What is debt?

An interview with David Graeber, an economic anthropologist about the roots of debt in human history.The interesting thing is that historically debt is inversely related to freedom and spirituality.

"The Aramaic word hoba is used regularly for both debt and sin, and that’s the origin of the usage in the Lord’s Prayer"

"In fact, the first recorded word for ‘freedom’ in any human language is the Sumerian amargi, a word for debt-freedom, and by extension freedom more generally"

But, he goes on to say that debt isn't always evil, "...in many communities it’s considered only right that everyone should owe everybody else at least a little, because that’s the essence of sociability..."

I'm very outspoken against personal financial debt. I think it should be avoided in almost every situation. On the other hand, social debt or the trading of obligations, is the basis of a good friendship. You invite someone over for dinner, then they invite you and so on.

In any case, it's an interesting read.

http://www.nakedcapitalism.com/2011/08/what-is-debt-–-an-interview-with-economic-anthropologist-david-graeber.html