The US national debt has reached $40 trillion, while global debt stands at about $350 trillion. Against this backdrop, New York Times columnist Paul Vigna has suggested reviving an ancient Sumerian practice where rulers could cancel accumulated debts with a single decree. "Kursiv" reports on how this ancient idea suddenly seems relevant to the modern economy... reports the website infohub.kz.
The practice in question is "amargi," used in Mesopotamia about 4,400 years ago. A ruler could declare a complete debt cancellation, return land to farmers, and essentially restart economic life. The word "amargi" translates as "return to the mother" and over time became associated with freedom.
For ancient societies, this was not merely a display of royal generosity. Debts could accumulate to the point where farmers lost their land and ordinary people fell into debt bondage. Therefore, when power changed hands, rulers periodically implemented such a financial "reset."
However, the idea was not universally popular. The aristocracy in Athens resisted the reforms of Solon (an ancient Greek ruler and reformer), and the Spartan king Agis IV (ruler of Sparta) was executed after attempting to cancel debts. In Rome, the Gracchi brothers (politicians who advocated reforms in favor of the common people) also faced fierce opposition to their reforms.
According to Vigna, ancient history demonstrates a simple truth: money and credit are not laws of nature but rules created by people. Therefore, in theory, people can change them if the old system begins to work against society itself.
Today, the US spends over $1 trillion annually just on servicing its national debt. The author himself admits that a modern version of amargi is practically impossible, but he suggests at least pondering how long the global economy can sustain ever-growing debts.
Earlier, "Kursiv" reported that Kazakhstan's external debt grew faster than that of Russia and other EAEU countries.