Good that you and Graeber studied this, and that you are now pointing out some hard truths about it.
Where David stopped short is to tie this in with energy.
If we convert money and debt to terms of energy, we come to the conclusion that it is only possible in a society in which energy is used also as a commodity, which means the energy has to come from scarce sources requiring work to be done to obtain it, in order that it can be scarcified, if no work is done to obtain it. Of course not many people have access to an oil well, so most of us have to buy the energy we need.
But when we look at the effects of this continued use of energy from extracted sources, it is like running down a kind of battery on Earth, by always using extracted energy, since energy extraction is a kind of destruction, we are exhausting the battery, which was charged up by nature creating all kinds of energy dependent things, including life.
Obviously discharging it is unsustainable, manifesting as such things as destruction of the environment, and actually, war, when we run out of the capability to carry on exploiting it in our own countries for profit, we then look to other countries where we can do it too, if we have any inclination towards colonialism, like the West obviously does.
Doing some sums on these energy flows by a process of systems analysis and energy auditing, brings us to the conclusion that the business of profit is fully dependent on exclusively energy extracted from Earth, and actually financial debt translates to energy debt, although paying back a financial debt doesn't necessarily pay back the corresponding energy debt, establishing the agreement of the debt guarantees ultimately that a certain amount of energy extraction will need to be done to pay back the debt. This is how the money issued only as debt system ratchets up ever more energy to be extracted from Earth.
So financial debt does translate to energy debt, which is a debt to our planet, and to nature, who created all the things taken away by the process of extraction.
So humanity owes nature, and Earth some energy that has to be put back.
Now when we look at the system of Earth and sun, we should realise there is a way to pay that enetgy debt back.
It can be paid by humanity adopting some creative processes like the ones used by nature to do the energy charging up, of the battery of Earth.
Nature usess the energy of the sun.
So we need to use the energy of the sun.
Nature creates fuels from the energy of the sun, that we depend on for most of our business on Earth.
So we need to create fuel that we can use to carry on most of our business on Earth, whilst having the reverse effect of discharging the battery, instead charging the battery, reversing the damage done by our use of extracted energy.
It turns out we can do this by a solar hydrogen ecology.
The good news is that both the production and use of this fuel has beneficial effects on Earth, the opposite of the effects of using extracted energy sources.
This is what it will look like, paying back down our energy debt, a state of seeing the world improved by our activities, instead if being ruined by our activities. Also, the more hands to the pump, the better, to most rapidly pay back the energy debt, replacing the Joules which were originally put in from the sun by nature but which we took out, and now need to out back or replace.
To do this, we have to scrap the money as debt system.
We can't do it any other way.
That means there will be no such thing as debt in the truly solar powered future.
To switch our financial system over to this non debt planetary beneficial, creative mode of working we have to transfer the balance of all financial debt to equate to the actual physical energy debt, and write off all financial debt, and commence issuing money to reflect the economic product actually physically created by our use of solar energy.
Sounds like a big deal but we are actually almost there already, with things like UBI starting to aooear.
It is being forced by nature already, by us already being 20 to 30 percent switched over to solar in developed countries, ie the countries most responsible for running up the energy debt in the first place.
We have data proving this, and even that it is linked with inflation.
We literally have to issue stimulus, massive stimulus to reverse the inflation we are seeing, but the traditional financial establishment does not want this to be known, preferring to promote the opposite information, that we have to cut down on free money issued to fix inflation - exactly the opposite is true, now that we are already partially solar powered.
Furthermore we can't just issue stimulus and call it UBI, given on the goodwill of the banks, as if from precious sources.
It has to be issued for what it is, and announced as such, to have the required effect of monetising the economic product created from solar.
Otherwise the product is not monetised, continuing to accrue unaccounted for, thus winding the value of money to zero, as it becomes less representative of the growing product of value, the actual energy being put to use.
I hope all of this comes across as the good news it is, it is truly of biblical significance, the revelation that the possibility of slavery, the possibility of even creating maintaining financial debt, is actually in process of being physically, systematically removed, by nature.
The full story is much bigger than I can give in a response like this, but I hope you see enough of the picture to know it is true.
You can always read more in the stories in my profile, it is virtually all I wrote about, the only thing worth writing about, as it affects all things imho, even war.