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Debt: The First 5,000 Years

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David Graeber
David Graeber

David Graeber is an American anthropologist known for his research on economic anthropology, anarchism, and critical theory. His work explores the issues of economic relationships and power structures in modern society. more

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“All wars are sacred,” he said. “To those who have to fight them. If the people who started wars didn’t make them sacred, who would be foolish enough to fight? But, no matter what rallying cries the orators give to the idiots who fight, no matter what noble purposes they assign to wars, there is never but one reason for a war. And that is money. All wars are in reality money squabbles. But so few people ever realize it. Their ears are too full of bugles and drums and the fine words from stay-at-home orators. Sometimes the rallying cry is ’save the Tomb of Christ from the Heathen!’ Sometimes it’s ’down with Popery!’ and sometimes ‘Liberty!’ and sometimes ‘Cotton, Slavery and States’ Rights!”

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“Let's say I will rip your life apart. Me and my banker friends." How can he explain that to him? The world is not run from where he thinks. Not from border fortresses, not even from Whitehall. The world is run from Antwerp, from Florence, from places he has never imagined; from Lisbon, from where the ships with sails of silk drift west and are burned up in the sun. Not from the castle walls, but from counting houses, not be the call of the bugle, but by the click of the abacus, not by the grate and click of the mechanism of the gun but by the scrape of the pen on the page of the promissory note that pays for the gun and the gunsmith and the powder and shot.”

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“The weak breeze whispers nothing the water screams sublime. His feet shift, teeter-totter deep breaths, stand back, it’s time. Toes untouch the overpass soon he’s water-bound. Eyes locked shut but peek to see the view from halfway down. A little wind, a summer sun a river rich and regal. A flood of fond endorphins brings a calm that knows no equal. You’re flying now, you see things much more clear than from the ground. It's all okay, or it would be were you not now halfway down. Thrash to break from gravity what now could slow the drop? All I’d give for toes to touch the safety back at top. But this is it, the deed is done silence drowns the sound. Before I leaped I should've seen the view from halfway down. I really should’ve thought about the view from halfway down. I wish I could've known about the view from halfway down—”

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“In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.”

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Book:Debt: The First 5,000 Years
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