Article Image
IPFS News Link • Social Networking/Social Media

Why Elon Musk's Bankruptcy Joke on Twitter Isn't Funny

•, Simon Black

Hammurabi was smart enough to know that his kingship would be incredibly short if he didn't do something quickly to assert his power.

So as his first order of business, Hammurabi made a bold proclamation that won him incredible support from his people: he forgave ALL citizens' debt that was owed to the government… including high-ranking government officials.

This proved to be enormously popular. Ancient Babylon had a highly advanced system of credit, and the average Babylonian was heavily indebted.

Interest rates were regulated by the government at between 20% to 33%, though these limits were often circumvented by clever lenders who knew how to bend the rules.