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I found this an interesting interview about the history of money and debt.
 Check it out.

What is Debt? – An Interview with Economic Anthropologist David Graeber (http://www.nakedcapitalism.com/2011/08/what-is-debt-%E2%80%93-an-interview-with-economic-anthropologist-david-graeber.html)

Excellent article, thanks for posting it. It highlights the cyclical nature of economies and financial structures very nicely. The analysis appears to be based on societies with written language, so I'd be curious to know what the Graeber's perspective is on those cultures that were spoken-language only. There also seems to be an assumption of exchange only in goods for goods.

It would seem to me that barter would dominate at seasonal tribal gatherings, during which surpluses would be offered in exchange for other surpluses. The exchange wouldn't have to be for physical goods: surpluses have been offered as a communal good, indicating a particular tribe's success and garnering respect or support. The intangible reputation in that case being the return. Records for these transactions simply don't exist and inferring as such would be virtually impossible.

There's a small archipelago nation in the South Pacific that holds such seasonal meetings, although exposure to modern society is eroding the practice. During these events, each tribe would contribute to a communal 'pile' of goods that formed the cumulative surplus of their respective production after providing sufficiently for themselves. The greater the pile, the prouder the society. The greater the share of the pile offered by a particular tribe, the greater the respect for that tribe. Out of the surplus, all tribes would then partake of the excess during festivities.

No one blanket explanation seems to cover everything, so I find it's still a chicken & egg situation, but it's good to have different persepectives.

A major point outlined is something that I agree with entirely - debt slavery is occurring and taking root now more than at any other point in history, especially with the mechanism and timing by which it is being expanded. Graeber's explanation helps to pull back the veneer of absurdity that is todays' status quo. I am left wondering whether this is the final stage of our species as we know it.

The issue of capitalism is one that I think isn't as clear, though. I find capitalism to be more of an observation of natural behavioral interaction. Whereas communism, socialism or other forms of centralized governance describe a structure to be maintained, capitalism is an observation of an order that arises naturally. This is actually very well examined by Eric S. Raymond (http://en.wikipedia.org/wiki/Eric_S._Raymond) in The Cathedral and the Bazaar (http://www.catb.org/~esr/writings/cathedral-bazaar/cathedral-bazaar/).

Yes, it was interesting to read. You had to filter his obvious marxist views, but its worth the read.


I think the titles capitalism and socialism are worthless. There are too many ideologies under those tents, even opposing ones inside the same tent, that it does not tell you anything that someones call himself socialist or capitalist.

Excellent read, and some thought provoking ideas.

Thanks for posting!

I find it stunning that debt came before money but it makes sense.

Better said debt was used as money before coin was used as money, according to him.

I read it last night when I had a fever but the first half I read was very interesting especially the part about barter coming before money being a fairytale. I can remember we were taught this in school and
Barter trade associations use it to promote themselves.

It's an interesting anthropological and historical view, but it all goes down hill towards the end when talking about how the way towards "democracy" is sovereign default.

The national debt is not slavery, it's the crack on which nations get high; nobody goes to the streets when the foreign capital flows into the country at abysmal interest rates, when socialist governments rack up the bill under the pretense of economic growth. It's only when the bill must be paid that people start to cry for sovereignty and democracy. Furthermore, the money states owe is not some made up fiat of the international elite, it's usually the savings of some foreign or domestic pensioners, or someone else's college fund. Defaulting on the debt will not hurt the fiat issuer of the currency, but the savers of the world.

I can very much agree that many 3rd world countries were ruled by dictators that borrow billions for weapons and personal luxury. In those cases, sure, it's your choice to finance those leaders, and your risk to lose everything when the next revolution happens (http://en.wikipedia.org/wiki/Odious_debt). But for countries like Greece and Italy ? Functional democracies that chose socialism en-masse, increased their national debt by 50% in the last 5 years alone, and somehow forgot they need to pay it back eventually ? Bitch, please.

http://2.bp.blogspot.com/-XQGovNUFjvE/TfS9oYoX43I/AAAAAAAABFU/2KvB0aEaZYk/s1600/%2528+%2528+Greek_Dilemma.png

There's approaches for free market without capitalism. Silvio Gesell saw the interest as the source of capitalism, identifying money as the only true capital. According to him, the fact that real capitals have a sustained profit (that doesn't drop to zero by competition) is a byproduct of money-capital (basic interest on money, excluding the risk premium).
Kevin Carson has a different view, but he claims to be a free market anti-capitalist.


Oh, that looks exponential. Let's see 224 * (1.11 ^ 4 ) = 340.047772. It seems that Greece has made efforts to reduce debt, but that vertical line is what they got. Interest makes debts grow exponentially.

For me, the more interesting fact of the article is that LETS-like temples existed in Mesopotamia long time ago, maybe even before gold cash. The fact that precious metals can be cash (not a relation between two parties but between an individual and the rest of the cash acceptors as a whole) represents an advantage over credit money and explains its success. In this sense, the current fiat moneys are not pure cash, because their are kind of a liability from the central bank to the holder, but being widely accepted checks, they become effectively cash. And when cash is everlasting, interest is unavoidable.
I bet those temples didn't charge interest, after all charging interest on a check you issue is kind of weird if you think about it. The fed lending money to existence at interest is like a joke.

The debt is the borrowing money for someone or company that you also need to pay when it comes to duedates.

debt. an amount of money owed by a person, firm or government (the borrower) to a lender. Debts arise when individuals, etc., spend more than their current income or when they deliberately plan to borrow money to purchase specific goods, services or ASSETS (houses, financial securities, etc.).

a charge against a bank deposit account.

Debt is a duty or obligation to pay money, deliver goods, or render service under an express or implied agreement. One who owes, is a debtor or debitor; one to whom it is owed, is a debtee, creditor, or lender.
Use of debt in an organization's financial structure creates financial leverage that can multiply yield on investment provided returns generated by debt exceed its cost. Because the interest paid on debt can be written off as an expense, debt is normally the cheapest type of long-term financing.

What is debt??? DEBT is a sum of money that owed or due....For example,I paid off my debts...its Financial obligation and outstanding payment that is what you called DEBT.

I like quasi thermoeconomic models which might model money as being energy, with debt representing energy consumption or the conduction/transmission of energy. Then larger abstractions such as finance or economies could be modeled somewhat like abstract engines where the efficiency of energy consumption would need to retain a certain degree viability for economies/finance to function.

To some degree, it is possible the "something for nothing" mentality which is somewhat pervasive in culture right now, is overwhelming tit-for-tat common sense illustrating the limits of things like deficit or debt, which leads to economic instability and reduced living standards for all.

When an engine no longer produces more energy than it consumes, it ceases to function properly. An excess of deficit or debt which contributes towards economic/financial inefficiency could well have a similar effect.

Debt is a responsibility and a liability. It is something borrowed that you have to return or pay with interest. If you dont pay it on time, a certain percentage will be paid and becomes a liability. But if you paid on time, then it became your responsibility.

debt it's a nightmare of our life  ;D , can activate your cancel cells because of  stress, if you can't pay on the deadline period.
don't borrow a money or things that you can't pay back...

Debt is when you borrow money that you do not have in order, usually, to fund some business or something that will make you more money in the long run than the interest you are paying on said debt. I do not really like the concept of debt because it essentially makes you a slave. You will have no choice but to work and become a minion for your lender who will sit back and collect profits on your work for doing nothing at all.

Debt is designed to ruin your life and not to help you, it can ruin your financial status and also your family. As long as you don’t need much the money don’t borrow, or else you will suffer in the long run.

Debt is like addiction for me,it may help you for the main time but make most suffering in the long run.Though there are so many kind of debt,it maybe bad or good depends on how you apply it.Also,it maybe financially debt or a good deed by someone that favorably making u debt in return for example someone save your life,so as we usually do,we have to offer a reward as nature to us human individual or for our logical thinking,we did have a debt on that someone for saving our life.

Debt is like an Apple taste bite. Tasting first is good. Then you want more of Apple. Debt is pushing the debtors to do it again nd again until you are in chain of debt. This is sometimes sickness of attitude a harmful habit.

To myself that a reading that can increase the science and for myself.

Debt is something like a commitment to pay money, carry goods or render services under implied consensus or agreement. Applying expected income and future procurement power in the present before it was actually been earned. Debt is something an individual may need to acquire which is very necessary in times of financial hardships and must be address once you have the capacity to pay to prevent additional interest rates from blowing up.

Debt is not really helping anyone, especially when you’re paying with interest. By the way, money didn’t replace the barter system cause there are some things that are still being done through that system, but one question – is Bitcoin a barter system?

debt in a simple words is something personal,or physical form that you most owed or due to a person or a bank that you must paid in several days or months according to the terms or resolution of the contract.

In my thought, debt is something that you have to pay. With how much the amount you borrow is also the amount of your debt which is compulsory for you to pay.

For me debt is acquiring something by means of borrowing with terms and conditions. At business it is an obligation to pay, if not sunctions and penalties will be dealt according of what is being agreed by both parties.

Most surely, a debt can be of many types including economic, honor, gratitude, etc... Basically, If I do a favour to someone it is likely that he has a debt even if it is not explicit nor enforceable. That makes it a tool for commerce.

Very nice website. Debt was not a system that evolved from the bater exchange but rather a natural system of sense when it comes to transactions. It is like a second nature in us that we would feel a little less when someone owes a thing or money from us. From that psychological state, we adapt by making  things equal and fair.

Debt should not be in our vocabulary and let us not let ourselves drowned to debt, focus on the things that will make us rich and financially free not on those that will put us to mud of debt so use money wisely don't avail credit cards if you cannot control yourself in buying which is not important.

Debt is the borrowing made from someone and will have to pay it  at some specific time period.It is generally done with the intention to fulfill the needs of the borrower by seeking the help from the lender.
Debt sometimes becomes so vicious that the borrower fails to pay back the money.It creates the problem to the borrower where he finds himself helpless to payback the borrowed money..

That is a great fact. Well for me, people from poverty lines know much more about debt. Lack of supplies, money and necessity will lead to a debt.
Every people cannot avoid to engage in debt and we cannot control it specially if we have no support or financial source.

There is a famous speaker, I recall his last name Kyosaki I think. You need to read a bit of this guy because there is good debt and bad debt. There is debt that will make you rich and there is debt that will make you poor.

Debt is the sum of money that you owe someone... Is an obligation to someone to pay thier debts as an  individiluals who borrow money in any kind. it's either borrow money from your friends, firm,or the state owning something...and etc... A duty or a obligation to pay money. Deliver goods, or render services under an express or emplied agreement.

I learned much thanks to the article  ;D

Debt is something you borrowed from another person and its make your gratitude low by lending on someone.Lending on banks theres a due or penalties that charges if you cannot pay on the day you promised it.It makes someone lead to poverty as long you can avoid borrowing money stop it and manage your money well to finance your finances.Debt is a duty or obligations in your life if your lack of fianacial resources.

Debt is something important that you borrowed for important purpose. Wise debt is a must, do not just borrow for useless things.

Debt is when you borrowed money from a person or from a lending company and it have interest in a specific time. You need to pay your debt in the specific time  it alloted because if you cannot pay that time it will increase interest.

Great article, it gives a perspective on all of these lies

Debt is formed by past transactions or events, shall be borne by the units or individuals and expected accounting led to the economic interests of the present obligation of flow units or individuals, including all kinds of loans, and advance payments, etc. Sometimes it means the debt that is owed; Work to pay off all debts.

Debt is a financial commitment made by a borrower to the lender who has provided a necessary funds/money. debt may be secured by an entity's other assets, which will become the lender's property if the entity cannot pay back the debt. Debt may also be guaranteed by a third party such as an owner or a corporate parent.

Something typically that money is owed or due

the debt must be done in an urgent situation.
in my country if it is not indebted then the person will not have the desired.

The due of the owed property or currency is what we call as debt. If you tend to borrow or lend some cash or property you're titled to retort the value you borrowed to the lender. You have a unique countty for having that way of thinking but I would like to believe that people has debt when he/she wasn't able to payback what he/she lent.

I am against debts, if it is not important, I would never take up a loan.

There are diffirent meaning of debt one is sum of money that was owed or due and the other is feeling of gratitude from service or favour. Since we are here in Bitcointalk i think they are talking about money.
Why we owed money? Is it because we want to use this for a emergency purposes or we only owed money because we want to buy things that are beyond our means. If for emergency purpose i think it is okay as long as we have the guarantee that we pay it back on time. If the debt is for only to buy our want, we should think twice, if this attitude will be done again and again you will become heavily in debt. And it is very hard to cope up again.

Debt is a duty or an obligation to pay money, deliver goods, or render service under an express or implied agreement. One who owes, is a debtor or debit-or: one to whom it is owed, is a deb-tee, creditor or lender. Debt may be secured by an entity's other assets, which will become the lender's property if the entity cannot pay back the debt. Alternatively, the debt may be unsecured. Debt may also be guaranteed by a third party, such as an owner or a corporate parent.

Well sometimes, situations become desperate and people are left with little options but to ask others for assitance, in this case, to borrow money. I don't think anybody would want to be indebted and if there's another way, then why not do that instead. I'm not against it, especially of done for the right reasons.

Debt is kinda difficult to talk too. Even me I am afraid of debt but it couldn't help to have it because life is so difficult to go on without money and it is so hard to go with the flow if you cannot have what your friends have. For me I wanted to stick with bitcoin because it is one way to have stable life and to oversee the progress.

Debt is too personal to discuss and too private to broadcast. But since this is the topic of today, debt for me is something that you lend and something that you need to pay. Debt is also in the form credit or owing money from someone in which sometimes has interests.

We find that Debt is present everywhere in the presence of money, in my country, there is a lot of debt from banks with people or businesses with government. I also have a lot of debt in my life and have not been solved.

Debt is considered as accounts payable, wherein an agreement of two parties where you promise to pay at a given time. It can be in a forms of car loan, mortgage loan, credit cards, salary loan, housing loan,and etc. If you borrowed bitcoin to your friend and promise to pay with interest so that's considered as debt.

Debt is something you owe from a person. It is your responsibility to return what you have borrowed within a time period or it maybe negotiable, well it depends upon the situation.

Debt, it is something a persons borrowed cash to other persons, and talking about deficits problem, it is a negative form of income that mostly happen in local government.

Debt something, typically money, that is owed or due.
"I paid off my debts"
bill, account, dues, arrears, charges; something like that.

Nice content thanks for sharing it here it was worth to read with. So that's where it started nice one mate literally ignoring the legend of debt now I've added some knowledge i can use to discuss in this forum.

Debt is when you dont have money , you can loan to your friends or whatever, debt is a poverty for me. Debt is a curse.

Debt is when a person borrow a money from the creditor its called debt and some debt is also have a period of time and a fixed or variable interest rate and some debt is collateralize if you borrow in big creditor. all of have experince and encounter the word dept because sometimes we borrow money for emergency/we need it a time.

Debt is a money or a thing that we borrow to someone and need to pay it on the date that we promise to pay or shall we say on the date that we agree to settle it or we will be fined.

Debt is money owed by one party, the borrower or debtor, to a second party, the lender or creditor. The borrower may be a sovereign state or country, local government, company, or an individual.

I completely agree with you, but one wants to say an amendment, and this is that debts are always very difficult to give or take. but nevertheless there are some procedures and actions when everyone willingly does what they would like.

Thanks for posting this excellent article, it was really interesting to read. When a company borrows money to be paid back at a future date with interest it is known as debt financing. To be simple debt is an amount of money borrowed by one party from another.

debt is a liability of a person or a business entity to a third party paid by way of surrendering assets or services within a certain period of time as a result of past transactions in accordance with a prescribed agreement.

Debt is something to be paid in return of what you had used or borrowed. It is an obligation.  Failure to pay debts ruins your integrity as a person. It is just natural to borrow something from someone and pay it in return for as long as not in repitition nor forgetting to give it back. Always remember everything in this world needs moderation.

All I know about a debt- never be in debt! Avoid it at all costs, it is something that starts so easily and comes like a snowball, increasing in amount. Beware of being in debt) and especially with those super high interest rates which are offered by the banks.

Debt is the name given to the money that a person has taken to be repaid from a corporation or person. The article you find has beautiful content and is briefly mentioned. If you are wondering how the debtor system works, there are different explanations about this topic, but the easiest and simplest example is the working principle of banks. I do not want to pass without noting that there are interest, no interest, or clearing methods and debt types.

Duty is the way to make a man a slave. This is the basis of the work of the entire banking system. That is why the government will hold the monopoly in the production of money. Cryptocurrency eliminates the possibility of lending. People clearly see that after you have borrowed you have no chance to pay their obligations.

Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal circumstances. Debt is way to practice on how to borrowing party permission to borrow money to have interest.

really before the money was created, at that time only barter, but until now there is still a barter like in the area where I live. (fish vs rice) is still common in my area of ​​residence.

Well, it seems to me that we are making useless complications: let say that we are in the jungle. I went hunting and I took two wild boars. My neighbour also went hunting but he didn't take anything. He and his family are hungry, and I have too much.
So, I give him part of my prey, with the condition that he will give back to me when he can, or - here is the trick - it will work for me until he will "pay" what he took. With a little more, because I did him a favour...

Debt is something borrowed by a person or business entity to a third party such as a bank, the creditor or the lender itself.
Debt is an important element in finance usually owned by companies (individuals) who have or have difficulty in getting around the financial problems.
Debt is not just categorized as cash only but can also in other forms. And in the meantime debt transaction can be executed  if both parties have agreed on a higher rate (deal) between the borrower and the lender itself.

I believe that this is the exact way that the Glazers were able to purchase Manchester United in the first place, they didn't have the money outright but they borrowed and bought and now they are using the club to payback the money they initially borrowed.

 ;D Sometimes people who borrow have no choice. I don't people desire to go borrowing but when circumstances is beyond their control, they fall for the temptation. Do you also know that 70% of people who borrow desire to pay back but are unable to meet up. Borrowing is not really devilish if you do it for investment. 

I think that you can use debt to make better profits but is like a bet, you can double the benefit but you also double the risk. I would rather stay out of it frankly.

I know a bit about debt because I had a hard time paying one long time ago. Nothing really dangerous happened, but I think I will stay out of debt for the rest of my life, as I like to sleep well.

Very interesting article. We are in a society based on debt. It seems that everyone is in debt. People are in debt. Banks are in debt. Government are in debt.
I'm not talking about third world countries, I'm talking about America, Germany, China...
They are all in debt, their public debt is bigger than their gross domestic product.
So, this pose an interesting question:

if everyone is in debt, to whom are we debtors?

Think carefully...

Debt is something that must be paid either money or whatever. What is clear debt is a duty that must be met. Which begins with the promise to pay or fulfill it even in the heart.

Debt is a duty or obligation to pay money, deliver goods, or render service under an express or implied agreement. One who owes, is a debtor or debitor; one to whom it is owed, is a debtee, creditor, or lender. Debt can be represented by a loan note, bond, mortgage or other form stating repayment terms and, if applicable, interest requirements.

Debt financing is an expensive way of raising funds, because the company has to involve an investment banker who will structure big loans in a systematic way. It is a viable option when interest costs are low and the returns are better.

Why people quoting and answering some topic from 6 years past? Its created 2011 and i dont even think the OP still active until now, is this a new way to bringing up old topic to live or just spamming? ??? ???

Another important feature in debt financing is that the loan is secured or collateralized with the assets of the company taking the loan. This is usually part of the secured loan. If the loan is unsecured, the line of credit is usually less.

 Debt is an amount of money owned by one party or else an amount owed for funds borrowed, The Dept presented the Loan note, Bond, mortgage and other form stating repayment terms Of principal and interest .

Debt is amount of money borrowed by one party from another. Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal circumstances.

Debt is borrowing money to a person or a private bank. It has advantages and disadvantages. Its advantage is it can help you if you have projects to finish such as making a house, etc, it can help also in emergency payments. The disadvantage is that it is a long years payment which makes your salary low.

Referrals are the means of refunding the loan. Clearly, debt is such a duty that must be fulfilled. There is a special promise to provide it.

in the simple sense debt is obligatory. something borrowed by a person or business entity and must be paid at a specified time on the agreement of both parties

of course, the agreement must be secured by paper or any other form of guarantee. If only through the conversation, its binding will be lost.

For me, Debt means the amount of money which needs to be repaid back and financing means providing funds to be used in business activities. An important feature in debt financing is the fact that you are not losing ownership in the company.
Debt financing is a time-bound activity where the borrower needs to repay the loan along with interest at the end of the agreed period. The payments could be made monthly, half yearly, or towards the end of the loan tenure. Another important feature in debt financing is that the loan is secured or collateralized with the assets of the company taking the loan. This is usually part of the secured loan. If the loan is unsecured, the line of credit is usually less.

I recently had the good fortune of reading this article regarding the history of money and debt. It was well-written and as you read further you get interesting about the facts of the history of money and debt. Who would have thought that debt existed before money?

Loan ispoverty reduction for Bank or NGOS from financial loan of poverty  reduction it loan to. People lack in order to remove the loan is or any necessary loan of remains.Peopledifferent she does manage difficulty after debt with is.

Debt can be good if you used it to put up for a business. Although you will be paying for a long period of time,  yet,  you are also earning from your business. So it is wiser to to budget well our finances to prevent  from having debt.  That is why most of us here get involved in crypto to pay for our debts.

This article approve that we are all doing something but in some ways it is not correct, follow your own opinion and be patient

Debt is a term commonly used in the event of a repayment or compensation of property or material. However, debt can also be used to refer to other obligations. In the case of property owed, a debt is a way of using your purchasing power before you get enough money to pay for it, like I owe it to you, then I have an obligation to pay it for you.

Debt is an obligation or obligation to pay money, send goods, or provide services based on an express or implied agreement. The debtor is a debtor or debtor-or: a debtor, a debtor, a creditor or a lender. Debt can be secured with other assets of the entity, which will become the property of the lender if the entity can not repay the debt. Or, the debt may be unsafe. Debt can also be guaranteed by a third party, such as the owner or parent company.

Indeed, it is something that we should not tolerate, or that we should not practice since debt is the worst decision that we will make in our life. For me, we should always save money so it won't happen to us.

I think the debt is something we borrow or loan. maybe hehehe. . .

Simply is, if you have got some money lend from some other person, you are debtor and that amount to be paid is debt. It is mandatory for everyone to pay his debt before time or with in time limit because if it isn’t so, you might be able to lose your trust and can be in danger situations. This is a simple definition, I am just astonished why people are making it complex.

DEBT is a sum of money that owed to somebody or bank or company that has due, It is indeed a Financial obligation to pay in a specific date depending on what you agreed upon. that for me is debt. And i also like what the article is all about that debt came before fiat money itself due to bartering in the century.

Debt is any money owed to an individual, company, or other organization. One acquires debt when one borrows money. Debts arise when individuals, etc., spend more than their current income or when they deliberately plan to borrow money to purchase specific goods, services or ASSETS (houses, financial securities, etc.). Debt contracts provide for the eventual repayment of the sum borrowed and include INTEREST charges for the duration of the loan.

It is funny how we think that people are destined to have a debt omve in their lifetime. But behind those debts may be, grows a successful one right?

To me, the debt is like an agreement agreed between the borrower and the owner of the money, so the borrower must have an obligation to return the money or goods at any due date what the owner gave when borrowing

It is the borrower's obligation to return the money, shares or other valuables, taken for the certain period of time. Often, it is necessary to return not only the amount taken from the creditor, but also the remuneration, on whose terms the loan was made

Debt is when you pleasing a person or a company to give you some money or a thing and when you receive it  the owner is giving you a due date to pay it off . It is also all about when you have nothing at all, like for instance money.

very well said, thanks for this article which give me some insights about the history of money and debt.

Just a huge article, I could not fully get acquainted with it. But to admit those thoughts and ideas that he can tell us.

Interesting article, Anthropologist gives the subject a new twist.we now live in a debt-driven economy I would say, if everyone pays their debt, the money will disappear.

Debt, generally, can be seen as all of the money owed or borrowed by a person to another persom that is agreed to be paid in a given time with an interest to be paid of. This process is normal here in our place. There are some people who are depending in borrowing money to other. I always believe that this practice isn't a good thing to do or not a good thing to become a habit. We should not be contented that we can have money, let's aim for something that we wouldn't borrow money again.

I remember we were taught this at school and
Barter trade associations use it to promote themselves.
I read it last night when I had a fever but the first part I read was very interesting, especially the part about bartering that came before money became a fairy tale.

I found myself overwhelmed by the information in this article. But after digesting the information, i fond myself knowing more that i did before. I think i learned more about debt and finance now than i did a few minutes ago.

Debt is things that we asked when you are need help in able to sustain and give a daily needs . Debt also consider as a payments that we are able to pay because its is needed as you borrowed money or any thing in other persons or such campanies in a reasonable thing. Many of it has a percentage of debt as an a profit for the people whose given the money to the borrowers.

Interesting article, not one of those you brush away. l had to store so l can read again, interesting to know the origins of debt.

That is a nice article. We've always asked that all the countries have their national debt but who exactly are they in debt to? Also it's nice to know (or horrible) the very cyclic nature of debt in yhe economy. I just hope i don't get in on that cycle for too long and immedietly pay for mine.

Debt is something to be paid off because the owner of it work hard for it. Sometimes it has interest but mostly no depends on the agreement of both side. Debt is like loaning but it is come from a certain person not in an organization. Someone making debt and pay instantly but some are not and making it grow before turning it.

For me, simply it's spending money that you don't have. Credits cards are the number one source of debt for most people. I read somewhere that the actual total global debt is money that doesn't even exist yet.

Self control is the remedy or the way to prevent debt. You must control yourself and just buy or acquire the things you need and minimize the your wants.

Debt is the obligation of a business entity / company to a third party that is paid by submitting an asset or service within a certain period as a result of past transactions.

I always thought that debt was made when banks started to print banknotes that weren't backed backed by the gold in their vaults. Great read either way.

Thank You for posting this very interesting article that gives us knowledge about debt. It awakens our minds!

Until we start seeing people seeing the need to only live beyond their means, this is something that cannot be gotten rid of. Debt has become a norm for most developed worlds as the nation apparently use that as a way to bottle up most people anyway into living their lives fully indebted to the government and one way as well for some countries, when it comes to international relations find themselves in this hole at the end.

debt according to what I know is someone who agrees to borrow but after borrowing money or goods the person does not pay it or redeems it by returning or delaying to return the money or property he borrowed

Yeah, it is indeed good to see an article that sheds more light on how debt system works in every sector or area. One way or the other, we have all been in this cycle somehow.
The only way anyone can rid this is just to be self-discipline and utilize effectively what they have which if we look at most people and even country, this is not the case. Nevertheless, since the invention of credit cards, it has even subjected people into more need to keep owing as much as they can.


Debt is a borred money, things, or materials from someone who has an excess numbers. Others are lending agencies or financial organizations (their business) that give priveledge to the person to borrow money. Ofcourse it is your responsibility to pay in specific dates.

If you cannot pay in due time, you will have a penalty, until they  sequestered your house, car and others that serves as a collateral which look like a barter.

the debt record is in the form of a debt card held for each creditor, I read this about the matter of debt repayment today is an obligation that must be fulfilled from past debts,
I conclude there are three things here,
1. Short-term debt is a debt with a maturity of less than one year.

2. Long-term debt is a debt whose repayment will be made in a period of more than one year.

3. expenses that must be paid (Accruals payable), namely: an obligation that has become a burden (should have been paid).

wow, it was fascinating to read about it. There are a lot of things that I agree with you, it's helped me a lot. Thank for posting it and have a great day.

Money (paper money as physical form of finance) had always been a historical mystery that gave rise to this debt system to keep everyone under pressure that they owe something to someone else, and until that's given back, those people will be considered debtors and will be categorized (or I'd say discriminated on financial basis if they need more finance for their business or personal issues and won't get anything until they clear everything) in such a way that they will not be given priority in the society (and will even get criticized if they'll have a bad repayment history or overdue debts). Hats off and many thanks to Sir David Graeber for explaining such a misconceptualized topic in a brilliant manner. Had been here for so long but never saw such an interesting topic, or may have seen but missed it as I may have thought that the guy must be asking about what is debt, I learnt today that I should watch such topics as well because sometimes, we can find something interesting in them.

Yes, it was interesting to know all of this. I just remember the evolution of money where before started with. Bartering, then comes gold, then metal coins,  comes paper money, then plastic cards (atm, debit, credit cards, reward card etc.), then electronic money the future is crypto currency. Dept are everywhere as long as money is involve.

Amazing topic for us all to think about, the explanation on debt was very informative and comprehensive when one takes time to read. I believe people need to understand that theories behind the various terminologies in economics always have a very rich history and explanation that is backing it.

Informative and very easy to understand. Hopefully alot of the young people here get to read this article in order to understand what essentially is debt and how it cycles in our financial life. This could also help urge them to invest their money more than save it in a bank. We should really make money work for us rather than the other way around.

right, we can understand debt, and how to control and regulate it so that it can help in our lives, not vice versa. with good financial management of course with debt can produce something bigger

Debt is someone who borrows from a financial institution where he has the obligation to pay within a certain period of time with the agreed interest. In the rules it is explained that if you cannot pay on time or break promises there are legal rules that will be applied.

It's sometimes necessary for certain situations no matter what people do. There will be times for some people that their money just wouldn't be enough to make ends meet. And then it just snowballs from there.