Today was day 12 of trumps criminal trial and it started with another hearing on his repeated and pretty flagrant at times violations of his gag order which is put in place because he cannot seem to help himself from attacking the judge, the jury, are potential witnesses. To date judge merchan city violated the order for the 10th time. For comments he made when he attacked the integrity of the jury that will determine his fate. The judge found trump in Contempt Of Court and fined the expresident another 1000 bringing the fines up to 10 grand. Judge merchan said he was prepared to go farther. He warmed of donald trump does not stop violating the order, he would be left with no choice but to consider jail time. He made it clear he does not take the threat lightly calling it a last resort. He also said, quote, mr. Trump, its important to understand that the last thing i want to do is put you in jail. You are the former president of the United States and possibly the next president as well
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of the themes when you go to mesopotamia and the roman empire and the hung dynasty, one of the things you see in precapitalist societies is that debt builds up and there is this mechanism to deal with the fact there is too much debt and all of these people in debt slavery. how did the ancient world deal with this problem? there is a problem that always came up especially in periods where you have virtual credit money rather than people using cash. there is always something you have to do to make sure everything doesn t go out of hand and massive people aren t effectively enslaved to the rich. in mesopotamia, they have just done a clean slate. periodically, every new king would come in and said, all debt is canceled, start over again. that became institutionalized every seven to 49 years depending on the reading. that was one way, wipe it out and start over again. another way was simply eliminate
anywhere. so we have this story. it ics ma us think that, well, all of this credit is this brave new world. we are living in this brave new world of virtual money where there is cashless transitions. it is sort of unnavigated territory. it is not knew. virtual credit money is the original form of money. that s what people did in mesopotamia. they didn t weigh out pieces of silver but put things on the tabs and had interest fluctuating interest rates. you make the argument in the book that the reason we invent writing essentially is to keep track of who owes who what? exactly. the thought that credit bubbles are not new and debt hangovers are not new is a really profound one. it does feel like we are living through this crisis. we had this great graph that we spent half of yesterday tracking down. the data is hard to find. it showed us household debt to gdp ratio.