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Posted on 07/14/2026 5:08:32 PM PDT by Ultra Sonic 007
...Professor Michael Hudson characterizes the relationship between creditors and debtors as a 5,000 year long war which in our time is being won by the creditors. Indeed, an independent oligarchy of creditors has been created and is currently buying up land that the population itself cannot afford to own.
As Professor Hudson puts it, when you look at history in terms of the fight between creditors and debtors, it is a debt crisis that enslaved the Roman Empire and led to the fall of Rome. You have had the same tension in miniature in almost every subsequent economy. It is occurring throughout the whole West today. For the first time, we are seeing a civilizational fight over this issue with China and other countries saying money, credit, and banking should be a public function, not a privatized function. The government should be the creditor because governments can write down debts. China can simply write down the debts of its population to prevent an independent oligarchy from developing.
Every country has tried to prevent an oligarchy from developing. The Middle East did that for 3,000 years. And cancelling the debts did not cause disaster or crisis. It prevented crisis from developing. It restored order. That was the essence of the royal proclamations from Sumer to Babylonia, Assyria and Israel. That is what the prophet said. In the Jewish Bible, the whole history from let us say the 8th to the 5th centuries was a war between debtors and creditors...
(Excerpt) Read more at youtube.com ...
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Ancient Civilization/History ping.
Barack Obama got his political start helping deadbeats cheat Chicago banks.
“Rent’s Too Damn High”!
And is that contrary to the notion that it is bad for society when debt becomes too onerous on a large enough scale?
People need to live within their means.
Living beyond your means with someone else’s money is the slow sale of yourself to another. Eventually, they own you.
Wise up!
One thing that complicates our understanding of early American history, inheritance law was a lot different. The heir to an estate was on the hook for Daddy’s debts too, if any. That is no longer the case, nor are their Debtor’s prisons.
From the video: “In the Old Testament, it is stipulated in Deuteronomy that at the end of each seven years, there is to be a cancellation of debts and a release of any debt slaves held in bondage. In Leviticus, it is stipulated that the end of each 50 years, there is to be a Jubilee in which confiscated property is returned to its ancestral owners.”
1) Is this a bad policy?
2) If there is an expectation that there is a chance the money you lend out may be cancelled or rendered null and void, would that not make you more circumspect as to who they will lend to?
3) If certain debts backed by the public treasury (like modern student loans in America) are not dischargeable in bankruptcy, what reason do creditors have not to lend to applicants who are otherwise not creditworthy?
The reason student loans are not allowed to be discharged in a bankruptcy is because a cottage industry sprang up on college campuses all over.
Particularly for Law degrees, there were even courses offered that explained and walked students through the process on how to get your Law degree on borrowed money, and then declare bankruptcy.
It didn’t happen simply because Congress was a bunch of meanies. There was a method behind the madness.
You mean, like if we have a nation of deadbeats?
We’re just about there.
I think the war is a lot older than 5000 years...
My creditors should live so long.
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