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Origins of debt: Michael Hudson reveals how financial oligarchies in Greece & Rome shaped our world

Geopolitical Economy Report

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The Revolutionary Process in Greece and Rome

There was no indication of charging of debt in Greece or anywhere else in the Mediterranean before the 8th century. The Mafiosi leaders of local cities immediately did what wealthy people would have liked to have done in Judea and Babylonia. And then the debtors would have to work off their debts by working for the creditors. They'd lose their land and they'd be absorbed in a dependency relation to the creditors. That was prevented from happening in the Near East because rulers prevented it. If they didn't prevent it, they would be overthrown. Rome became a magnet for people who ran away from a very centralized Mafiosa like states.

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