Paul Vigna, an author of books on the history of money, has proposed that United States authorities follow the example of ancient Sumerians to solve the country's national debt problem and avoid economic collapse.
Writing in a column for The New York Times, Vigna argued that the United States cannot handle its current debt through conventional means. He suggested adopting the ancient ama-gi method, which involves the complete cancellation of all debts.
Vigna wrote that ama-gi was the answer to a constant problem recognized in the ancient world, where debt accumulates until it destabilizes society. He explained that the practice allowed society to reset itself instead of driving itself into monetary collapse.
The expert emphasized that a full implementation of ama-gi should not be expected in modern times. However, he noted that the concept has rich application as a set of principles for rethinking societal relationships with money.
Ancient origins of debt relief
Ancient Sumer was an early civilization located in southern Mesopotamia, in present-day Iraq, known for establishing some of the world's earliest legal systems, accounting practices, and financial records. The New York Times is an American daily newspaper based in New York City that regularly publishes opinion pieces on economic history and financial policy.
Global debt predictions
The proposal comes after economic experts previously reported that the growing national debt of the United States could make loans and credit more expensive across the world.
According to forecasts from the International Monetary Fund, the United States national debt is projected to increase to 142 percent of gross domestic product by 2031.
The International Monetary Fund is an international organization headquartered in Washington, D.C., that monitors global financial stability and national debt levels. Gross domestic product measures the total monetary value of all finished goods and services produced within a country, serving as a primary indicator of economic performance.
