[P2P-F] crucial text on democracy and debt by Michael Hudson (everyone should read this)

[Apostolis Xekoukoulotakis]

+1

''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 at 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
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