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.
David GraeberTags: money debt england banking
Tally sticks were quite explicitly IOUs: both parties to a transaction would take a hazelwood twig, notch it to indicate the amount owed, and then split it in half. The creditor would keep one half, called "the stock" (hence the origin of the term "stock holder") and the debtor kept the other, called "the stub" (hence the origin of the term "ticket stub.)
David GraeberBut if Smith was right, and gold and silver became money through the natural workings of the market completely independently of governments, then wouldn't the obvious thing be to just grab control of the gold and silver mines?
David GraeberTags: money
money has no essence. It's not "really" anything; therefore, its nature has always been and presumably always will be a matter of political contention.
David GraeberTags: money
As it turns out, we don't "all" have to pay our debts. Only some of us do.
David GraeberTags: debt
A revolution on a world scale will take a very long time. But it is also possible to recognize that it is already starting to happen. The easiest way to get our minds around it is to stop thinking about revolution as a thing — “the” revolution, the great cataclysmic break—and instead ask “what is revolutionary action?” We could then
suggest: revolutionary action is any collective action which rejects, and therefore confronts, some form of power or domination and in doing so, reconstitutes social relations—even within the collectivity—in that light. Revolutionary action does not necessarily have to aim to topple governments. Attempts to create autonomous communities in the face of power (using Castoriadis’ definition
here: ones that constitute themselves, collectively make their own rules or principles of operation, and continually reexamine them), would, for
instance, be almost by definition revolutionary acts. And history shows us that the continual accumulation
of such acts can change (almost) everything.
Tags: anarchism
The theory of exodus proposes that the most effective way of opposing capitalism and the liberal state is not through direct confrontation but by means of what Paolo Virno has called “engaged withdrawal,”mass defection by those wishing to create new forms of community. One need only glance at the historical record to confirm that most successful forms of popular resistance have taken precisely this form. They have not involved challenging power head on (this usually leads to being slaughtered, or if not, turning into some—often even uglier—variant of the
very thing one first challenged) but from one or another strategy of slipping away from its grasp, from flight, desertion, the founding of new communities.
Tags: capitalism anarchism
The criminalization of debt, then, was the criminalization of the very basis of human society. It cannot be overemphasized that in a small community, everyone normally was both a lender and borrower. One can only imagine the tensions and temptations that must have existed in a community—and communities, much though they are based on love, in fact because they are based on love, will always also be full of hatred, rivalry and passion—when it became clear that with sufficiently clever scheming, manipulation, and perhaps a bit of strategic bribery, they could arrange to have almost anyone they hated imprisoned or even hanged.
David GraeberTags: love society hate temptation debt crime
[A] great embarrassing fact… haunts all attempts to represent the market as the highest form of human freedom: that historically, impersonal, commercial markets originate in theft.
David GraeberTags: politics capitalism economics libertarianism markets
But in the years since the neoliberal project really has been stripped down to what was always its essence: not an economic project at all, but a political project, designed to devastate the imagination, and willing – with it’s cumbersome securitization and insane military projects – to destroy the capitalist order itself if that’s what it took to make it seem inevitable.
David GraeberTags: tina
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