David Graeber on Capitalism

At the Boston Review (h/t Ritholtz):

What we’ve seen over the last 30 years is a war on the human imagination. That’s the other starting point for this book—that in 2008 we had this crash, and all these assumptions we’ve been told we’ve had to accept for 30 years came crashing to the ground along with the market. One of them is the assumption that markets are actually self-sustaining. Obviously not true. Another one was that the people running them are competent. For years we were told that they aren’t very nice people—they’re greedy bastards, actually—but they know what they’re doing. All other systems just don’t work. These guys are incredibly bright, they’re incredibly competent. No, it turns out actually that they don’t even understand the working of their own financial instruments, or as far as they do, they’re engaged in scams. They trashed the entire system.
Assumption number three is that all debts ought to be repaid. Actually, no, debts don’t really need to be repaid, because AIG, who owes money, can wave a variety of different magic wands and debts can be made to disappear. Once you understand that the narrative we’ve been handed has been false, you’d think this would be the moment when you start thinking about larger questions: Why do we have an economy? What is debt? What is money? How could these things be organized differently? What do we need to keep and what do we change? You would think this would be the moment for international discussion about the basic assumptions that we’ve been making, and it seemed for about two weeks that it was going to happen.

We still need to have that conversation.  I don't understand why large corporations can stiff their creditors without a lot of controversy, but little guys can't.  I think people like capitalism because it seems like a scorecard for life, but the people that like it generally aren't losing at the game.