Farmers stop producing the food the people need so they can devote their land to ornamental flowers for creditors' tables. Left to themselves, credit markets produce hereditary castes of lenders and debtors, with lenders exercising ever-more power over lenders.
This is socially destabilizing; you can feel it in McKenzie's eloquent, barely controlled rage at the hopeless structural knot that produces the abusive and predatory debt industry.
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Hudson's claim is that the rulers of antiquity knew this - and that we forgot it. Jubilee was key to producing long term political stability. Take away Jubilee and civilizations collapse:
https://pluralistic.net/2022/07/08/jubilant/#construire-des-passerelles
Debts that can't be paid won't be paid. Debt collectors know this. It's irrefutable.
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nostr:npub1hykucplphuhelaxutcw4jw3vuu7gcg42czhqmk7jhchs8vdga4fsj73p33
Typo in the toot and the blog:
"with lenders exercising ever-more power over lenders"
Nice article, and thanks for the pointer to Bits About Money.
