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robertogreco : usuary   2

Standard & Poor's Downgrade: How Debt Has Defined Human History - Speakeasy - WSJ
"in the Middle Ages…merchants had to develop reputations for scrupulous integrity—not just always paying their debts, but forgiving others’ debts if they were in difficulties, & being generally pillars of their communities. Merchants could be trusted w/ money because they convinced others that they didn’t think money was the most important thing…“credit,” “honor,” & “decency” became the same thing…

For much of human history, the great social evil…was the debt crisis. The masses of the poor would become indebted to the rich…lose flocks & fields, begin selling family members into peonage & slavery…uprisings…Periods dominated by credit money, where everyone recognized that money was just a promise, a social arrangement, almost invariably involve some kind of mechanism to protect debtors…

…since 1971, we did exactly the opposite. Instead of setting up great overarching institutions designed to protect debtors…[we] protect creditors."
culture  politics  history  economics  money  debt  1971  2011  middleages  medieval  credit  integrity  usuary  honor  decency  slavery  peonage  creditors  debtors  bankruptcy  debtforgiveness  wealth  disparity  debtceiling  society  imf  relgion  s&p 
august 2011 by robertogreco

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