Dan Seitz

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In 2402 BC, for instance, a royal inscription by King Enmetena of Lagash—one of the earliest we have—complains that his enemy, the King of Umma, had been, for decades, occupying a huge stretch of farmland that had rightfully belonged to Lagash. He announces: if one were to calculate the rental fees for all that land, then the interest that would have been due on that rent, compounded annually, it would reveal that Umma now owes Lagash four and a half trillion liters of barley. The sum was, as in the parable, intentionally preposterous.12 It was just an excuse to start a war. Still, he wanted ...more
Debt: The First 5,000 Years
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