When dealing with the Covid-19 pandemic, the political and banking authorities seemed to shrug off budgetary concerns. But now that the pandemic’s restrictions have eased, debt-related concerns are returning to the spotlight.
How is it that the car, a symbol of freedom for the American people, leads them into a cycle of debt and imprisonment?
In his latest book - now an international bestseller - anthropologist David Graeber analyses the role of debt in the evolution of human history. Focusing on the morality of debt, the book shows a comeback of anarchist positions, reflecting a growing frustration with the institutions of the state and the market.
What does a human life look like to a bank teller? The banking system’s rules of variable geometry mean that the morality of money is not the same for everyone. Money cuts across social boundaries and strengthens them at the same time, forcing those who are less well off to endure the humiliating end-of-month struggle in the name of “autonomy.”
The crisis currently affecting the United States is all the more serious when we consider how deep its roots go. The historian Louis Hyman shows how debt lodged itself at the heart of American capitalism during the 20th century. More than just an economic system, it is a genuine social model that has collapsed along with subprime loans.
