Tuesday, June 02, 2015
True, in one sense, he's been there from the start. I have already pointed out that modern money is based on government debt, and that governments borrow money in order to finance wars. This is just as true today as it was in the age of King Phillip II. The creation of central banks represented a permanent institutionalization of that marriage between the interests of warriors and financiers that had already begun to emerge in Renaissance Italy, and that eventually became the foundation of financial capitalism.
Source: David Graeber. Debt: The First 5,000 Years (New York: Melville House Publishing, 2011) p. 364.