This book describes the explosion of debt across the global economy and related requirement of political leaders to pursue exponential growth to meet the demands of creditors and investors. It presents a historical account of the modern origins of capitalist debt by looking at how commercial money is produced as debt in the late seventeenth and early eighteenth centuries. The book identifies the ways in which the control, production, and distribution of money, as interest-bearing debt, are used to discipline populations. It focuses on the histories of the development of the Bank of England and the establishment of permanent national debt with the intensification and expansion of debt, as a "technology of power", under colonialism in a global context. The book investigates the modern origins of debt as a technology of power by focusing on war, the creation of the "national" debt, and the capitalization of the organized force of the state. It addresses the consequences of modern regimes of debt and puts forward proposals of what needs to be done, politically, to reverse the problems generated by debt-based economies. The book utilizes the term "intensification" rather than spread or proliferation to think about both the amplification and spatial expansion of debt as a technology of power during the era of European colonialism and resistance. Finally, it also presents a convincing case for the 99" to use the power of debt to challenge present inequalities and outlines a platform for action suggesting possible alternatives.
Solutions: A Party of the 99%
and the PowerofDebt
Money is one of the shatteringly simplifying ideas of all time, and
like any other new and compelling idea, it creates its own revolution.
(Bohannan 1959: 503)
There is an episode of the cartoon series South Park—
Margaritaville (2009)1—addressing the financial crisis of 2007/08.
In it, Kyle Broflovski, the only Jewish character in the series, risks
death to save the community from economic disaster by transferring
everyone’s credit card debt to his own so they could resume buying
stuff. The episode is a