Monday, January 2, 2012

Debt slavery and the modern state

"Since the Renaissance, however, bankers have shifted their political support to democracies. This did not reflect egalitarian or liberal political convictions as such, but rather a desire for better security for their loans. As James Steuart explained in 1767, royal borrowings remained private affairs rather than truly public debts. For a sovereign’s debts to become binding upon the entire nation, elected representatives had to enact the taxes to pay their interest charges."

Debt Slavery – Why It Destroyed Rome, Why It Will Destroy Us Unless It’s Stopped, by Michael Hudson, Counter-Punch]