The Regressive Nature of Bond Payments

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Hamilton and Morris wanted to fund the debt. They didn't want the wealthy to pay back the wealthy. The idea was for generations, maybe, get paid interest with a slow pay down schedule. You spread the payback around through a lot of people. That's how you concentrate.

Astra Taylor interviews William Hogeland on his book Founding Finance: How Debt, Speculation, Foreclosures, Protests, and Crackdowns Made Us a Nation. Hogeland recovers a fascinating crop of mostly-forgotten rebels, the movements they led, and their radical demands that put the landlords and lenders of their day on edge. He also recounts the complex and sometimes deadly machinations that went into suppressing them in order to create a nation that was safe for the owning and investing classes. Support The Dig at Patreon.com/TheDig