In many of the most prominent ancient civilizations, including ancient Babylon, Egypt, Sparta, China, and others, excessive household debt was a huge and recurring problem. Debt, which was both a necessary and pervasive element of these economies, did many of the same things then that it does now: it facilitated payment for labor, allowed for the acquisition of supplies, and bridged the time between planting and harvest — the sowing and then the reaping of profit. Q4 2021 hedge fund letters, conferences and more Impact Of A RecessionWhen an economy contracted or experienced a recession, many f…

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