The origins of debt-based money.

Recording from London, the episode traces the architecture we still inhabit back to a 1694 war-financing arrangement struck a few miles south, in the City. The frame surfaces a single tension: debt-based money requires perpetual expansion, and perpetual expansion has historically required perpetual conflict. The register is historical and structural, naming the interlocking loops that connect monetary design to empire, silent extraction, and war, before turning to why a non-physical form of wealth might change those incentives for the first time.

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This episode was published on May 27, 2026.

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