''Debt has been the main dynamic driving these shifts – always with new twists and turns. It polarizes wealth to create a creditor class, whose oligarchic rule is ended as new leaders (“tyrants” to Aristotle) win popular support by cancelling the debts and redistributing property or taking its usufruct for the state.''

My only concern is that he might consider debt as only the obligation to return money with interest in the future in exchange for some product or service.

2011/12/5 Michel Bauwens <michel@p2pfoundation.net>

http://michael-hudson.com/2011/12/democracy-and-debt/

(i only disagree with his analysis of the feudal ages, serfs were NOT indebted, and it was not a continuation of the undefeated roman oligarchy)

Michel

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Sincerely yours,

     Apostolis Xekoukoulotakis