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The Real History of Money and Debt

The barter myth

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Debt...it's the four letter word that defines our time and controls our destiny.

Bad debts...student debts...foreclosures on real estate loans...Washington bailing out incompetent lenders with tax money...

It all boils down to debt.

But do we really understand debt? Do we really understand money?

Don't answer too quickly.

For example, what preceded money?

Barter of course.

It's a great theory. Just one problem. It turns out no to be true.

"Primitive" people did not barter. They had elaborate debt systems.

That's right. Debt preceded money.

Here's the whole talk here: Debt: The First 5,000 Years