David Graeber - Debt: The First 5,000 Years (2011)

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In fact, our standard account of monetary history is precisely backwards. We did not begin with barter, discover money, and then eventually develop credit systems. It happened precisely the other way around.

David Graeber

Consumer debt is the lifeblood of our economy. All modern nation states are built on deficit spending. Debt has come to be the central issue of international politics. But nobody seems to know exactly what it is, or how to think about it.

David Graeber

To tell the history of debt, then, is also necessarily to reconstruct how the language of the marketplace has come to pervade every aspect of human life—even to provide the terminology for the moral and religious voices ostensibly raised against it.

David Graeber

Meanwhile, the U.S. debt remains, as it has been since 1790, a war debt: the United States continues to spend more on its military than do all other nations on earth put together, and military expenditures are not only the basis of the government's industrial policy; they also take up such a huge proportion of the budget that by many estimations, were it not for them, the United States would not run a deficit at all.

David Graeber