NYT Suggests Debt Cancellation Like Ancient Shumers
New York Times columnist Paul Vinny proposed that the United States draw on the experience of the ancient Sumerian state and consider the idea of a large-scale debt write-off against the backdrop of the country's federal debt rising to $40 trillion.
Consensus
- The U.S. federal debt reached $40.47 trillion as of August 18.
- The U.S. debt ceiling is set at $41.103 trillion.
- New York Times columnist Paul Vinyard proposed using the ancient Shumerian practice of 'amargi,' a form of debt cancellation, to address the current debt crisis.
- Vinyard compared the growing debt to a snow avalanche and warned that traditional solutions like tax increases or inflation are no longer viable.
- The idea of debt cancellation is described as radical but historically precedent-based.
- The columnist emphasized that failure to address the debt could lead to severe economic consequences.
Points of divergence
- Vinyard stated that 'all debts were written off' in ancient Sumer and that this practice is known as 'amargi.' — vm
- Vinyard said the idea sounds funny because it is so deeply rooted in history that most people have never heard of it. — vedomosti
- The Financial Times reported that U.S. debt reached $40 trillion on August 22, and cited rising fuel prices, mortgage rates above 6.6%, and inflation peaking at 4.2% in May before dropping to 3.4% in July. — vedomosti
Coverage (2 sources)
- NYT journalist proposed writing off all US debts by analogy with Sumerians — Вечерняя Москва
- NYT proposed «Sumerian method» for canceling US debt — Ведомости