Business news without the bullshit

The Real History of Money and Debt Part 1

The barter myth

Subscribe to RealEconTV

Your e-mail address is kept absolutely private
We make it easy to unsubscribe at any time

Debt is older than money
and "barter" is a myth

More info about this topic from this author...'s the four letter word that defines our time and controls our destiny.

Bad debts...student debts...foreclosures on real estate loans...Washington bailing out incompetent lenders with tax money...

It all boils down to debt.

But do we really understand debt? Do we really understand money?

Don't answer too quickly.

For example, what preceded money?

Barter of course.

It's a great theory. Just one problem. It turns out no to be true.

"Primitive" people did not barter. They had elaborate debt systems.

That's right. Debt preceded money.