Debt’s ubiquity is a burden, but also an opportunity. Millions of debtors, isolated, are owned by the banks. But if you’re part of a collective that owes $14.15 trillion, you all own the banks. The point of debtors’ unions is not merely debt cancellation or even robust public goods handed to us by state power. It is […]
The Long History of Debt Cancellation
Moral thinking about debt has fluctuated throughout U.S. history. Today’s calls for cancellation suggest it may be poised for transformation once again. It wasn’t until after World War I, however, that it became legal for banks to lend to individuals for profit, marking a final turn towards the economy of debt that we recognize today. […]
BRONZE AGE REDUX: ON DEBT, CLEAN SLATES AND WHAT THE ANCIENTS HAVE TO TEACH US
The Michael Hudson Interview by Harold Crooks Economists once on the academic fringes – in university outposts like the University of Missouri Kansas City and Bard’s Levy Institute – are being looked to not only for understanding how to prevent bankers from setting the economy on fire again, but on how to build a social […]