Annals of Progress: Debt

Finance and banking are rightly in disrepute at present. But it ought to be noted that we have seen progress in the way that debt is treated. No more debt bondage (except in backward regions). No debtors prison. No more bombarding foreign debtor states. No more taking over the revenue systems of debtor states.
This is part of the general trend of violence aversion in liberal modernity.
Because debt is dealt with peaceably now, there is no need for the ancient idea of a “jubilee” or a wiping out of all debts. That too belongs to the earlier era. A general jubilee would simply destroy all banks and credit-unions.


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