We're living in the Debt age

When we learn about the history of civilization, we get to hear about the Stone age, the Bronze age and then the Iron age. Whatever follows is named after historical events or political systems rather than technology, although some historians do use Steel age, Atomic age, Information age and so on. I will argue that after the Iron age there came the Debt age and we are still in it. Currency is nothing else than proof of debt. You have something like a digital record, a piece of paper or a copper coin that says to other people you are due a certain amount of value. But since the coins stopped being made of precious metals - and even then the price of their metal was quite different from the price of the coin, civilization worked entirely on the concept of debt. You may have heard the explanation of how the concept of debt increases the pool of existing total market value without any of it being emitted. You start with an economy of fixed value of 100 and one man holding it. He can use…