9 Mind-Blowing Facts About Money

[Severian]

China Invented Every Form of Money

China:

    Invented every single major form of currency: metal coins, paper money, and fiat currency not backed by precious metals

    Seized gold six centuries before Franklin Roosevelt, in order to prop up its fiat currency and prevent runaway inflation

Debt Forgiveness Is The Basis for Modern Civilization

Religions were founded on the concept of debt forgiveness.

For example, Matthew 6:12 says:

    And forgive us our debts, as we forgive our debtors.

Periodic times of debt forgiveness – or debt “jubilees” – were a basic part of the early Jewish and Christian religions, as well as Babylonian culture.

David Graeber, author of “Debt: The First 5,000 Years” told Democracy Now:

    If you look at the history of world religions, of social movements what you find is for much of world history what is sacred is not debt, but the ability to make debt disappear to forgive it and that’s where concepts of redemption originally come from.

Ambrose Evans-Pritchard wrote in 2009:

    In the end, the only way out of all this global debt may prove to be a Biblical debt Jubilee.

Indeed, the first recorded word for “freedom” in any human language is the word for freedom from debt.

(Moreover, there is a long-standing legal principle that people should not have to repay their government’s debt to the extent that it is incurred to launch aggressive wars or to oppress the people … what is called “odious debt”)....

9 Mind-Blowing Facts About Money

[mirelo]

This "vale of tears" will end once Bitcoin-like money becomes dominant: for the first time in monetary history, money alone already prevents its own mistaking by debt.

[Hfleer]

China Invented Every Form of Money

China:

    Invented every single major form of currency: metal coins, paper money, and fiat currency not backed by precious metals

    Seized gold six centuries before Franklin Roosevelt, in order to prop up its fiat currency and prevent runaway inflation

Debt Forgiveness Is The Basis for Modern Civilization

Religions were founded on the concept of debt forgiveness.

For example, Matthew 6:12 says:

    And forgive us our debts, as we forgive our debtors.

Periodic times of debt forgiveness – or debt “jubilees” – were a basic part of the early Jewish and Christian religions, as well as Babylonian culture.

David Graeber, author of “Debt: The First 5,000 Years” told Democracy Now:

    If you look at the history of world religions, of social movements what you find is for much of world history what is sacred is not debt, but the ability to make debt disappear to forgive it and that’s where concepts of redemption originally come from.

Ambrose Evans-Pritchard wrote in 2009:

    In the end, the only way out of all this global debt may prove to be a Biblical debt Jubilee.

Indeed, the first recorded word for “freedom” in any human language is the word for freedom from debt.

(Moreover, there is a long-standing legal principle that people should not have to repay their government’s debt to the extent that it is incurred to launch aggressive wars or to oppress the people … what is called “odious debt”)....

9 Mind-Blowing Facts About Money

Interesting read so far about debt forgiveness.  I've never heard it before,  mostly have read about how debt has been used in unfortunate ways to control those in debt in the past.

[Severian]

Interesting read so far about debt forgiveness.  I've never heard it before,  mostly have read about how debt has been used in unfortunate ways to control those in debt in the past.

The Liberty Bell has a quote from Chapter 25 of Leviticus that deals with freedom from debt bondage:

"Proclaim Liberty thro' all the Land to all the Inhabitants thereof."

But in reading the whole chapter, we see it's about economic liberty, not some idealized version of political liberty that's morphed into the "freedom" that America is now known for.

Debt forgiveness is one of the foundations of the American Revolution but you'd never know it judging by how history is taught these days.

[adpinbr]

of course you have heard of debt forgiveness you just didn't realize it, its called to big to fail, basically a country would rather give up some of its entitlements in order to not lose all of them. Thats the only way this thing ends....America will never pay back the debt and the chinese can never ask for it because then they would go bankrupt, or in other words america can renegotiate its debt with large holders of debt.

[johnyj]

Fed as the lender of last resort can lend any amount of money to government to purchase back their bond holding in foreign investors, if FED do a debt forgiven then there is no problem at all, this is the last and ultimate weapon that FED have in their toolbox

Since modern fiat money is not backed by gold, there won't be a bank run crisis, certain clients withdraw a lot of USD from bank A, just to be deposited into bank B, and all that bank A need to do to prevent a bank run is to simply borrow some money from bank B

[theonewhowaskazu]

Yes, thank you, now I can say with absolute certainty that the very first money grubber of all time was Asian.

(Sorry if I offended somebody, its just a joke, and for some reason I had to say it  )

[vokain]

Thanks for posting this. Good things happen when you forgive debt...so i'm going to go do that

[johnyj]

The debt forgiven means those who DON'T borrow money becomes the loser, since those who borrow money to spend do not need to pay back the debt, they get more capital to invest. So it will encourage more borrowing from nearly everyone, but that still won't hurt the fiat money system

[BitChick]

Bankruptcy is someone easy here in the US so I guess Debt forgiveness is still alive and well.

Now if the US could just get their debt forgiven?  I guess it does not matter if they can just keep printing money though.

[BBLotus]

Yes, thank you, now I can say with absolute certainty that the very first money grubber of all time was Asian.

(Sorry if I offended somebody, its just a joke, and for some reason I had to say it  )

My wife is half chinese. She is very frugal and I make fun of her for this all the time, when I'm not making jokes about driving on the wrong side of the ride. Someday she will probably stab me to death and I'll probably of fully deserved it.