEM5TS AS A MU* L>G] V]SION ( ! SAME ?+3 ! ,U4,S4 9 ?IS CASE BE+ ! ,CADILLAC DEBTOR1 ,MADAGASC> ! PAUP] />V+ 9 ! NEXT CELL--:ILE ! ,CADILLAC DEBTORS' S]VANTS LECTURE HIM ON H[ HIS PROBLEMS >E DUE TO HIS [N IRRESPONSIBILITY4 

,& !RE'S SOME?+ MORE FUNDAM5TAL GO+ ON H]E1 A PHILOSOPHICAL QUE/ION1 EV51 ?AT WE MI<T DO WELL TO CONTEMPLATE4 ,:AT IS ! DIFF]5CE BETWE5 A GANG/] PULL+ \T A GUN & DEM&+ Y\ GIVE HIM A ?\S& DOLL>S ( 0PROTECTION MONEY10 & ?AT SAME GANG/] PULL+ \T A GUN & DEM&+ Y\ PROVIDE HIM ) A ?\S&-DOLL> 0LOAN08 ,9 MO/ WAYS1 OBVI\SLY1 NO?+4 ,BUT 9 C]TA9 WAYS !RE IS A DIFF]5CE4 ,AS 9 ! CASE ( ! ,U4,S4 DEBT TO ,KOREA OR ,JAPAN1 W]E ! BALANCE ( P[] AT ANY PO9T TO %IFT1 W]E ,AM]ICA TO LOSE ITS MILIT>Y SUPREMACY1 W]E ! GANG/] TO LOSE HIS H5*M51 ?AT 0LOAN0 MI<T />T BE+ TREAT$ V]Y DIFF]5TLY4 ,IT MI<T BECOME A G5U9E LIABILITY4 ,BUT ! CRUCIAL ELEM5T W\LD /ILL SEEM TO BE ! GUN4 

,!RE'S AN OLD VAUDEVILLE GAG ?AT MAKES ! SAME PO9T EV5 MORE ELEGANTLY--H]E1 AS IMPROV$ ON BY ,/EVE ,WRI<T3 

,I WAS WALK+ D[N ! /REET ) A FRI5D ! O!R DAY & A GUY ) A GUN JUMPS \T ( AN ALLEY & SAYS 0/ICK 'EM UP40 

,AS ,I PULL \T MY WALLET1 ,I FIGURE1 0%\LDN'T BE A TOTAL LOSS40 ,SO ,I PULL \T SOME MONEY1 TURN TO MY FRI5D & SAY1 0,HEY1 ,F]D1 H]E'S ?AT FIFTY BUCKS ,I [E Y\40 

,! ROBB] WAS SO (F5D$ HE TOOK \T A ?\S& DOLL>S ( HIS [N MONEY1 =C$ ,F]D TO L5D IT TO ME AT GUNPO9T1 & !N TOOK IT BACK AGA94 

,9 ! F9AL ANALYSIS1 ! MAN ) ! GUN DOESN'T HAVE TO DO ANY?+ HE DOESN'T WANT TO DO4 ,BUT 9 ORD] TO BE ABLE TO RUN EV5 A REGIME BAS$ ON VIOL5CE EFFECTIVELY1 ONE NE$S TO E/ABLI% SOME K9D ( SET ( RULES4 ,! RULES CAN BE COMPLETELY >BITR>Y4 ,9 A WAY IT DOESN'T EV5 MATT] :AT !Y >E4 ,OR1 AT LEA/1 IT DOESN'T MATT] AT FIR/4 ,! PROBLEM IS1 ! MOM5T ONE />TS FRAM+ ?+S 9 T]MS ( DEBT1 PEOPLE WILL 9EVITABLY />T ASK+ :O REALLY [ES :AT TO :OM4 

,>GUM5TS AB\T DEBT HAVE BE5 GO+ ON = AT LEA/ FIVE ?\S& YE>S4 ,= MO/ ( HUMAN HI/ORY--AT LEA/1 ! HI/ORY ( /ATES & EMPIRES--MO/ HUMAN BE+S HAVE BE5 TOLD ?AT !Y >E DEBTORS4.<#d.> ,HI/ORIANS1 & P>TICUL>LY HI/ORIANS ( IDEAS1 HAVE BE5 ODDLY RELUCTANT TO CONSID] ! HUMAN CONSEQU5CES2 ESPECIALLY S9CE ?IS SITUATION--MORE ?AN ANY O!R--HAS CAUS$ CONT9UAL \TRAGE & RES5TM5T4 ,TELL PEOPLE !Y >E 9F]IOR1 !Y >E UNLIKELY TO BE PLEAS$1 BUT ?IS SURPRIS+LY R>ELY LEADS TO >M$ REVOLT4 ,TELL PEOPLE ?AT !Y >E POT5TIAL EQUALS :O HAVE FAIL$1 & ?AT !RE=E1 EV5 :AT !Y DO HAVE !Y DO NOT DES]VE1 ?AT IT ISN'T RI<TLY !IRS1 & Y\ >E MU* MORE LIKELY TO 9SPIRE RAGE4 ,C]TA9LY ?IS IS :AT HI/ORY W\LD SEEM TO TEA* US4 ,= ?\S&S ( YE>S1 ! /RUGGLE BETWE5 RI* & POOR HAS L>GELY TAK5 ! =M ( CONFLICTS BETWE5 CR$ITORS & DEBTORS--( >GUM5TS AB\T ! RI<TS & WRONGS ( 9T]E/ PAYM5TS1 DEBT PEONAGE1 AMNE/Y1 REPOSSESSION1 RE/ITUTION1 ! SEQUE/]+ ( %EEP1 ! SEIZ+ ( V9EY>DS1 & ! SELL+ ( DEBTORS' *ILDR5 9TO SLAV]Y4 ,BY ! SAME TOK51 = ! LA/ FIVE ?\S& YE>S1 ) REM>KABLE REGUL>ITY1 POPUL> 9SURRECTIONS HAVE BEGUN ! SAME WAY3 ) ! RITUAL DE/RUCTION ( ! DEBT RECORDS--TABLETS1 PAPYRI1 L$G]S1 :ATEV] =M !Y MI<T HAVE TAK5 9 ANY P>TICUL> TIME & PLACE4 7,AFT] ?AT1 REBELS USUALLY GO AFT] ! RECORDS ( L&HOLD+ & TAX ASSESSM5TS47 ,AS ! GREAT CLASSICI/ ,MOSES ,F9LEY (T5 LIK$ TO SAY1 9 ! ANCI5T WORLD1 ALL REVOLUTION>Y MOVEM5TS HAD A S+LE PROGRAM3 0,CANCEL ! DEBTS & R$I/RIBUTE ! L&40.<#e.> 

,\R T5D5CY TO OV]LOOK ?IS IS ALL ! MORE PECULI> :5 Y\ CONSID] H[ MU* ( \R CONTEMPOR>Y MORAL & RELIGI\S LANGUAGE ORIG9ALLY EM]G$ DIRECTLY FROM !SE V]Y CONFLICTS4 ,T]MS LIKE 0RECKON+0 OR 0R$EMPTION0 >E ONLY ! MO/ OBVI\S1 S9CE !Y'RE TAK5 DIRECTLY FROM ! LANGUAGE ( ANCI5T F9ANCE4 ,9 A L>G] S5SE1 ! SAME CAN BE SAID ( 0GUILT10 0FRE$OM10 0=GIV5ESS10 & EV5 0S940 ,>GUM5TS AB\T :O REALLY [ES :AT TO :OM HAVE PLAY$ A C5TRAL ROLE 9 %AP+ \R BASIC VOCABUL>Y ( RI<T & WRONG4 

,! FACT ?AT SO MU* ( ?IS LANGUAGE DID TAKE %APE 9 >GUM5TS AB\T DEBT HAS LEFT ! CONCEPT /RANGELY 9COH]5T4 ,AFT] ALL1 TO >GUE ) ! K+1 ONE HAS TO USE ! K+'S LANGUAGE1 :E!R OR NOT ! 9ITIAL PREMISES MAKE S5SE4 

,IF ONE LOOKS AT ! HI/ORY ( DEBT1 !N1 :AT ONE DISCOV]S FIR/ ( ALL IS PR(\ND MORAL CONFUSION4 ,ITS MO/ OBVI\S MANIFE/ATION IS ?AT MO/ EV]Y:]E1 ONE F9DS ?AT ! MAJORITY ( HUMAN BE+S HOLD SIMULTANE\SLY ?AT 7#a7 PAY+ BACK MONEY ONE HAS BORR[$ IS A SIMPLE MATT] ( MORALITY1 & 7#b7 ANYONE 9 ! HABIT ( L5D+ MONEY IS EVIL4 

,IT'S TRUE ?AT OP9IONS ON ?IS LATT] PO9T DO %IFT BACK & =?4 ,ONE EXTREME POSSIBILITY MI<T BE ! SITUATION ! ,FR5* AN?ROPOLOGI/ ,JEAN-,CLAUDE ,GALEY 5C\NT]$ 9 A REGION ( ! EA/]N ,HIMALAYAS1 :]E AS REC5TLY AS ! #a#i#gS1 ! L[-RANK+ CA/ES--!Y W]E REF]R$ TO AS 0! VANQUI%$ ONES10 S9CE !Y W]E ?\<T TO BE DESC5D$ FROM A POPULATION ONCE CONQU]$ BY ! CURR5T L&LORD CA/E1 MANY C5TURIES BE=E--LIV$ 9 A SITUATION ( P]MAN5T DEBT DEP5D5CY4 ,L&LESS & P5NILESS1 !Y W]E OBLIG$ TO SOLICIT LOANS FROM ! L&LORDS SIMPLY TO F9D A WAY TO EAT--NOT = ! MONEY1 S9CE ! SUMS W]E PALTRY1 BUT BECAUSE POOR DEBTORS W]E EXPECT$ TO PAY BACK ! 9T]E/ 9 ! =M ( WORK1 :I* MEANT !Y W]E AT LEA/ PROVID$ ) FOOD & %ELT] :ILE !Y CLEAN$ \T !IR CR$ITORS' \?\SES & R]O($ !IR %$S4 ,= ! 0VANQUI%$0--AS = MO/ PEOPLE 9 ! WORLD1 ACTUALLY--! MO/ SIGNIFICANT LIFE EXP5SES W]E W$D+S & FUN]ALS4 ,!SE REQUIR$ A GOOD DEAL ( MONEY1 :I* ALWAYS HAD TO BE BORR[$4 ,9 SU* CASES IT WAS COMMON PRACTICE1 ,GALEY EXPLA9S1 = HI<-CA/E MONEYL5D]S TO DEM& ONE ( ! BORR[]'S DAU<T]S AS SECURITY4 ,(T51 :5 A POOR MAN HAD TO BORR[ MONEY = HIS DAU<T]'S M>RIAGE1 ! SECURITY W\LD BE ! BRIDE H]SELF4 ,%E W\LD BE EXPECT$ TO REPORT TO ! L5D]'S H\SEHOLD AFT] H] W$D+ NI<T1 SP5D A FEW MON?S !RE AS HIS CONCUB9E1 & !N1 ONCE HE GREW BOR$1 BE S5T (F TO SOME NE>BY TIMB] CAMP1 :]E %E W\LD HAVE TO SP5D ! NEXT YE> OR TWO AS A PRO/ITUTE WORK+ (F H] FA!R'S DEBT4 ,ONCE IT WAS PAID (F1 %E'D RETURN TO H] HUSB& & BEG9 H] M>RI$ LIFE4.<#f.> 

,?IS SEEMS %OCK+1 \TRAGE\S EV51 BUT ,GALEY DOES NOT REPORT ANY WIDESPREAD FEEL+ ( 9JU/ICE4 ,EV]YONE SEEM$ TO FEEL ?AT ?IS WAS JU/ ! WAY ?+S WORK$4 ,NEI!R WAS !RE MU* CONC]N VOIC$ AMONG ! LOCAL ,BRAHM9S1 :O W]E ! ULTIMATE >BIT]S 9 MATT]S ( MORALITY--?\< ?IS IS H>DLY SURPRIS+1 S9CE ! MO/ PROM95T MONEYL5D]S W]E (T5 ,BRAHM9S !MSELVES4 

,EV5 H]E1 ( C\RSE1 IT'S H>D TO KN[ :AT PEOPLE W]E SAY+ BEH9D CLOS$ DOORS4 ,IF A GR\P ( ,MAOI/ REBELS W]E TO SUDD5LY SEIZE CONTROL ( ! >EA 7SOME DO OP]ATE 9 ?IS P>T ( RURAL ,9DIA7 & R\ND UP ! LOCAL USUR]S = TRIAL1 WE MI<T HE> ALL SORTS ( VIEWS EXPRESS$4 

,/ILL1 :AT ,GALEY DESCRIBES REPRES5TS1 AS ,I SAY1 ONE EXTREME ( POSSIBILITY3 ONE 9 :I* ! USUR]S !MSELVES >E ! ULTIMATE MORAL AU?ORITIES4 ,COMP>E ?IS )1 SAY1 M$IEVAL ,FRANCE1 :]E ! MORAL /ATUS ( MONEYL5D]S WAS S]I\SLY 9 QUE/ION4 ,! ,CA?OLIC ,*UR* HAD ALWAYS =BIDD5 ! PRACTICE ( L5D+ MONEY AT 9T]E/1 BUT ! RULES (T5 FELL 9TO DESUETUDE1 CAUS+ ! ,*UR* HI]>*Y TO AU?ORIZE PREA*+ CAMPAIGNS1 S5D+ M5DICANT FRI>S TO TRAVEL FROM T[N TO T[N W>N+ USUR]S ?AT UNLESS !Y REP5T$ & MADE FULL RE/ITUTION ( ALL 9T]E/ EXTRACT$ FROM !IR VICTIMS1 !Y W\LD SURELY GO TO ,HELL4 

,!SE S]MONS1 MANY ( :I* HAVE SURVIV$1 >E FULL ( HORROR /ORIES ( ,GOD'S JUDGM5T ON UNREP5TANT L5D]S3 /ORIES ( RI* M5 /RUCK D[N BY MADNESS OR T]RIBLE DISEASES1 HAUNT$ BY DEA?B$ NI<TM>ES ( ! SNAKES OR DEMONS :O W\LD SOON R5D OR EAT !IR FLE%4 ,9 ! TWELF? C5TURY1 :5 SU* CAMPAIGNS REA*$ !IR HEI<TS1 MORE DIRECT SANCTIONS BEGAN TO BE EMPLOY$4 ,! PAPACY ISSU$ 9/RUCTIONS TO LOCAL P>I%ES ?AT ALL KN[N USUR]S W]E TO BE EXCOMMUNICAT$2 !Y W]E NOT TO BE ALL[$ TO RECEIVE ! SACRAM5TS1 & UND] NO CONDITIONS C\LD !IR BODIES BE BURI$ ON HALL[$ GR\ND4 ,ONE ,FR5* C>D9AL1 ,JACQUES DE ,VITRY1 WRIT+ >\ND #a#b#a1 RECORD$ ! /ORY ( A P>TICUL>LY 9FLU5TIAL MONEYL5D] :OSE FRI5DS TRI$ TO PRESSURE !IR P>I% PRIE/ TO OV]LOOK ! RULES & ALL[ HIM TO BE BURI$ 9 ! LOCAL *UR*Y>D3 

,S9CE ! DEAD USUR]'S FRI5DS W]E V]Y 9SI/5T1 ! PRIE/ YIELD$ TO !IR PRESSURE & SAID1 0,LET US PUT HIS BODY ON A DONKEY & SEE ,GOD'S WILL1 & :AT ,HE WILL DO ) ! BODY4 ,:]EV] ! DONKEY TAKES IT1 BE IT A *UR*1 A CEMET]Y1 OR ELSE:]E1 !RE WILL ,I BURY IT40 ,! BODY WAS PLAC$ UPON ! DONKEY :I* )\T DEVIAT+ EI!R TO RI<T OR LEFT1 TOOK IT /RAI<T \T ( T[N TO ! PLACE :]E ?IEVES >E HANG$ FROM ! GIBBET1 & ) A HE>TY BUCK1 S5T ! CADAV] FLY+ 9TO ! DUNG B5EA? ! GALL[S4.<#g.> 

,LOOK+ OV] WORLD LIT]ATURE1 IT IS ALMO/ IMPOSSIBLE TO F9D A S+LE SYMPA!TIC REPRES5TATION ( A MONEYL5D]--OR ANYWAY1 A PR(ESSIONAL MONEYL5D]1 :I* MEANS BY DEF9ITION ONE :O *>GES 9T]E/4 ,I'M NOT SURE !RE IS ANO!R PR(ESSION 7EXECUTION]S87 ) SU* A CONSI/5TLY BAD IMAGE4 ,IT'S ESPECIALLY REM>KABLE :5 ONE CONSID]S ?AT UNLIKE EXECUTION]S1 USUR]S (T5 RANK AMONG ! RI*E/ & MO/ P[]FUL PEOPLE 9 !IR COMMUNITIES4 ,YET ! V]Y NAME1 0USUR]10 EVOKES IMAGES ( LOAN %>KS1 BLOOD MONEY1 P\NDS ( FLE%1 ! SELL+ ( S\LS1 & BEH9D !M ALL1 ! ,DEVIL1 (T5 REPRES5T$ AS HIMSELF A K9D ( USUR]1 AN EVIL ACC\NTANT ) HIS BOOKS & L$G]S1 OR ALT]NATELY1 AS ! FIGURE LOOM+ JU/ BEH9D ! USUR]1 BID+ HIS TIME UNTIL HE CAN REPOSSESS ! S\L ( A VILLA9 :O1 BY HIS V]Y OCCUPATION1 HAS CLE>LY MADE A COMPACT ) ,HELL4 

,HI/ORICALLY1 !RE HAVE BE5 ONLY TWO EFFECTIVE WAYS = A L5D] TO TRY TO WRIGGLE \T ( ! OPPROBRIUM3 EI!R %UNT (F RESPONSIBILITY ONTO SOME ?IRD P>TY1 OR 9SI/ ?AT ! BORR[] IS EV5 WORSE4 ,9 M$IEVAL ,EUROPE1 = 9/ANCE1 LORDS (T5 TOOK ! FIR/ APPROA*1 EMPLOY+ ,JEWS AS SURROGATES4 ,MANY W\LD EV5 SPEAK ( 0\R0 ,JEWS--?AT IS1 ,JEWS UND] !IR P]SONAL PROTECTION--?\< 9 PRACTICE ?IS USUALLY MEANT ?AT !Y W\LD FIR/ D5Y ,JEWS 9 !IR T]RITORIES ANY MEANS ( MAK+ A LIV+ EXCEPT BY USURY 7GU>ANTEE+ ?AT !Y W\LD BE WIDELY DETE/$71 !N P]IODICALLY TURN ON !M1 CLAIM+ !Y W]E DETE/ABLE CREATURES1 & TAKE ! MONEY = !MSELVES4 ,! SECOND APPROA* IS ( C\RSE MORE COMMON4 ,BUT IT USUALLY LEADS TO ! CONCLUSION ?AT BO? P>TIES TO A LOAN >E EQUALLY GUILTY2 ! :OLE AFFAIR IS A %ABBY BUS9ESS2 & MO/ LIKELY1 BO? >E DAMN$4 

,O!R RELIGI\S TRADITIONS HAVE DIFF]5T P]SPECTIVES4 ,9 M$IEVAL ,H9DU LAW CODES1 NOT ONLY W]E 9T]E/-BE>+ LOANS P]MISSIBLE 7! MA9 /IPULATION WAS ?AT 9T]E/ %\LD NEV] EXCE$ PR9CIPAL71 BUT IT WAS (T5 EMPHASIZ$ ?AT A DEBTOR :O DID NOT PAY W\LD BE REBORN AS A SLAVE 9 ! H\SEHOLD ( HIS CR$ITOR--OR 9 LAT] CODES1 REBORN AS HIS HORSE OR OX4 ,! SAME TOL]ANT ATTITUDE T[>D L5D]S1 & W>N+S ( K>MIC REV5GE AGA9/ BORR[]S1 REAPPE> 9 MANY /R&S ( ,BUDDHISM4 ,EV5 SO1 ! MOM5T ?AT USUR]S W]E ?\<T TO GO TOO F>1 EXACTLY ! SAME SORT ( /ORIES AS F\ND 9 ,EUROPE W\LD />T APPE>+4 ,A ,M$IEVAL ,JAPANESE AU?OR REC\NTS ONE--HE 9SI/S IT'S A TRUE /ORY--AB\T ! T]RIFY+ FATE ( ,HIROMU%IME1 ! WIFE ( A WEAL?Y DI/RICT GOV]NOR >\ND #ggf AD4 ,AN EXCEPTIONALLY GRE$Y WOMAN1 

%E W\LD ADD WAT] TO ! RICE W9E %E SOLD & MAKE A HUGE PR(IT ON SU* DILUT$ SAKE4 ,ON ! DAY %E LOAN$ SOME?+ TO SOMEONE %E W\LD USE A SMALL MEASUR+ CUP1 BUT ON ! DAY ( COLLECTION %E US$ A L>GE ONE4 ,:5 L5D+ RICE H] SCALE REGI/]$ SMALL PORTIONS1 BUT :5 %E RECEIV$ PAYM5T IT WAS 9 L>GE AM\NTS4 ,! 9T]E/ ?AT %E =CIBLY COLLECT$ WAS TREM5D\S--(T5 AS MU* AS T5 OR EV5 ONE HUNDR$ TIMES ! AM\NT ( ! ORIG9AL LOAN4 ,%E WAS RIGID AB\T COLLECT+ DEBTS1 %[+ NO M]CY :ATSOEV]4 ,BECAUSE ( ?IS1 MANY PEOPLE W]E ?R[N 9TO A /ATE ( ANXIETY2 !Y AB&ON$ !IR H\SEHOLDS TO GET AWAY FROM H] & TOOK TO W&]+ 9 O!R PROV9CES4.<#h.> 

,AFT] %E DI$1 = SEV5 DAYS1 MONKS PRAY$ OV] H] SEAL$ C(F94 ,ON ! SEV5?1 H] BODY MY/]I\SLY SPRANG TO LIFE3 

,?OSE :O CAME TO LOOK AT H] 5C\NT]$ AN 9DESCRIBABLE /5*4 ,FROM ! WAI/ UP %E HAD ALREADY BECOME AN OX ) F\R-9* HORNS PROTRUD+ FROM H] =EHEAD4 ,H] TWO H&S HAD BECOME ! HOOVES ( AN OX1 H] NAILS W]E N[ CRACK$ SO ?AT !Y RESEMBL$ AN OX HO('S 9/EP4 ,FROM ! WAI/ D[N1 H[EV]1 H] BODY WAS ?AT ( A HUMAN4 ,%E DISLIK$ RICE & PREF]R$ TO EAT GRASS4 ,H] MANN] ( EAT+ WAS RUM9ATION4 ,NAK$1 %E W\LD LIE 9 H] [N EXCREM5T4.<#i.> 

,GAWK]S DESC5D$4 ,GUILTY & A%AM$1 ! FAMILY MADE DESP]ATE ATTEMPTS TO BUY =GIV5ESS1 CANCEL+ ALL DEBTS [$ TO !M BY ANYBODY1 DONAT+ MU* ( !IR WEAL? TO RELIGI\S E/ABLI%M5TS4 ,F9ALLY1 M]CIFULLY1 ! MON/] DI$4 

,! AU?OR1 HIMSELF A MONK1 FELT ?AT ! /ORY REPRES5T$ A CLE> CASE ( PREMATURE RE9C>NATION--! WOMAN WAS BE+ PUNI%$ BY ! LAW ( K>MA = H] VIOLATIONS ( 0:AT IS BO? REASONABLE & RI<T40 ,HIS PROBLEM WAS ?AT ,BUDDHI/ SCRIPTURES1 9S(> AS !Y EXPLICITLY WEI<$ 9 ON ! MATT]1 DIDN'T PROVIDE A PREC$5T4 ,NORMALLY1 IT WAS DEBTORS :O W]E SUPPOS$ TO BE REBORN AS OX51 NOT CR$ITORS4 ,AS A RESULT1 :5 IT CAME TIME TO EXPLA9 ! MORAL ( ! /ORY1 HIS EXPOSITION GREW DECID$LY CONFUS+3 

,IT IS AS ONE SUTRA SAYS3 0,:5 WE DO NOT REPAY ! ?+S ?AT WE HAVE BORR[$1 \R PAYM5T BECOMES ?AT ( BE+ REBORN AS A HORSE OR OX40 0,! DEBTOR IS LIKE A SLAVE1 ! CR$ITOR IS LIKE A MA/]40 ,OR AGA93 0A DEBTOR IS A PHEASANT & HIS CR$ITOR A HAWK40 ,IF Y\ >E 9 A SITUATION ( HAV+ GRANT$ A LOAN1 DO NOT PUT UNREASONABLE PRESSURE ON Y\R DEBTOR = REPAYM5T4 ,IF Y\ DO1 Y\ WILL BE REBORN AS A HORSE OR AN OX & BE PUT TO WORK = HIM :O WAS 9 DEBT TO Y\1 & !N Y\ WILL REPAY MANY TIMES OV]4.<#a.> 

,SO :I* WILL IT BE8 ,!Y CAN'T BO? 5D UP AS ANIMALS 9 EA* O!R'S B>NS4 

,ALL ! GREAT RELIGI\S TRADITIONS SEEM TO BANG UP AGA9/ ?IS QU&>Y 9 ONE =M OR ANO!R4 ,ON ! ONE H&1 9S(> AS ALL HUMAN RELATIONS 9VOLVE DEBT1 !Y >E ALL MORALLY COMPROMIS$4 ,BO? P>TIES >E PROBABLY ALREADY GUILTY ( SOME?+ JU/ BY 5T]+ 9TO ! RELATION%IP2 AT ! V]Y LEA/ !Y RUN A SIGNIFICANT DANG] ( BECOM+ GUILTY IF REPAYM5T IS DELAY$4 ,ON ! O!R H&1 :5 WE SAY SOMEONE ACTS LIKE !Y 0DON'T [E ANY?+ TO ANYBODY10 WE'RE H>DLY DESCRIB+ ! P]SON AS A P>AGON ( VIRTUE4 ,9 ! SECUL> WORLD1 MORALITY CONSI/S L>GELY ( FULFILL+ \R OBLIGATIONS TO O!RS1 & WE HAVE A /UBBORN T5D5CY TO IMAG9E ?OSE OBLIGATIONS AS DEBTS4 ,MONKS1 P]HAPS1 CAN AVOID ! DILEMMA BY DETA*+ !MSELVES FROM ! SECUL> WORLD 5TIRELY1 BUT ! RE/ ( US APPE> CONDEMN$ TO LIVE 9 A UNIV]SE ?AT DOESN'T MAKE A LOT ( S5SE4 

,! /ORY ( ,HIROMU%IME IS A P]FECT ILLU/RATION ( ! IMPULSE TO ?R[ ! ACCUSATION BACK AT ! ACCUS]--JU/ AS 9 ! /ORY AB\T ! DEAD USUR] & ! DONKEY1 ! EMPHASIS ON EXCREM5T1 ANIMALS1 & HUMILIATION IS CLE>LY MEANT AS POETIC JU/ICE1 ! CR$ITOR =C$ TO EXP]I5CE ! SAME FEEL+S ( DISGRACE & DEGRADATION ?AT DEBTORS >E ALWAYS MADE TO FEEL4 ,IT'S ALL A MORE VIVID1 MORE VISC]AL WAY ( ASK+ ?AT SAME QUE/ION3 0,:O REALLY [ES :AT TO :OM80 

,IT'S ALSO A P]FECT ILLU/RATION ( H[ ! MOM5T ONE ASKS ! QUE/ION 0,:O REALLY [ES :AT TO :OM810 ONE HAS BEGUN TO ADOPT ! CR$ITOR'S LANGUAGE4 ,JU/ AS IF WE DON'T PAY \R DEBTS1 0\R PAYM5T BECOMES ?AT ( BE+ REBORN AS A HORSE OR AN OX02 SO IF Y\ >E AN UNREASONABLE CR$ITOR1 Y\ TOO WILL 0REPAY40 ,EV5 K>MIC JU/ICE CAN ?US BE R$UC$ TO ! LANGUAGE ( A BUS9ESS DEAL4 

,H]E WE COME TO ! C5TRAL QUE/ION ( ?IS BOOK3 ,:AT1 PRECISELY1 DOES IT MEAN TO SAY ?AT \R S5SE ( MORALITY & JU/ICE IS R$UC$ TO ! LANGUAGE ( A BUS9ESS DEAL8 ,:AT DOES IT MEAN :5 WE R$UCE MORAL OBLIGATIONS TO DEBTS8 ,:AT *ANGES :5 ! ONE TURNS 9TO ! O!R8 ,& H[ DO WE SPEAK AB\T !M :5 \R LANGUAGE HAS BE5 SO %AP$ BY ! M>KET8 ,ON ONE LEVEL ! DIFF]5CE BETWE5 AN OBLIGATION & A DEBT IS SIMPLE & OBVI\S4 ,A DEBT IS ! OBLIGATION TO PAY A C]TA9 SUM ( MONEY4 ,AS A RESULT1 A DEBT1 UNLIKE ANY O!R =M ( OBLIGATION1 CAN BE PRECISELY QUANTIFI$4 ,?IS ALL[S DEBTS TO BECOME SIMPLE1 COLD1 & IMP]SONAL--:I*1 9 TURN1 ALL[S !M TO BE TRANSF]ABLE4 ,IF ONE [ES A FAVOR1 OR ONE'S LIFE1 TO ANO!R HUMAN BE+--IT IS [$ TO ?AT P]SON SPECIFICALLY4 ,BUT IF ONE [ES =TY ?\S& DOLL>S AT #a#b-P]C5T 9T]E/1 IT DOESN'T REALLY MATT] :O ! CR$ITOR IS2 NEI!R DOES EI!R ( ! TWO P>TIES HAVE TO ?9K MU* AB\T :AT ! O!R P>TY NE$S1 WANTS1 IS CAPABLE ( DO+--AS !Y C]TA9LY W\LD IF :AT WAS [$ WAS A FAVOR1 OR RESPECT1 OR GRATITUDE4 ,ONE DOES NOT NE$ TO CALCULATE ! HUMAN EFFECTS2 ONE NE$ ONLY CALCULATE PR9CIPAL1 BALANCES1 P5ALTIES1 & RATES ( 9T]E/4 ,IF Y\ 5D UP HAV+ TO AB&ON Y\R HOME & W&] 9 O!R PROV9CES1 IF Y\R DAU<T] 5DS UP 9 A M9+ CAMP WORK+ AS A PRO/ITUTE1 WELL1 ?AT'S UN=TUNATE1 BUT 9CID5TAL TO ! CR$ITOR4 ,MONEY IS MONEY1 & A DEAL'S A DEAL4 

,FROM ?IS P]SPECTIVE1 ! CRUCIAL FACTOR1 & A TOPIC ?AT WILL BE EXPLOR$ AT L5G? 9 !SE PAGES1 IS MONEY'S CAPACITY TO TURN MORALITY 9TO A MATT] ( IMP]SONAL >I?METIC--& BY DO+ SO1 TO JU/IFY ?+S ?AT W\LD O!RWISE SEEM \TRAGE\S OR OBSC5E4 ,! FACTOR ( VIOL5CE1 :I* ,I HAVE BE5 EMPHASIZ+ UP UNTIL N[1 MAY APPE> SECOND>Y4 ,! DIFF]5CE BETWE5 A 0DEBT0 & A M]E MORAL OBLIGATION IS NOT ! PRES5CE OR ABS5CE ( M5 ) WEAPONS :O CAN 5=CE ?AT OBLIGATION BY SEIZ+ ! DEBTOR'S POSSESSIONS OR ?REAT5+ TO BREAK HIS LEGS4 ,IT IS SIMPLY ?AT A CR$ITOR HAS ! MEANS TO SPECIFY1 NUM]ICALLY1 EXACTLY H[ MU* ! DEBTOR [ES4 

,H[EV]1 :5 ONE LOOKS A LITTLE CLOS]1 ONE DISCOV]S ?AT !SE TWO ELEM5TS--! VIOL5CE & ! QUANTIFICATION-->E 9TIMATELY L9K$4 ,9 FACT IT'S ALMO/ IMPOSSIBLE TO F9D ONE )\T ! O!R4 ,FR5* USUR]S HAD P[]FUL FRI5DS & 5=C]S1 CAPABLE ( BULLY+ EV5 ,*UR* AU?ORITIES4 ,H[ ELSE W\LD !Y HAVE COLLECT$ DEBTS ?AT W]E TE*NICALLY ILLEGAL8 ,HIROMU%IME WAS UTT]LY UNCOMPROMIS+ ) H] DEBTORS--0%[+ NO M]CY :ATSOEV]0--BUT !N1 H] HUSB& WAS ! GOV]NOR4 ,%E DIDN'T HAVE TO %[ M]CY4 ,?OSE ( US :O DO NOT HAVE >M$ M5 BEH9D US CANNOT AF=D TO BE SO EXACT+4 

,! WAY VIOL5CE1 OR ! ?REAT ( VIOL5CE1 TURNS HUMAN RELATIONS 9TO MA!MATICS WILL CROP UP AGA9 & AGA9 OV] ! C\RSE ( ?IS BOOK4 ,IT IS ! ULTIMATE S\RCE ( ! MORAL CONFUSION ?AT SEEMS TO FLOAT >\ND EV]Y?+ SURR\ND+ ! TOPIC ( DEBT4 ,! RESULT+ DILEMMAS APPE> TO BE AS OLD AS CIVILIZATION ITSELF4 ,WE CAN OBS]VE ! PROCESS 9 ! V]Y E>LIE/ RECORDS FROM ANCI5T ,MESOPOTAMIA2 IT F9DS ITS FIR/ PHILOSOPHICAL EXPRESSION 9 ! ,V$AS1 REAPPE>S 9 5DLESS =MS ?R\<\T RECORD$ HI/ORY1 & /ILL LIES UND]NEA? ! ESS5TIAL FABRIC ( \R 9/ITUTIONS TODAY--/ATE & M>KET1 \R MO/ BASIC CONCEPTIONS ( ! NATURE ( FRE$OM1 MORALITY1 SOCIALITY--ALL ( :I* HAVE BE5 %AP$ BY A HI/ORY ( W>1 CONQUE/1 & SLAV]Y 9 WAYS WE'RE NO LONG] CAPABLE ( EV5 P]CEIV+ BECAUSE WE CAN NO LONG] IMAG9E ?+S ANY O!R WAY4 

,!RE >E OBVI\S REASONS :Y ?IS IS A P>TICUL>LY IMPORTANT MOM5T TO REEXAM9E ! HI/ORY ( DEBT4 ,SEPTEMB] #bh SAW ! BEG9N+ ( A F9ANCIAL CRISIS ?AT ALMO/ BR\<T ! 5TIRE WORLD ECONOMY SCREE*+ TO A HALT4 ,9 MANY WAYS ! WORLD ECONOMY DID3 %IPS /OPP$ MOV+ ACROSS ! OCEANS1 & ?\S&S W]E PLAC$ 9 DRY DOCK4 ,BUILD+ CRANES W]E DISMANTL$1 AS NO MORE BUILD+S W]E BE+ PUT UP4 ,BANKS L>GELY CEAS$ MAK+ LOANS4 ,9 ! WAKE ( ?IS1 !RE WAS NOT ONLY PUBLIC RAGE & BEWILD]M5T1 BUT ! BEG9N+ ( AN ACTUAL PUBLIC CONV]SATION AB\T ! NATURE ( DEBT1 ( MONEY1 ( ! F9ANCIAL 9/ITUTIONS ?AT HAVE COME TO HOLD ! FATE ( NATIONS 9 !IR GRIP4 

,BUT ?AT WAS JU/ A MOM5T4 ,! CONV]SATION NEV] 5D$ UP TAK+ PLACE4 

,! REASON ?AT PEOPLE W]E READY = SU* A CONV]SATION WAS ?AT ! /ORY EV]YONE HAD BE5 TOLD = ! LA/ DECADE OR SO HAD JU/ BE5 REVEAL$ TO BE A COLOSSAL LIE4 ,!RE'S REALLY NO NIC] WAY TO SAY IT4 ,= YE>S1 EV]YONE HAD BE5 HE>+ ( A :OLE HO/ ( NEW1 ULTRA-SOPHI/ICAT$ F9ANCIAL 9NOVATIONS3 CR$IT & COMMODITY D]IVATIVES1 COLLAT]ALIZ$ MORTGAGE OBLIGATION D]IVATIVES1 HYBRID SECURITIES1 DEBT SWAPS1 & SO ON4 ,!SE NEW D]IVATIVE M>KETS W]E SO 9CR$IBLY SOPHI/ICAT$1 ?AT--ACCORD+ TO ONE P]SI/5T /ORY--A PROM95T 9VE/M5T H\SE HAD TO EMPLOY A/ROPHYSICI/S TO RUN TRAD+ PROGRAMS SO COMPLEX ?AT EV5 ! F9ANCI]S C\LDN'T BEG9 TO UND]/& !M4 ,! MESSAGE WAS TRANSP>5T3 LEAVE !SE ?+S TO ! PR(ESSIONALS4 ,Y\ C\LDN'T POSSIBLY GET Y\R M9DS >\ND ?IS4 ,EV5 IF Y\ DON'T LIKE F9ANCIAL CAPITALI/S V]Y MU* 7& FEW SEEM$ 9CL9$ TO >GUE ?AT !RE WAS MU* TO LIKE AB\T !M71 !Y W]E NO?+ IF NOT CAPABLE1 9 FACT SO PRET]NATURALLY CAPABLE1 ?AT DEMOCRATIC OV]SI<T ( F9ANCIAL M>KETS WAS SIMPLY 9CONCEIVABLE4 7,EV5 A LOT ( ACADEMICS FELL = IT4 ,I WELL REMEMB] GO+ TO CONF]5CES 9 #bf & #bg :]E TR5DY SOCIAL !ORI/S PRES5T$ PAP]S >GU+ ?AT !SE NEW =MS ( SECURITIZATION1 L9K$ TO NEW 9=MATION TE*NOLOGIES1 H]ALD$ A LOOM+ TRANS=MATION 9 ! V]Y NATURE ( TIME1 POSSIBILITY--REALITY ITSELF4 ,I REMEMB] ?9K+3 0,SUCK]S60 ,& SO !Y W]E47 

,!N1 :5 ! RUBBLE HAD /OPP$ B\NC+1 IT TURN$ \T ?AT MANY IF NOT MO/ ( !M HAD BE5 NO?+ MORE ?AN V]Y ELABORATE SCAMS4 ,!Y CONSI/$ ( OP]ATIONS LIKE SELL+ POOR FAMILIES MORTGAGES CRAFT$ 9 SU* A WAY AS TO MAKE EV5TUAL DEFAULT 9EVITABLE2 TAK+ BETS ON H[ LONG IT W\LD TAKE ! HOLD]S TO DEFAULT2 PACKAG+ MORTGAGE & BET TOGE!R & SELL+ !M TO 9/ITUTIONAL 9VE/ORS 7REPRES5T+1 P]HAPS1 ! MORTGAGE-HOLD]S' RETIREM5T ACC\NTS7 CLAIM+ ?AT IT W\LD MAKE MONEY NO MATT] :AT HAPP5$1 & ALL[ SAID 9VE/ORS TO PASS SU* PACKAGES >\ND AS IF !Y W]E MONEY2 TURN+ OV] RESPONSIBILITY = PAY+ (F ! BET TO A GIANT 9SURANCE CONGLOM]ATE ?AT1 W]E IT TO S9K B5EA? ! WEI<T ( ITS RESULTANT DEBT 7:I* C]TA9LY W\LD HAPP571 W\LD !N HAVE TO BE BAIL$ \T BY TAXPAY]S 7AS SU* CONGLOM]ATES W]E 9DE$ BAIL$ \T74.<#a#a.> ,9 O!R WORDS1 IT LOOKS V]Y MU* LIKE AN UNUSUALLY ELABORATE V]SION ( :AT BANKS W]E DO+ :5 !Y L5T MONEY TO DICTATORS 9 ,BOLIVIA & ,GABON 9 ! LATE '#gS3 MAKE UTT]LY IRRESPONSIBLE LOANS ) ! FULL KN[L$GE ?AT1 ONCE IT BECAME KN[N !Y HAD DONE SO1 POLITICIANS & BUREAUCRATS W\LD SCRAMBLE TO 5SURE ?AT !Y'D /ILL BE REIMBURS$ ANYWAY1 NO MATT] H[ MANY HUMAN LIVES HAD TO BE DEVA/AT$ & DE/ROY$ 9 ORD] TO DO IT4 

,! DIFF]5CE1 ?\<1 WAS ?AT ?IS TIME1 ! BANK]S W]E DO+ IT ON AN 9CONCEIVABLE SCALE3 ! TOTAL AM\NT ( DEBT !Y HAD RUN UP WAS L>G] ?AN ! COMB9$ ,GROSS ,DOME/IC ,PRODUCTS ( EV]Y C\NTRY 9 ! WORLD--& IT ?REW ! WORLD 9TO A TAILSP9 & ALMO/ DE/ROY$ ! SY/EM ITSELF4 

,>MIES & POLICE GE>$ UP TO COMBAT ! EXPECT$ RIOTS & UNRE/1 BUT NONE MAT]IALIZ$4 ,BUT NEI!R HAVE ANY SIGNIFICANT *ANGES 9 H[ ! SY/EM IS RUN4 ,AT ! TIME1 EV]YONE ASSUM$ ?AT1 ) ! V]Y DEF9+ 9/ITUTIONS ( CAPITALISM 7,LEHMAN ,BRO!RS1 ,CITIBANK1 ,G5]AL ,MOTORS7 CRUMBL+1 & ALL CLAIMS TO SUP]IOR WISDOM REVEAL$ TO BE FALSE1 WE W\LD AT LEA/ RE/>T A BROAD] CONV]SATION AB\T ! NATURE ( DEBT & CR$IT 9/ITUTIONS4 ,& NOT JU/ A CONVW]SATION4 

,IT SEEM$ ?AT MO/ ,AM]ICANS W]E OP5 TO RADICAL SOLUTIONS4 ,SURVEYS %[$ ?AT AN OV]:ELM+ MAJORITY ( ,AM]ICANS FELT ?AT ! BANKS %\LD NOT BE RESCU$1 :ATEV] ! ECONOMIC CONSEQU5CES1 BUT ?AT ORD9>Y CITIZ5S /UCK ) BAD MORTGAGES %\LD BE BAIL$ \T4 ,9 ! ,UNIT$ ,/ATES ?IS IS QUITE EXTRAORD9>Y4 ,S9CE COLONIAL DAYS1 ,AM]ICANS HAVE BE5 ! POPULATION LEA/ SYMPA!TIC TO DEBTORS4 ,9 A WAY ?IS IS ODD1 S9CE ,AM]ICA WAS SETTL$ L>GELY BY ABSCOND+ DEBTORS1 BUT IT'S A C\NTRY :]E ! IDEA ?AT MORALITY IS A MATT] ( PAY+ ONE'S DEBTS RUNS DEEP] ?AN ALMO/ ANY O!R4 ,9 COLONIAL DAYS1 AN 9SOLV5T DEBTOR'S E> WAS (T5 NAIL$ TO A PO/4 ,! ,UNIT$ ,/ATES WAS ONE ( ! LA/ C\NTRIES 9 ! WORLD TO ADOPT A LAW ( BANKRUPTCY3 DESPITE ! FACT ?AT 9 #a#g#h#g1 ! ,CON/ITUTION SPECIFICALLY *>G$ ! NEW GOV]NM5T ) CREAT+ ONE1 ALL ATTEMPTS W]E REJECT$ ON 0MORAL GR\NDS0 UNTIL #a#h#i#h4.<#a#b.> ,! *ANGE WAS EPO*AL4 ,= ?IS V]Y REASON1 P]HAPS1 ?OSE 9 *>GE ( MOD]AT+ DEBATE 9 ! M$IA & LEGISLATURES DECID$ ?AT ?IS WAS NOT ! TIME4 ,! ,UNIT$ ,/ATES GOV]NM5T EFFECTIVELY PUT A ?REE-TRILLION-DOLL> ,B&-,AID OV] ! PROBLEM & *ANG$ NO?+4 ,! BANK]S W]E RESCU$2 SMALL-SCALE DEBTORS--) A PALTRY FEW EXCEPTIONS--W]E NOT4.<#a#c.> ,TO ! CONTR>Y1 9 ! MIDDLE ( ! GREATE/ ECONOMIC RECESSION S9CE ! '#cS1 WE >E ALREADY BEG9N+ TO SEE A BACKLA% AGA9/ !M--DRIV5 BY F9ANCIAL CORPORATIONS :O HAVE N[ TURN$ TO ! SAME GOV]NM5T ?AT BAIL$ !M \T TO APPLY ! FULL =CE ( ! LAW AGA9/ ORD9>Y CITIZ5S 9 F9ANCIAL TR\BLE4 0,IT'S NOT A CRIME TO [E MONEY10 REPORTS ! ,M9NEAPOLIS-,/4 ,PAUL ,/>,TRIBUNE1 0,BUT PEOPLE >E R\T9ELY BE+ ?R[N 9 JAIL = FAIL+ TO PAY DEBTS40 ,9 ,M9NESOTA1 0! USE ( >RE/ W>RANTS AGA9/ DEBTORS HAS JUMP$ #f P]C5T OV] ! PA/ F\R YE>S1 ) #hde CASES 9 #bi 444 ,9 ,ILL9OIS & S\?WE/ ,9DIANA1 SOME JUDGES JAIL DEBTORS = MISS+ C\RT-ORD]$ DEBT PAYM5TS4 ,9 EXTREME CASES1 PEOPLE /AY 9 JAIL UNTIL !Y RAISE A M9IMUM PAYM5T4 ,9 ,JANU>Y _*.<#b#a_*.>1 A JUDGE S5T5C$ A ,K5NEY1 ,ILL41 MAN 'TO 9DEF9ITE 9C>C]ATION' UNTIL HE CAME UP ) @s#c T[>D A LUMB] Y>D DEBT40.<#a#d.> 

,9 O!R WORDS1 WE >E MOV+ T[>D A RE/ORATION ( SOME?+ MU* LIKE DEBTORS' PRISONS4 ,MEAN:ILE1 ! CONV]SATION /OPP$ DEAD1 POPUL> RAGE AGA9/ BAIL\TS SPUTT]$ 9TO 9COH]5CE1 & WE SEEM TO BE TUMBL+ 9EXORABLY T[>D ! NEXT GREAT F9ANCIAL CATA/ROPHE--! ONLY REAL QUE/ION BE+ JU/ H[ LONG IT WILL TAKE4 

,WE HAVE REA*$ ! PO9T AT :I* ! ,I,M,F ITSELF1 N[ TRY+ TO REPOSITION ITSELF AS ! CONSCI5CE ( GLOBAL CAPITALISM1 HAS BEGUN TO ISSUE W>N+S ?AT IF WE CONT9UE ON ! PRES5T C\RSE1 NO BAIL\T IS LIKELY TO BE =?COM+ ! NEXT TIME4 ,! PUBLIC SIMPLY WILL NOT /& = IT1 & AS A RESULT1 EV]Y?+ REALLY WILL COME AP>T4 0,I,M,F ,W>NS ,SECOND ,BAIL\T ,W\LD ',?REAT5 ,DEMOCRACY' 0 READS ONE REC5T HEADL9E4.<#a#e.> 7,( C\RSE BY 0DEMOCRACY0 !Y MEAN 0CAPITALISM407 ,SURELY IT MEANS SOME?+ ?AT EV5 ?OSE :O FEEL !Y >E RESPONSIBLE = KEEP+ ! CURR5T GLOBAL ECONOMIC SY/EM RUNN+1 :O JU/ A FEW YE>S AGO ACT$ AS IF !Y C\LD SIMPLY ASSUME ! CURR5T SY/EM W\LD BE >\ND =EV]1 >E N[ SEE+ APOCALYPSE EV]Y:]E4 

,9 ?IS CASE1 ! ,I,M,F HAS A PO9T4 ,WE HAVE EV]Y REASON TO BELIEVE ?AT WE DO 9DE$ /& ON ! BR9K ( EPO*AL *ANGES4 

,ADMITT$LY1 ! USUAL IMPULSE IS TO IMAG9E EV]Y?+ >\ND US AS ABSOLUTELY NEW4 ,NO:]E IS ?IS SO TRUE AS ) MONEY4 ,H[ MANY TIMES HAVE WE BE5 TOLD ?AT ! ADV5T ( VIRTUAL MONEY1 ! DEMAT]IALIZATION ( CA% 9TO PLA/IC & DOLL>S 9TO BLIPS ( ELECTRONIC 9=MATION1 HAS BR\<T US TO AN UNPREC$5T$ NEW F9ANCIAL WORLD8 ,! ASSUMPTION ?AT WE W]E 9 SU* UN*>T$ T]RITORY1 ( C\RSE1 WAS ONE ( ! ?+S ?AT MADE IT SO EASY = ! LIKES ( ,GOLDMAN ,SA*S & ,A,I,G TO CONV9CE PEOPLE ?AT NO ONE C\LD POSSIBLY UND]/& !IR DAZZL+ NEW F9ANCIAL 9/RUM5TS4 ,! MOM5T ONE CA/S MATT]S ON A BROAD HI/ORICAL SCALE1 ?\<1 ! FIR/ ?+ ONE LE>NS IS ?AT !RE'S NO?+ NEW AB\T VIRTUAL MONEY4 ,ACTUALLY1 ?IS WAS ! ORIG9AL =M ( MONEY4 ,CR$IT SY/EM1 TABS1 EV5 EXP5SE ACC\NTS1 ALL EXI/$ LONG BE=E CA%4 ,!SE ?+S >E AS OLD AS CIVILIZATION ITSELF4 ,TRUE1 WE ALSO F9D ?AT HI/ORY T5DS TO MOVE BACK & =? BETWE5 P]IODS DOM9AT$ BY BULLION--:]E IT'S ASSUM$ ?AT GOLD & SILV] >E MONEY--& P]IODS :]E MONEY IS ASSUM$ TO BE AN AB/RACTION1 A VIRTUAL UNIT ( ACC\NT4 ,BUT HI/ORICALLY1 CR$IT MONEY COMES FIR/1 & :AT WE >E WITNESS+ TODAY IS A RETURN ( ASSUMPTIONS ?AT W\LD HAVE BE5 CONSID]$ OBVI\S COMMON S5SE 91 SAY1 ! ,MIDDLE ,AGES--OR EV5 ANCI5T ,MESOPOTAMIA4 

,BUT HI/ORY DOES PROVIDE FASC9AT+ H9TS ( :AT WE MI<T EXPECT4 ,= 9/ANCE3 9 ! PA/1 AGES ( VIRTUAL CR$IT MONEY ALMO/ 9V>IABLY 9VOLVE ! CREATION ( 9/ITUTIONS DESIGN$ TO PREV5T EV]Y?+ GO+ HAYWIRE--TO /OP ! L5D]S FROM TEAM+ UP ) BUREAUCRATS & POLITICIANS TO SQUEEZE EV]YBODY DRY1 AS !Y SEEM TO BE DO+ N[4 ,!Y >E ACCOMPANI$ BY ! CREATION ( 9/ITUTIONS DESIGN$ TO PROTECT DEBTORS4 ,! NEW AGE ( CR$IT MONEY WE >E 9 SEEMS TO HAVE />T$ PRECISELY BACKW>DS4 ,IT BEGAN ) ! CREATION ( GLOBAL 9/ITUTIONS LIKE ! ,I,M,F DESIGN$ TO PROTECT NOT DEBTORS1 BUT CR$ITORS4 ,AT ! SAME TIME1 ON ! K9D ( HI/ORICAL SCALE WE'RE TALK+ AB\T H]E1 A DECADE OR TWO IS NO?+4 ,WE HAVE V]Y LITTLE IDEA :AT TO EXPECT4 

,?IS BOOK IS A HI/ORY ( DEBT1 !N1 BUT IT ALSO USES ?AT HI/ORY AS A WAY TO ASK FUNDAM5TAL QUE/IONS AB\T :AT HUMAN BE+S & HUMAN SOCIETY >E OR C\LD BE LIKE--:AT WE ACTUALLY DO [E EA* O!R1 :AT IT EV5 MEANS TO ASK ?AT QUE/ION4 ,AS A RESULT1 ! BOOK BEG9S BY ATTEMPT+ TO PUNCTURE A S]IES ( MY?S--NOT ONLY ! ,MY? ( ,B>T]1 :I* IS TAK5 UP 9 ! FIR/ *APT]1 BUT ALSO RIVAL MY?S AB\T PRIMORDIAL DEBTS TO ! GODS1 OR TO ! /ATE--?AT 9 ONE WAY OR ANO!R =M ! BASIS ( \R COMMON-S5SE ASSUMPTIONS AB\T ! NATURE ( ECONOMY & SOCIETY4 ,9 ?AT COMMON-S5SE VIEW1 ! ,/ATE & ! ,M>KET T[] ABOVE ALL ELSE AS DIAMETRICALLY OPPOS$ PR9CIPLES4 ,HI/ORICAL REALITY REVEALS1 H[EV]1 ?AT !Y W]E BORN TOGE!R & HAVE ALWAYS BE5 9T]TW9$4 ,! ONE ?+ ?AT ALL !SE MISCONCEPTIONS HAVE 9 COMMON1 WE WILL F9D1 IS ?AT !Y T5D TO R$UCE ALL HUMAN RELATIONS TO EX*ANGE1 AS IF \R TIES TO SOCIETY1 EV5 TO ! COSMOS ITSELF1 CAN BE IMAG9$ 9 ! SAME T]MS AS A BUS9ESS DEAL4 ,?IS LEADS TO ANO!R QUE/ION3 ,IF NOT EX*ANGE1 !N :AT8 ,9 *APT] FIVE1 ,I WILL BEG9 TO ANSW] ! QUE/ION BY DRAW+ ON ! FRUITS ( AN?ROPOLOGY TO DESCRIBE A VIEW ( ! MORAL BASIS ( ECONOMIC LIFE2 !N RETURN TO ! QUE/ION ( ! ORIG9S ( MONEY TO DEMON/RATE H[ ! V]Y PR9CIPLE ( EX*ANGE EM]G$ L>GELY AS AN EFFECT ( VIOL5CE--?AT ! REAL ORIG9S ( MONEY >E TO BE F\ND 9 CRIME & RECOMP5SE1 W> & SLAV]Y1 HONOR1 DEBT1 & R$EMPTION4 ,?AT1 9 TURN1 OP5S ! WAY TO />T+1 ) *APT] EI<T1 AN ACTUAL HI/ORY ( ! LA/ FIVE ?\S& YE>S ( DEBT & CR$IT1 ) ITS GREAT ALT]NATIONS BETWE5 AGES ( VIRTUAL & PHYSICAL MONEY4 ,MANY ( ! DISCOV]IES H]E >E PR(\NDLY UNEXPECT$3 FROM ! ORIG9S ( MOD]N CONCEPTIONS ( RI<TS & FRE$OMS 9 ANCI5T SLAVE LAW1 TO ! ORIG9S ( 9VE/M5T CAPITAL 9 M$IEVAL ,*9ESE ,BUDDHISM1 TO ! FACT ?AT MANY ( ,ADAM ,SMI?'S MO/ FAM\S >GUM5TS APPE> TO HAVE BE5 CRIBB$ FROM ! WORKS ( FREE-M>KET !ORI/S FROM M$IEVAL ,P]SIA 7A /ORY :I*1 9CID5TALLY1 HAS 9T]E/+ IMPLICATIONS = UND]/&+ ! CURR5T APPEAL ( POLITICAL ,ISLAM74 ,ALL ( ?IS SETS ! /AGE = A FRE% APPROA* TO ! LA/ FIVE HUNDR$ YE>S1 DOM9AT$ BY CAPITALI/ EMPIRES1 & ALL[S US TO AT LEA/ BEG9 ASK+ :AT MI<T REALLY BE AT /AKE 9 ! PRES5T DAY4 

,= A V]Y LONG TIME1 ! 9TELLECTUAL CONS5SUS HAS BE5 ?AT WE CAN NO LONG] ASK ,GREAT ,QUE/IONS4 ,9CREAS+LY1 IT'S LOOK+ LIKE WE HAVE NO O!R *OICE4 

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