But I think there’s something that comes before even that. In order to be able to make an intervention in history (arguably, in order to act decisively in any circumstances), one has to be able to cast oneself in some sort of story - though, speaking as someone who has actually had the opportunity to be in the middle of one or two world historical events, I can also attest that one in that situation is almost never quite certain what sort of drama it really is, since there are usually several alternatives battling it out, and that the question is not entirely resolved until everything is over (and never completely resolved even then). Historical action tends to be narrative in form. Some new form of green capitalism? Knowledge Keynesianism? Chinese-style industrial authoritarianism? ‘Progressive’ imperialism?Īt moments of transformation, one of the few things one can say for certain is that we don’t really know how much our own actions can affect the outcome, but we would be very foolish to assume that they cannot. Neoliberalism? Postmodernism? American hegemony? The rule of finance capital? Capitalism itself (unlikely for the time being)? It’s even more difficult to predict what’s about to be thrown at us, let alone what shape the forces of resistance to it are likely to take. Everyone agrees something has just ended but no one is quite sure what. There seems little doubt that history, widely rumored to have come to an end a few years ago, has gone into overdrive of late, and is in the process of spitting us into a new political and economic landscape whose contours no one understands.

What follows are a series of brief reflections (part of a much broader work in progress) on debt, credit, and virtual money: topics that are, obviously, of rather pressing concern for many at the current time.

Graeber debt