,*APT] #h 
,CR$IT ,V]SUS ,BULLION & ! ,CYCLES ( ,HI/ORY 

,PEOPLE 3 

,AU?OR 3 ,DAVID ,GRAEB] 

,TEXT 3 

,CR$IT ,V]SUS ,BULLION & ! ,CYCLES ( ,HI/ORY 

  
  

,BULLION IS ! ACCESSORY ( W>1 & NOT ( PEACEFUL TRADE4  
  
  

--,GE(FREY ,W4 ,G>D9]  
  

,ONE MI<T WELL ASK3 ,IF \R POLITICAL & LEGAL IDEAS REALLY >E F\ND$ ON ! LOGIC ( SLAV]Y1 !N H[ DID WE EV] ELIM9ATE SLAV]Y8 ,( C\RSE1 A CYNIC MI<T >GUE ?AT WE HAV5'T2 WE'VE JU/ RELABEL$ IT4 ,! CYNIC W\LD HAVE A PO9T3 AN ANCI5T ,GREEK W\LD C]TA9LY HAVE SE5 ! DI/9CTION BETWE5 A SLAVE & AN 9DEBT$ WAGE LABOR] AS1 AT BE/1 A LEGALI/IC NICETY4.<#d#d#a.> ,/ILL1 EV5 ! ELIM9ATION ( =MAL *ATTEL SLAV]Y HAS TO BE CONSID]$ A REM>KABLE A*IEVEM5T1 & IT IS WOR?:ILE TO WOND] H[ IT WAS ACCOMPLI%$4 ,ESPECIALLY S9CE IT WAS NOT JU/ ACCOMPLI%$ ONCE4 ,! TRULY REM>KABLE ?+1 IF ONE CONSULTS ! HI/ORICAL RECORD1 IS ?AT SLAV]Y HAS BE5 ELIM9AT$--OR EFFECTIVELY ELIM9AT$--MANY TIMES 9 HUMAN HI/ORY4 

,9 ,EUROPE1 = 9/ANCE1 ! 9/ITUTION L>GELY VANI%$ 9 ! C5TURIES FOLL[+ ! COLLAPSE ( ! ,ROMAN EMPIRE--AN HI/ORICAL A*IEVEM5T R>ELY RECOGNIZ$ BY ?OSE ( US US$ TO REF]R+ TO !SE EV5TS AS ! BEG9N+ ( 0! ,D>K ,AGES40.<#d#d#b.> ,NO ONE IS QUITE SURE H[ IT HAPP5$4 ,MO/ AGREE ?AT ! SPREAD ( ,*RI/IANITY MU/ HAVE HAD SOME?+ TO DO ) IT1 BUT ?AT CAN'T HAVE BE5 ! DIRECT CAUSE1 S9CE ! ,*UR* ITSELF WAS NEV] EXPLICITLY OPPOS$ TO ! 9/ITUTION & 9 MANY CASES DEF5D$ IT4 ,9/EAD1 ! ABOLITION APPE>S TO HAVE HAPP5$ DESPITE ! ATTITUDES ( BO? ! 9TELLECTUALS & ! POLITICAL AU?ORITIES ( ! TIME4 ,YET IT DID HAPP51 & IT HAD LA/+ EFFECTS4 ,ON ! POPUL> LEVEL1 SLAV]Y REMA9$ SO UNIV]SALLY DETE/$ ?AT EV5 A ?\S& YE>S LAT]1 :5 ,EUROPEAN M]*ANTS />T$ TRY+ TO REVIVE ! TRADE1 !Y DISCOV]$ ?AT !IR COMPATRIOTS W\LD NOT C\NT5ANCE SLAVEHOLD+ 9 !IR [N C\NTRIES--ONE REASON :Y PLANT]S W]E EV5TUALLY OBLIG$ TO ACQUIRE !IR SLAVES 9 ,AFRICA & SET UP PLANTATIONS 9 ! ,NEW ,WORLD4.<#d#d#c.> ,IT IS ONE ( ! GREAT IRONIES ( HI/ORY ?AT MOD]N RACISM--PROBABLY ! S+LE GREATE/ EVIL ( \R LA/ TWO C5TURIES--HAD TO BE 9V5T$ L>GELY BECAUSE ,EUROPEANS CONT9U$ TO REFUSE TO LI/5 TO ! >GUM5TS ( ! 9TELLECTUALS & JURI/S & DID NOT ACCEPT ?AT ANYONE !Y BELIEV$ TO BE A FULL & EQUAL HUMAN BE+ C\LD EV] BE JU/IFIABLY 5SLAV$4 

,:AT'S MORE1 ! DEMISE ( ANCI5T SLAV]Y WAS NOT LIMIT$ TO ,EUROPE4 ,REM>KABLY1 RI<T >\ND ! SAME TIME--9 ! YE>S >\ND #f AD--WE F9D ALMO/ EXACTLY ! SAME ?+ HAPP5+ 9 ,9DIA & ,*9A1 :]E1 OV] ! C\RSE ( C5TURIES1 AMID MU* UNRE/ & CONFUSION1 *ATTEL SLAV]Y L>GELY CEAS$ TO EXI/4 ,:AT ALL ?IS SUGGE/S IS ?AT MOM5TS ( HI/ORICAL OPPORTUNITY--MOM5TS :5 MEAN+FUL *ANGE IS POSSIBLE--FOLL[ A DI/9CT1 EV5 A CYCLICAL PATT]N1 ONE ?AT HAS LONG BE5 F> MORE COORD9AT$ ACROSS GEOGRAPHICAL SPACE ?AN WE W\LD EV] HAVE IMAG9$4 ,!RE IS A %APE TO ! PA/1 & IT IS ONLY BY UND]/&+ IT ?AT WE CAN BEG9 TO HAVE A S5SE ( ! HI/ORICAL OPPORTUNITIES ?AT EXI/ 9 ! PRES5T4 

,! EASIE/ WAY TO MAKE !SE CYCLES VISIBLE IS TO REEXAM9E EXACTLY ! PH5OM5ON WE'VE BE5 CONC]N$ ) OV] ! C\RSE ( ?IS BOOK3 ! HI/ORY ( MONEY1 DEBT1 & CR$IT4 ,! MOM5T WE BEG9 TO MAP ! HI/ORY ( MONEY ACROSS ! LA/ FIVE ?\S& YE>S ( ,EURASIAN HI/ORY1 />TL+ PATT]NS BEG9 TO EM]GE4 ,9 ! CASE ( MONEY1 ONE EV5T /&S \T ABOVE ALL O!RS3 ! 9V5TION ( CO9AGE4 ,CO9AGE APPE>S TO HAVE >IS5 9DEP5D5TLY 9 ?REE DIFF]5T PLACES1 ALMO/ SIMULTANE\SLY3 ON ! ,GREAT ,PLA9 ( NOR!RN ,*9A1 9 ! ,GANGES RIV] VALLEY ( NOR!A/ ,9DIA1 & 9 ! L&S SURR\ND+ ! ,AEGEAN ,SEA1 9 EA* CASE1 BETWE5 R\<LY #f & #e BC4 ,?IS WASN'T DUE TO SOME SUDD5 TE*NOLOGICAL 9NOVATION3 ! TE*NOLOGIES US$ 9 MAK+ ! FIR/ CO9S W]E1 9 EA* CASE1 5TIRELY DIFF]5T4.<#d#d#d.> ,IT WAS A SOCIAL TRANS=MATION4 ,:Y ?IS HAPP5$ 9 EXACTLY ?IS WAY IS AN HI/ORICAL MY/]Y4 ,BUT ?IS MU* WE KN[3 = SOME REASON1 9 ,LYDIA1 ,9DIA1 & ,*9A1 LOCAL RUL]S DECID$ ?AT :ATEV] LONG/&+ CR$IT SY/EMS HAD EXI/$ 9 !IR K+DOMS W]E NO LONG] ADEQUATE1 & !Y BEGAN TO ISSUE T9Y PIECES ( PRECI\S METALS--METALS ?AT HAD PREVI\SLY BE5 US$ L>GELY 9 9T]NATIONAL COMM]CE1 9 +OT =M--& TO 5C\RAGE !IR SUBJECTS TO USE !M 9 DAY-TO-DAY TRANSACTIONS4 

,FROM !RE1 ! 9NOVATION SPREAD4 ,= MORE ?AN A ?\S& YE>S1 /ATES EV]Y:]E />T$ ISSU+ !IR [N CO9AGE4 ,BUT !N1 RI<T >\ND #f AD1 AB\T ! TIME ?AT SLAV]Y WAS DISAPPE>+1 ! :OLE TR5D WAS SUDD5LY ?R[N 9TO REV]SE4 ,CA% DRI$ UP4 ,EV]Y:]E1 !RE WAS A MOVEM5T BACK TO CR$IT ONCE AGA94 

,IF WE LOOK AT ,EURASIAN HI/ORY OV] ! C\RSE ( ! LA/ FIVE ?\S& YE>S1 :AT WE SEE IS A BROAD ALT]NATION BETWE5 P]IODS DOM9AT$ BY CR$IT MONEY & P]IODS 9 :I* GOLD & SILV] COME TO DOM9ATE--?AT IS1 ?OSE DUR+ :I* AT LEA/ A L>GE %>E ( TRANSACTIONS W]E CONDUCT$ ) PIECES ( VALUABLE METAL BE+ PASS$ FROM H& TO H&4 

,:Y8 ,! S+LE MO/ IMPORTANT FACTOR W\LD APPE> TO BE W>4 ,BULLION PR$OM9ATES1 ABOVE ALL1 9 P]IODS ( G5]ALIZ$ VIOL5CE4 ,!RE'S A V]Y SIMPLE REASON = ?AT4 ,GOLD & SILV] CO9S >E DI/+UI%$ FROM CR$IT >RANGEM5TS BY ONE SPECTACUL> FEATURE3 !Y CAN BE /OL54 ,A DEBT IS1 BY DEF9ITION1 A RECORD1 AS WELL AS A RELATION ( TRU/4 ,SOMEONE ACCEPT+ GOLD OR SILV] 9 EX*ANGE = M]*&ISE1 ON ! O!R H&1 NE$ TRU/ NO?+ MORE ?AN ! ACCURACY ( ! SCALES1 ! QUALITY ( ! METAL1 & ! LIKELIHOOD ?AT SOMEONE ELSE WILL BE WILL+ TO ACCEPT IT4 ,9 A WORLD :]E W> & ! ?REAT ( VIOL5CE >E EV]Y:]E--& ?IS APPE>S TO HAVE BE5 AN EQUALLY ACCURATE DESCRIPTION ( ,W>R+ ,/ATES ,*9A1 ,IRON ,AGE ,GREECE1 & PRE-,MAURYAN ,9DIA--!RE >E OBVI\S ADVANTAGES TO MAK+ ONE'S TRANSACTIONS SIMPLE4 ,?IS IS ALL ! MORE TRUE :5 DEAL+ ) SOLDI]S4 ,ON ! ONE H&1 SOLDI]S T5D TO HAVE ACCESS TO A GREAT DEAL ( LOOT1 MU* ( :I* CONSI/S ( GOLD & SILV]1 & WILL ALWAYS SEEK A WAY TO TRADE IT = ! BETT] ?+S 9 LIFE4 ,ON ! O!R1 A HEAVILY >M$ IT9]ANT SOLDI] IS ! V]Y DEF9ITION ( A POOR CR$IT RISK4 ,! ECONOMI/S' B>T] SC5>IO MI<T BE ABSURD :5 APPLI$ TO TRANSACTIONS BETWE5 NEI<BORS 9 ! SAME SMALL RURAL COMMUNITY1 BUT :5 DEAL+ ) A TRANSACTION BETWE5 ! RESID5T ( SU* A COMMUNITY & A PASS+ M]C5>Y1 IT SUDD5LY BEG9S TO MAKE A GREAT DEAL ( S5SE4 

,= MU* ( HUMAN HI/ORY1 !N1 AN +OT ( GOLD ( SILV]1 /AMP$ OR NOT1 HAS S]V$ ! SAME ROLE AS ! CONTEMPOR>Y DRUG DEAL]'S SUITCASE FULL ( UNM>K$ BILLS3 AN OBJECT )\T A HI/ORY1 VALUABLE BECAUSE ONE KN[S IT WILL BE ACCEPT$ 9 EX*ANGE = O!R GOODS JU/ AB\T ANY:]E1 NO QUE/IONS ASK$4 ,AS A RESULT1 :ILE CR$IT SY/EMS T5D TO DOM9ATE 9 P]IODS ( RELATIVE SOCIAL PEACE1 OR ACROSS NETWORKS ( TRU/ 7:E!R CREAT$ BY /ATES OR1 9 MO/ P]IODS1 TRANSNATIONAL 9/ITUTIONS LIKE M]*ANT GUILDS OR COMMUNITIES ( FAI?71 9 P]IODS *>ACT]IZ$ BY WIDESPREAD W> & PLUND]1 !Y T5D TO BE REPLAC$ BY PRECI\S METAL4 ,:AT'S MORE1 :ILE PR$ATORY L5D+ GOES ON 9 EV]Y P]IOD ( HUMAN HI/ORY1 ! RESULT+ DEBT CRISES APPE> TO HAVE ! MO/ DAMAG+ EFFECTS AT TIMES :5 MONEY IS MO/ EASILY CONV]TIBLE 9TO CA%4 

,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 MONEY4 ,! CYCLE BEG9S ) ! ,AGE ( ! ,FIR/ ,AGR>IAN ,EMPIRES 7#c#e-#h BC71 DOM9AT$ BY VIRTUAL CR$IT MONEY4 ,?IS IS FOLL[$ BY ! ,AXIAL ,AGE 7#h BC-#f AD71 :I* WILL BE COV]$ 9 ! NEXT *APT]1 & :I* SAW ! RISE ( CO9AGE & A G5]AL %IFT TO METAL BULLION4 ,! ,MIDDLE ,AGES 7#f-#a#d#e AD71 :I* SAW A RETURN TO VIRTUAL CR$IT MONEY1 WILL BE COV]$ 9 *APT] #a2 *APT] #aa WILL COV] ! NEXT TURN ( ! CYCLE1 ! ,AGE ( ,CAPITALI/ ,EMPIRES1 :I* BEGAN >\ND #ade ) A MASSIVE PLANET>Y SWIT* BACK TO GOLD & SILV] BULLION1 & :I* C\LD ONLY REALLY BE SAID TO HAVE 5D$ 9 #a#i#g#a1 :5 ,RI*>D ,NIXON ANN\NC$ ?AT ! ,U4,S4 DOLL> W\LD NO LONG] BE R$EEMABLE 9 GOLD4 ,?IS M>K$ ! BEG9N+ ( YET ANO!R PHASE ( VIRTUAL MONEY1 ONE :I* HAS ONLY JU/ BEGUN1 & :OSE ULTIMATE CONT\RS >E1 NECESS>ILY1 9VISIBLE4 ,*APT] #a#b1 ! F9AL *APT]1 WILL BE DEVOT$ TO APPLY+ ! 9SI<TS ( HI/ORY TO UND]/&+ :AT IT MI<T MEAN & ! OPPORTUNITIES IT MI<T ?R[ OP54 

,MESOPOTAMIA 7#c#e-#h ,B,C7 

  

,WE HAVE ALREADY HAD OCCASION TO NOTE ! PR$OM9ANCE ( CR$IT MONEY 9 ,MESOPOTAMIA1 ! E>LIE/ URBAN CIVILIZATION ?AT WE KN[ AB\T4 ,9 ! GREAT TEMPLE & PALACE COMPLEXES1 NOT ONLY DID MONEY S]VE L>GELY AS AN ACC\NT+ MEASURE RA!R ?AN PHYSICALLY *ANG+ H&S1 M]*ANTS & TRADESPEOPLE DEVELOP$ CR$IT >RANGEM5TS ( !IR [N4 ,MO/ ( !SE TOOK ! PHYSICAL =M ( CLAY TABLETS1 9SCRIB$ ) SOME OBLIGATION ( FUTURE PAYM5T1 ?AT W]E !N SEAL$ 9SIDE CLAY 5VELOPES & M>K$ ) ! BORR[]'S SEAL4 ,! CR$ITOR W\LD KEEP ! 5VELOPE AS A SURETY1 & IT W\LD BE BROK5 OP5 ON REPAYM5T4 ,9 SOME TIMES OR PLACES AT LEA/1 !SE BULLAE APPE> TO HAVE BECOME :AT WE W\LD N[ CALL NEGOTIABLE 9/RUM5TS1 S9CE ! TABLET 9SIDE DID NOT SIMPLY RECORD A PROMISE TO PAY ! ORIG9AL L5D]1 BUT WAS DESIGNAT$ 0TO ! BE>]0--9 O!R WORDS1 A TABLET RECORD+ A DEBT ( FIVE %EKELS ( SILV] 7AT PREVAIL+ RATES ( 9T]E/7 C\LD CIRCULATE AS ! EQUIVAL5T ( A FIVE-%EKEL PROMISSORY NOTE--?AT IS1 AS MONEY4.<#d#d#e.> 

,WE DON'T KN[ H[ (T5 ?IS HAPP5$2 H[ MANY H&S SU* TABLETS W\LD TYPICALLY PASS ?R\<1 H[ MANY TRANSACTIONS W]E BAS$ ON CR$IT1 H[ (T5 M]*ANTS ACTUALLY DID WEI< \T SILV] 9 R\< *UNKS TO BUY & SELL !IR M]*&ISE1 OR :5 !Y W]E MO/ LIKELY TO DO SO4 ,NO D\BT ALL ?IS V>I$ OV] TIME4 ,PROMISSORY NOTES USUALLY CIRCULAT$ )9 M]*ANT GUILDS1 OR BETWE5 9HABITANTS ( ! RELATIVELY WELL-(F URBAN NEI<BORHOODS :]E PEOPLE KNEW ONE ANO!R WELL 5\< TO TRU/ !M TO BE ACC\NTABLE1 BUT NOT SO WELL ?AT !Y C\LD RELY ON ONE ANO!R = MORE TRADITIONAL =MS ( MUTUAL AID4.<#d#d#f.> ,WE KN[ EV5 LESS AB\T ! M>KETPLACES FREQU5T$ BY ORD9>Y ,MESOPOTAMIANS1 EXCEPT ?AT TAV]N-KEEP]S OP]AT$ ON CR$IT1 & HAWK]S & OP]ATORS ( M>KET /ALLS PROBABLY DID AS WELL4.<#d#d#g.> 

,! ORIG9S ( 9T]E/ WILL =EV] REMA9 OBSCURE1 S9CE !Y PREC$$ ! 9V5TION ( WRIT+4 ,! T]M9OLOGY = 9T]E/ 9 MO/ ANCI5T LANGUAGES IS D]IV$ FROM SOME WORD = 0(FSPR+10 CAUS+ SOME TO SPECULATE ?AT IT ORIG9ATES 9 LOANS ( LIVE/OCK1 BUT ?IS SEEMS A BIT LIT]AL-M9D$4 ,MORE LIKELY1 ! FIR/ WIDESPREAD 9T]E/-BE>+ LOANS W]E COMM]CIAL3 TEMPLES & PALACES W\LD =W>D W>ES TO M]*ANTS & COMM]CIAL AG5TS1 :O W\LD !N TRADE !M 9 NE>BY M\NTA9 K+DOMS OR ON TRAD+ EXP$ITIONS OV]SEAS4.<#d#d#h.> 

,! PRACTICE IS SIGNIFICANT BECAUSE IT IMPLIES A FUNDAM5TAL LACK ( TRU/4 ,AFT] ALL1 :Y NOT SIMPLY DEM& A %>E 9 ! PR(ITS8 ,?IS SEEMS MORE FAIR 7A M]*ANT :O CAME BACK BANKRUPT W\LD PROBABLY HAVE LITTLE MEANS ( PAY+ ANYWAY71 & PR(IT-%>+ P>TN]%IPS ( ?IS SORT BECAME COMMON PRACTICE 9 ! LAT] ,MIDDLE ,EA/4.<#d#d#i.> ,! ANSW] SEEMS TO BE ?AT PR(IT-%>+ P>TN]%IPS W]E TYPICALLY CONTRACT$ BETWE5 M]*ANTS1 OR ANYWAY PEOPLE ( SIMIL> BACKGR\ND & EXP]I5CE :O HAD WAYS ( KEEP+ TRACK ( ONE ANO!R4 ,PALACE OR TEMPLE BUREAUCRATS & WORLD-ROAM+ M]*ANT ADV5TUR]S HAD LITTLE 9 COMMON1 & ! BUREAUCRATS SEEM TO HAVE CONCLUD$ ?AT ONE C\LD NOT NORMALLY EXPECT A M]*ANT RETURN$ FROM A F>-(F L& TO BE 5TIRELY HONE/ AB\T HIS ADV5TURES4 ,A FIX$ 9T]E/ RATE W\LD R5D] IRRELEVANT :ATEV] ELABORATE TALES ( ROBB]Y1 %IPWRECK1 OR ATTACKS BY W+$ SNAKES OR ELEPHANTS A CREATIVE M]*ANT MI<T HAVE CONCOCT$4 ,! RETURN WAS FIX$ 9 ADVANCE4 

,?IS CONNECTION BETWE5 BORR[+ & LY+1 9CID5TALLY1 IS AN IMPORTANT ONE TO HI/ORY4 ,H]ODOTUS REM>K$ AB\T ! ,P]SIANS3 0,TO TELL A LIE IS CONSID]$ BY !M ! GREATE/ DISGRACE1 & NEXT TO ?AT TO BE 9 DEBT 444 ESPECIALLY BECAUSE !Y ?9K ?AT ONE 9 DEBT MU/ ( NECESSITY TELL LIES40.<#d#e.> 7,LAT]1 ,H]ODOTUS REPORT$ A /ORY TOLD TO HIM BY A ,P]SIAN AB\T ! ORIG9S ( ! GOLD ?AT ! ,P]SIANS HAD ACQUIR$ 9 ,9DIA3 !Y /OLE IT FROM ! NE/S ( GIANT ANTS47.<#d#e#a.> ,JESUS'S P>ABLE ( ! UN=GIV+ S]VANT MAKES A JOKE \T ( ! MATT] 70,T5 ?\S& TAL5TS8 ,NO PROBLEM4 ,JU/ GIVE ME A LITTLE MORE TIME071 BUT EV5 H]E1 ONE CAN SEE H[ SU* 5DLESS FALSEHOODS CONTRIBUT$ TO A BROAD] S5SE ?AT A WORLD 9 :I* MORAL RELATIONS >E CONCEIV$ AS DEBTS IS ALSO1 :ILE 9 C]TA9 WAYS 5T]TA9+1 NECESS>ILY A WORLD ( CORRUPTION1 GUILT1 & S94 

,BY ! TIME ( ! E>LIE/ ,SUM]IAN DOCUM5TS1 ?IS WORLD MAY NOT YET HAVE >RIV$4 ,/ILL1 ! PR9CIPLE ( L5D+ AT 9T]E/1 EV5 COMP\ND 9T]E/1 WAS ALREADY FAMILI> TO EV]YONE4 ,9 #bdb BC1 = 9/ANCE1 A ROYAL 9SCRIPTION BY ,K+ ,5MET5A ( ,LAGA%--ONE ( ! E>LIE/ WE HAVE--COMPLA9S ?AT HIS 5EMY1 ! ,K+ ( ,UMMA1 HAD BE5 OCCUPY+ A HUGE /RET* ( F>ML& ?AT HAD RI<TFULLY BELONG$ TO ,LAGA% = DECADES4 ,HE ANN\NCES3 IF ONE W]E TO CALCULATE ! R5TAL FEES = ALL ?AT L&1 !N ! 9T]E/ ?AT W\LD HAVE BE5 DUE ON ?AT R5T1 COMP\ND$ ANNUALLY1 IT W\LD REVEAL ?AT ,UMMA N[ [ES ,LAGA% F\R & A HALF TRILLION LIT]S ( B>LEY4 ,! SUM WAS1 AS 9 ! P>ABLE1 9T5TIONALLY PREPO/]\S4.<#d#e#b.> ,IT WAS JU/ AN EXCUSE TO />T A W>4 ,/ILL1 HE WANT$ EV]YONE TO KN[ ?AT HE KNEW EXACTLY H[ TO DO ! MA?4 

,USURY--9 ! S5SE ( 9T]E/-BE>+ CONSUM] LOANS--WAS ALSO WELL E/ABLI%$ BY ,5MET5A'S TIME4 ,! K+ ULTIMATELY HAD HIS W> & WON IT1 & TWO YE>S LAT]1 FRE% (F HIS VICTORY1 HE WAS =C$ TO PUBLI% ANO!R $ICT3 ?IS ONE1 A G5]AL DEBT CANCELLATION )9 HIS K+DOM4 ,AS HE LAT] BOA/$1 0HE 9/ITUT$ FRE$OM 7AM>GI7 9 ,LAGA%4 ,HE RE/OR$ ! *ILD TO ITS MO!R1 & ! MO!R TO H] *ILD2 HE CANCEL$ ALL 9T]E/ DUE40.<#d#e#c.> ,?IS WAS1 9 FACT1 ! V]Y FIR/ SU* DECL>ATION WE HAVE ON RECORD--& ! FIR/ TIME 9 HI/ORY ?AT ! WORD 0FRE$OM0 APPE>S 9 A POLITICAL DOCUM5T4 

,5MET5A'S TEXT IS A BIT VAGUE ON ! DETAILS1 BUT A HALF-C5TURY LAT]1 :5 HIS SUCCESSOR ,URU9IMG9A DECL>$ A G5]AL AMNE/Y DUR+ ! ,NEW ,YE>'S C]EMONIES ( #bce BC1 ! T]MS >E ALL SPELL$ \T1 & !Y CON=M TO :AT WAS TO BECOME TYPICAL ( SU* AMNE/IES3 CANCEL+ NOT ONLY ALL \T/&+ LOANS1 BUT ALL =MS ( DEBT S]VITUDE1 EV5 ?OSE BAS$ ON FAILURE TO PAY FEES OR CRIM9AL P5ALTIES--! ONLY ?+ EXCEPT$ BE+ COMM]CIAL LOANS4 

,SIMIL> DECL>ATIONS >E TO BE F\ND AGA9 & AGA91 9 ,SUM]IAN & LAT] ,BABYLONIAN & ,ASSYRIAN RECORDS1 & ALWAYS ) ! SAME !ME3 ! RE/ORATION ( 0JU/ICE & EQUITY10 ! PROTECTION ( WID[S & ORPHANS1 TO 5SURE--AS ,HAMMURABI WAS TO PUT IT :5 HE ABOLI%$ DEBTS 9 ,BABYLON 9 #agfa BC--0?AT ! /RONG MI<T NOT OPPRESS ! WEAK40.<#d#e#d.> ,9 ! WORDS ( ,MI*AEL ,HUDSON1 

,! DESIGNAT$ OCCASION = CLE>+ ,BABYLONIA'S F9ANCIAL SLATE WAS ! ,NEW ,YE> FE/IVAL1 CELEBRAT$ 9 ! SPR+4 ,BABYLONIAN RUL]S OV]SAW ! RITUAL ( 0BREAK+ ! TABLETS10 ?AT IS1 ! DEBT RECORDS1 RE/OR+ ECONOMIC BALANCE AS P>T ( ! CAL5DRICAL R5EWAL ( SOCIETY ALONG ) ! RE/ ( NATURE4 ,HAMMURABI & HIS FELL[ RUL]S SIGNAL$ !SE PROCLAMATIONS BY RAIS+ A TOR*1 PROBABLY SYMBOLIZ+ ! SUN-GOD ( JU/ICE ,%AMA%1 :OSE PR9CIPLES W]E SUPPOS$ TO GUIDE WISE & FAIR RUL]S4 ,P]SONS HELD AS DEBT PL$GES W]E RELEAS$ TO REJO9 !IR FAMILIES4 ,O!R DEBTORS W]E RE/OR$ CULTIVATION RI<TS TO !IR CU/OM>Y L&S1 FREE ( :ATEV] MORTGAGE LI5S HAD ACCUMULAT$4.<#d#e#e.> 

,OV] ! NEXT SEV]AL ?\S& YE>S1 ?IS SAME LI/--CANCEL+ ! DEBTS1 DE/ROY+ ! RECORDS1 REALLOCAT+ ! L&--WAS TO BECOME ! /&>D LI/ ( DEM&S ( PEASANT REVOLUTION>IES EV]Y:]E4 ,9 ,MESOPOTAMIA1 RUL]S APPE> TO HAVE HEAD$ (F ! POSSIBILITY ( UNRE/ BY 9/ITUT+ SU* RE=MS !MSELVES1 AS A GR& GE/URE ( COSMIC R5EWAL1 A RECREATION ( ! SOCIAL UNIV]SE--9 ,BABYLONIA1 DUR+ ! SAME C]EMONY 9 :I* ! K+ RE5ACTS HIS GOD ,M>DUK'S CREATION ( ! PHYSICAL UNIV]SE4 ,! HI/ORY ( DEBT & S9 WAS WIP$ \T1 & IT WAS TIME TO BEG9 AGA94 ,BUT IT'S ALSO CLE> :AT !Y SAW AS ! ALT]NATIVE3 ! WORLD PLUNG$ 9TO *AOS1 ) F>M]S DEFECT+ TO SWELL ! RANKS ( NOMADIC PA/ORALI/S1 & ULTIMATELY1 IF ! BREAKD[N CONT9U$1 RETURN+ TO OV]RUN ! CITIES & DE/ROY ! EXI/+ ECONOMIC ORD] 5TIRELY4 

,EGYPT 7#b#f#e-#g#a#f ,B,C7 

  

,EGYPT REPRES5TS AN 9T]E/+ CONTRA/1 S9CE = MO/ ( ITS HI/ORY1 IT MANAG$ TO AVOID ! DEVELOPM5T ( 9T]E/-BE>+ DEBT 5TIRELY4 

,EGYPT WAS1 LIKE ,MESOPOTAMIA1 EXTRAORD9>ILY RI* BY ANCI5T /&>DS1 BUT IT WAS ALSO A SELF-CONTA9$ SOCIETY1 A RIV] RUNN+ ?R\< A DES]T1 & F> MORE C5TRALIZ$ ?AN ,MESOPOTAMIA4 ,! PH>AOH WAS A GOD1 & ! /ATE & TEMPLE BUREAUCRACIES HAD !IR H&S 9 EV]Y?+3 !RE W]E A DAZZL+ >RAY ( TAXES & A CONT9UAL DI/RIBUTION ( ALLOTM5TS1 WAGES1 & PAYM5TS FROM ! /ATE4 ,H]E1 TOO1 MONEY CLE>LY >OSE AS A MEANS ( ACC\NT4 ,! BASIC UNIT WAS ! DEB51 OR 0MEASURE0--ORIG9ALLY REF]R+ TO MEASURES ( GRA91 & LAT] ( COPP] OR SILV]4 ,A FEW RECORDS MAKE CLE> ! CAT*-AS-CAT*-CAN NATURE ( MO/ TRANSACTIONS3 

,9 ! #a#e? YE> ( ,RAMSES ,I,I .<C4 #abge ,B,C.> A M]*ANT (F]$ ! ,EGYPTIAN LADY ,]5(RE A ,SYRIAN SLAVE GIRL :OSE PRICE1 NO D\BT AFT] B>GA9+1 WAS FIX$ AT #d DEB5 #a KITE .<AB\T #cgc GRAMS.> ( SILV]4 ,]5(RE MADE UP A COLLECTION ( CLO!S & BLANKETS TO ! VALUE ( #b DEB5 #b #a_/#c KITE--! DETAILS >E SET \T 9 ! RECORD--& !N BORR[$ A MISCELLANY ( OBJECTS FROM H] NEI<BORS--BRONZE VESSELS1 A POT ( HONEY1 T5 %IRTS1 T5 DEB5 ( COPP] +OTS--TILL ! PRICE WAS MADE UP4.<#d#e#f.> 

,MO/ M]*ANTS W]E IT9]ANT1 EI!R =EIGN]S OR COMM]CIAL AG5TS = ! [N]S ( L>GE E/ATES4 ,!RE'S NOT MU* EVID5CE = COMM]CIAL CR$IT1 H[EV]2 LOANS 9 ,EGYPT W]E /ILL MORE LIKELY TO TAKE ! =M ( MUTUAL AID BETWE5 NEI<BORS4.<#d#e#g.> 

,SUB/ANTIAL1 LEGALLY 5=CEABLE LOANS1 ! K9D ?AT CAN LEAD TO ! LOSS ( L&S OR FAMILY MEMB]S1 >E DOCUM5T$1 BUT !Y APPE> TO HAVE BE5 R>E--& MU* LESS P]NICI\S1 AS ! LOANS DID NOT BE> 9T]E/4 ,SIMIL>LY1 WE DO OCCASIONALLY HE> ( DEBT-BONDS]VANTS1 & EV5 DEBT SLAVES1 BUT !SE SEEM TO HAVE BE5 UNUSUAL PH5OM5A & !RE'S NO SUGGE/ION ?AT MATT]S EV] REA*$ CRISIS PROPORTIONS1 AS !Y SO REGUL>LY DID 9 ,MESOPOTAMIA & ! ,LEVANT4.<#d#e#h.> 

,9 FACT1 = ! FIR/ SEV]AL ?\S& YE>S1 WE SEEM TO BE 9 A SOME:AT DIFF]5T WORLD1 :]E DEBT REALLY WAS A MATT] ( 0GUILT0 & TREAT$ L>GELY AS A CRIM9AL MATT]3 

,:5 A DEBTOR FAIL$ TO REPAY HIS DEBT ON TIME1 HIS CR$ITOR C\LD TAKE HIM TO C\RT1 :]E ! DEBTOR W\LD BE REQUIR$ TO PROMISE TO PAY 9 FULL BY A SPECIFIC DATE4 ,AS P>T ( HIS PROMISE--:I* WAS UND] OA?--! DEBTOR ALSO PL$G$ TO UND]GO #a BL[S &_/OR REPAY TWICE ! AM\NT ( ! ORIG9AL LOAN IF HE FAIL$ TO PAY BY ! DATE SPECIFI$4.<#d#e#i.> 

,! 0&_/OR0 IS SIGNIFICANT4 ,!RE WAS NO =MAL DI/9CTION BETWE5 A F9E & A BEAT+4 ,9 FACT1 ! 5TIRE PURPOSE ( ! OA? 7RA!R LIKE ! ,CRETAN CU/OM ( HAV+ A BORR[] PRET5D TO SNAT* ! MONEY7 SEEMS TO HAVE BE5 TO CREATE ! JU/IFICATION = PUNITIVE ACTION3 SO ! DEBTOR C\LD BE PUNI%$ AS EI!R A P]JUR] OR A ?IEF4.<#d#f.> 

,BY ! TIME ( ! ,NEW ,K+DOM 7#a#e#e-#a#g7 !RE IS MORE EVID5CE = M>KETS1 BUT IT'S ONLY BY ! TIME WE REA* ! ,IRON ,AGE1 JU/ BE=E ,EGYPT WAS ABSORB$ 9TO ! ,P]SIAN EMPIRE1 ?AT WE BEG9 TO SEE EVID5CE = ,MESOPOTAMIAN-/YLE DEBT CRISES4 ,GREEK S\RCES1 = 9/ANCE1 RECORD ?AT ! ,PH>AOH ,BAK5RANEF 7REIGN$ #g#b-#g#a#e BC7 ISSU$ A DECREE ABOLI%+ DEBT BONDAGE & ANNULL+ ALL \T/&+ LIABILITIES1 S9CE 0HE FELT IT W\LD BE ABSURD = A SOLDI]1 P]HAPS AT ! MOM5T :5 HE WAS SETT+ =? TO FI<T = HIS FA!RL&1 TO BE HAUL$ (F TO PRISON BY HIS CR$ITOR = AN UNPAID LOAN0--:I*1 IF TRUE1 IS ALSO ONE ( ! E>LIE/ M5TIONS ( A DEBT PRISON4.<#d#f#a.> ,UND] ! ,PTOLEMIES1 ! ,GREEK DYNA/Y ?AT RUL$ ,EGYPT AFT] ,ALEX&]1 P]IODIC CLEAN SLATES HAD BECOME 9/ITUTIONIZ$4 ,IT'S WELL KN[N ?AT ! ,ROSETTA ,/ONE1 WRITT5 BO? 9 ,GREEK & ,EGYPTIAN1 PROV$ TO BE ! KEY ?AT MADE IT POSSIBLE TO TRANSLATE ,EGYPTIAN HI]OGLYPHICS4 ,FEW >E AW>E ( :AT IT ACTUALLY SAYS4 ,! /ELA WAS ORIG9ALLY RAIS$ TO ANN\NCE AN AMNE/Y1 BO? = DEBTORS & = PRISON]S1 DECL>$ BY ,PTOLEMY ,V 9 #aif BC4.<#d#f#b.> 

,*9A 7#b#b-#g#g#a ,B,C7 

  

,WE CAN SAY ALMO/ NO?+ AB\T ,BRONZE ,AGE ,9DIA1 S9CE ITS WRIT+ REMA9S 9DECIPH]ABLE1 & NOT MU* MORE AB\T ,E>LY ,*9A4 ,:AT LITTLE WE DO KN[--MA9LY CULL$ FROM DRIBS & DRABS 9 LAT] LIT]>Y S\RCES--SUGGE/S ?AT ! E>LIE/ ,*9ESE /ATES W]E F> LESS BUREAUCRATIC ?AN !IR WE/]N C\S9S4.<#d#f#c.> ,!RE BE+ NO C5TRALIZ$ TEMPLE OR PALACE SY/EM ) PRIE/S & ADM9I/RATORS MANAG+ ! /OR]OOMS & RECORD+ 9PUTS & \TPUTS1 !RE WAS ALSO LITTLE 9C5TIVE TO CREATE A S+LE1 UNI=M UNIT ( ACC\NT4 ,9/EAD1 ! EVID5CE SUGGE/S A DIFF]5T PA?1 ) SOCIAL CURR5CIES ( V>I\S SORTS /ILL HOLD+ SWAY 9 ! C\NTRYSIDE & BE+ CONV]T$ TO COMM]CIAL PURPOSES 9 DEAL+S BETWE5 /RANG]S4 

,LAT] S\RCES RECALL ?AT E>LY RUL]S 0US$ PE>LS & JADE AS !IR SUP]IOR ME?OD ( PAYM5T1 GOLD AS !IR MIDDLE ME?OD ( PAYM5T1 & KNIVES & SPADES AS !IR L[] ME?OD ( PAYM5T40.<#d#f#d.> ,! AU?OR CAN ONLY BE TALK+ AB\T GIFTS H]E1 & HI]>*ICAL ONES AT ?AT3 K+S & GREAT MAGNATES REW>D+ !IR FOLL[]S = S]VICES 9 !ORY R5D]$ VOLUNT>ILY4 ,9 MO/ PLACES1 LONG /R+S ( C[RIE %ELLS FIGURE PROM95TLY1 BUT EV5 H]E1 ?\< WE (T5 HE> ( 0! C[RIE MONEY ( E>LY ,*9A10 & IT'S EASY 5\< TO F9D TEXTS 9 :I* ! VALUE ( SUMPTU\S GIFTS >E MEASUR$ 9 C[RIES1 IT'S NEV] CLE> :E!R PEOPLE W]E REALLY C>RY+ !M >\ND TO BUY & SELL ?+S 9 ! M>KETPLACE4.<#d#f#e.> 

,! MO/ LIKELY 9T]PRETATION IS ?AT !Y W]E C>RY+ ! %ELLS1 BUT = A LONG TIME M>KETPLACES !MSELVES W]E ( M9OR SIGNIFICANCE1 SO ?IS USE WAS NOT NE>LY AS IMPORTANT AS ! USUAL USES = SOCIAL CURR5CIES3 M>RIAGE PRES5TS1 F9ES1 FEES1 & TOK5S ( HONOR4.<#d#f#f.> ,AT ANY RATE1 ALL S\RCES 9SI/ ?AT !RE WAS A WIDE V>IETY ( CURR5CIES 9 CIRCULATION4 ,AS ,DAVID ,S*EIDEL1 ONE ( ! PREMI] CONTEMPOR>Y S*OL>S ( E>LY MONEY1 NOTES3 

,9 PRE-IMP]IAL ,*9A1 MONEY TOOK ! =M ( C[RIE %ELLS1 BO? ORIG9ALS &--9CREAS+LY--BRONZE IMITATIONS1 TORTOISE %ELLS1 WEI<$ GOLD & 7R>ELY7 SILV] B>S1 & MO/ NOTABLY--FROM AT LEA/ #a ,B,C ONW>D--UT5SIL MONEY 9 ! %APE ( SPADE BLADES & KNIVES MADE ( BRONZE4.<#d#f#g.> 

,!SE W]E MO/ (T5 US$ BETWE5 PEOPLE :O DIDN'T KN[ EA* O!R V]Y WELL4 ,= TABULAT+ DEBTS BETWE5 NEI<BORS1 ) LOCAL V5DORS1 OR ) ANY?+ HAV+ TO DO ) ! GOV]NM5T1 PEOPLE APPE> TO HAVE EMPLOY$ A V>IETY ( CR$IT 9/RUM5TS3 LAT] ,*9ESE HI/ORIANS CLAIM$ ?AT ! E>LIE/ ( !SE W]E KNOTT$ /R+S1 RA!R LIKE ! ,9CA KHIPU SY/EM1 & !N LAT]1 NOT*$ /RIPS ( WOOD OR BAMBOO4.<#d#f#h.> ,AS 9 ,MESOPOTAMIA1 !SE APPE> TO HAVE LONG PR$AT$ WRIT+4 

,WE DON'T REALLY KN[ :5 ! PRACTICE ( L5D+ AT 9T]E/ FIR/ REA*$ ,*9A EI!R1 OR :E!R ,BRONZE ,AGE ,*9A CAME TO SEE ! SAME SORTS ( DEBT CRISES AS OCCURR$ 9 ,MESOPOTAMIA1 BUT !RE >E TANTALIZ+ H9TS 9 LAT] DOCUM5TS4.<#d#f#i.> ,= 9/ANCE1 LAT] ,*9ESE LEG5DS AB\T ! ORIG9 ( CO9AGE ASCRIB$ ! 9V5TION TO EMP]ORS TRY+ TO RELIEVE ! EFFECTS ( NATURAL DISA/]S4 ,ONE E>LY ,HAN TEXT REPORTS3 

,9 ANCI5T TIMES1 DUR+ ! FLOODS ( ,YU & ! DR\<TS ( ,TANG1 ! COMMON PEOPLE BECAME SO EXHAU/$ ?AT !Y W]E =C$ TO BORR[ FROM ONE ANO!R 9 ORD] TO OBTA9 FOOD & CLO?+4 .<,EMP]OR.> ,YU CO9$ MONEY = HIS PEOPLE FROM ! GOLD ( ,M\NT ,LI & .<,EMP]OR.> ,TANG DID LIKEWISE FROM ! COPP] ( ,M\NT ,YAN4 ,!RE=E ! WORLD CALL$ !M B5EVOL5T4.<#d#g.> 

,O!R V]SIONS >E A LITTLE MORE EXPLICIT4 ,! ,GUANZI1 A COLLECTION ?AT 9 E>LY IMP]IAL ,*9A BECAME ! /&>D PRIM] ON POLITICAL ECONOMY1 NOTES 0,!RE W]E PEOPLE :O LACK$ EV5 GRUEL TO EAT1 & :O W]E =C$ TO SELL !IR *ILDR54 ,TO RESCUE !SE PEOPLE1 ,TANG CO9$ MONEY40.<#d#g#a.> 

,! /ORY IS CLE>LY FANCIFUL 7! REAL ORIG9S ( CO9$ MONEY W]E AT LEA/ A ?\S& YE>S LAT]71 & IT IS V]Y H>D TO KN[ :AT TO MAKE ( IT4 ,C\LD ?IS REFLECT A MEMORY ( *ILDR5 BE+ TAK5 AWAY AS DEBT SURETIES8 ,ON ! FACE ( IT1 IT SEEMS MORE LIKE />V+ PEOPLE SELL+ !IR *ILDR5 \TRI<T--A PRACTICE ?AT WAS LAT] TO BECOME COMMONPLACE 9 C]TA9 P]IODS ( ,*9ESE HI/ORY4.<#d#g#b.> ,BUT ! JUXTAPOSITION ( LOANS & ! SALE ( *ILDR5 IS SUGGE/IVE1 ESPECIALLY CONSID]+ :AT WAS HAPP5+ ON ! O!R SIDE ( ,ASIA AT EXACTLY ! SAME TIME4 ,! ,GUANZI LAT] GOES ON TO EXPLA9 ?AT !SE SAME RUL]S 9/ITUT$ ! CU/OM ( RETA9+ #c P]C5T ( ! H>VE/ 9 PUBLIC GRAN>IES = R$I/RIBUTION 9 EM]G5CIES1 SO AS TO 5SURE ?AT ?IS W\LD NEV] HAPP5 AGA94 ,9 O!R WORDS1 !Y BEGAN TO SET UP JU/ ! K9D ( BUREAUCRATIC /ORAGE FACILITIES ?AT1 9 PLACES LIKE ,EGYPT & ,MESOPOTAMIA1 HAD BE5 RESPONSIBLE = CREAT+ MONEY AS A UNIT ( ACC\NT TO BEG9 )4 

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