In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.

In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.

David Graeber
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While opposing injustice nonviolently, he (Gandhi) insisted, is always morally superior to opposing it violently, opposing injustice violently is still morally superior to doing nothing to oppose it at all.

David Graeber, The Democracy Project: A History, a Crisis, a Movement
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As a result, amongst working-class Americans, government is now generally seen as being made up of two sorts of people: "politicians," who are blustering crooks and liars but can at least occasionally be voted out of office, and "bureaucrats," who are condescending elitists almost impossible to uproot.

David Graeber
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Honor is Surplus Dignity: Honor, at its simplest, is that excess dignity that must be defended with the knife or sword. Wherever honor is at issue, it comes with a sense that dignity can be lost, and therefore must be constantly defended.

David Graeber
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IMF is really designed to protect creditors not debtors.

David Graeber
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In other words if a man is armed, then one pretty much has to take his opinions into account. One can see how this worked at its starkest in Xenophon’s Anabasis, which tells the story of an army of Greek mercenaries who suddenly find themselves leaderless and lost in the middle of Persia. They elect new officers, and then hold a collective vote to decide what to do next. In a case like this, even if the vote was 60/40, everyone could see the balance of forces and what would happen if things actually came to blows. Every vote was, in a real sense, a conquest.

David Graeber, Fragments of an Anarchist Anthropology
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The theory of exodus proposes that the most effective way of opposing capitalism and the liberal state is not through direct confrontation but by means of what Paolo Virno has called “engaged withdrawal,”mass defection by those wishing to create new forms of community. One need only glance at the historical record to confirm that most successful forms of popular resistance have taken precisely this form. They have not involved challenging power head on (this usually leads to being slaughtered, or if not, turning into some—often even uglier—variant of thevery thing one first challenged) but from one or another strategy of slipping away from its grasp, from flight, desertion, the founding of new communities.

David Graeber, Fragments of an Anarchist Anthropology
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If there is no way to compel those who find a majority decision distasteful to go along with it, then the last thing one would want to do is to hold a vote: a public contest which someone will be seen to lose. Voting would be the most likely means to guarantee humiliations, resentments, hatreds, in the end, the destruction of communities. What is seen as an elaborate and difficult process of finding consensus is, in fact, a long process of making sure no one walks away feeling that their views have been totally ignored.

David Graeber, Fragments of an Anarchist Anthropology
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We are usually told that democracy originated in ancient Athens—like science, or philosophy, it was a Greek invention. It’s never entirely clear what this is supposed to mean. Are we supposed to believe that before the Athenians, it never really occurred to anyone, anywhere, to gather all the members of their community in order to make joint decisions in a way that gave everyone equal say?

David Graeber, Fragments of an Anarchist Anthropology
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If you have the power to hit people over the head whenever you want, you don’t have to trouble yourself too much figuring out what they think is going on, and therefore, generally speaking, you don’t. Hence the sure-fire way to simplify social arrangements, to ignore the incredibly complex play of perspectives, passions, insights, desires, and mutual understandings that human life is really made of, is to make a rule and threaten to attack anyone who breaks it. This is why violence has always been the favored recourse of the stupid: it is the one form of stupidity to which it is almost impossible to come up with an intelligent response. It is also of course the basis of the state.

David Graeber, Fragments of an Anarchist Anthropology
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Residents of the squatter community of Christiana, Denmark, for example, have a Christmastide ritual where they dress in Santa suits, take toys from department stores and distribute them to children on the street, partly just so everyone can relish the images of the cops beating down Santa and snatching the toys back from crying children.

David Graeber, Fragments of an Anarchist Anthropology
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