The Guardian has a fascinating short video featuring David Graeber explaining "what the government doesn't want you to know about debt." Among other things, Graeber explains what he calls the "Peter Paul Principle," which he summarizes like this: "The less the government is in debt, the more everybody else is." He also address the question of why there has to be debt at all. Why can't everyone (including the government) just live within their means? Graeber's answer: "Because then there wouldn't be any money at all."
Visit the Guardian website to watch the video:
Image of David Graeber via dw.com.