Everything You Thought You Knew About Western Civilization Is Wrong

Naked Capitalism has the article Everything You Thought You Knew About Western Civilization Is Wrong: A Review of Michael Hudson’s New Book, And Forgive Them Their Debts.

“Mesopotamian societies were not interested in equality,” he told me, “but they were civilized. And they possessed the financial sophistication to understand that, since interest on loans increases exponentially, while economic growth at best follows an S-curve. This means that debtors will, if not protected by a central authority, end up becoming permanent bondservants to their creditors. So Mesopotamian kings regularly rescued debtors who were getting crushed by their debts. They knew that they needed to do this. Again and again, century after century, they proclaimed Clean Slate Amnesties.”

Reading Michael Hudson, I am finally getting some of the deeper lessons of Modern Money Theory (MMT). I have many posts on this blog about Michael Hudson. I don’t think I put it all together until I read his book Killing the Host: How Financial Parasites and Debt Destroy the Global Economy. Searching this blog for all the posts about the book helps to remind me of what I learned from the book,

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