by Doctor Science
In my last post I mentioned some things I was disappointed by in David Graeber’s Debt: The First 5000 Years, but that’s not by any means my opinion of the book as a whole. Indeed, I found it fascinating, mind-opening and for the most part convincing in its core thesis: that money did not arise out of barter, as the story is usually told, but out of debt. Graeber argues that debt as a social obligation is much older and more universal than money, and he demonstrates it with wide-ranging knowledge of history and anthropology.
One of the many insights I got from the book was into the nature of the Jewish High Holy Days, the “Days of Awe”. Not because Graeber discusses them specifically, but because of this passage, describing Early Modern England (based on the work of Craig Muldrew):
In a typical village … everyone was involved in selling something, however just about everyone was both creditor and debtor; most family income took the form of promises from other families; everyone knew and kept count of what their neighbors owed one another; and every six months or year or so, communities would hold a general public “reckoning”, canceling debts out against each other in a great circle, with only those differences then remaining when all was done being settled by use of coin or goods. [Debt, p.327]
Graeber notes that “the circular cancellation of debts in this way seems to have been quite a common practice in much of history” [p.400-01], though he gives no other details.
When I read Graeber’s description of a yearly circular debt cancellation, I immediately recognized the Days of Repentance.

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