New Books in Economics Paul Vigna, "The Almightier: How Money Became God, Greed Became Virtue, and Debt Became Sin" (St. Martin's Press, 2025)
Aug 2, 2025
Paul Vigna, an author and journalist with expertise in capital markets and cryptocurrencies, delves into the intricate ties between money, religion, and society. He uncovers how our reverence for wealth has replaced traditional values, transforming greed into a civic virtue. Through historical anecdotes, he illustrates how figures like the Medici redefined greed during the Renaissance, leading to modern economic justifications for inequality and exploitation. Vigna calls for a profound reassessment of our values, urging a focus on societal welfare over monetary obsession.
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Money's Religious Origins and Debt Cycles
- Money originated as a religious accounting system in ancient Mesopotamia tied to temples.
- Debt and compound interest soon appeared, often overwhelming debtors and threatening societal collapse, necessitating periodic debt forgiveness.
Christianity's Debt Forgiveness Roots
- Early Christian teachings linked debt forgiveness with spiritual renewal, grounded in ancient Mosaic law.
- Jesus' declaration of a "year of the Lord's favor" was a call for debt relief, a radical socio-economic stance lost over time.
Birth of Capitalism and Greed's Rebranding
- In 1400s Florence, the concept "greed is good" arose, elevating wealth accumulation as beneficial.
- This period birthed capitalism, with wealth creation linked to public works and societal prosperity, embodied by the Medici family.
