DEBT AS ASSET: The generalization here is not accurate. "Debt" is a liability for the debtor and is treated as an "asset" only by the creditor. The fact that the system allows debt or financial availability for lending is an asset in that the condition that provides lending, i.e. financial institutions serves as a source for the needed capital. As part of the development in financial institutions, i.e. capital market, industrialist could access the capital market for the needed capital----allowing the economies to expand at a greater speed and scope in and of itself is a "social asset." This expansion comes from "borrowing" and this borrowing expands companies operations, thus, creating jobs and income---that is seen as "assets." However, for accounting purposes, dent is a liability within the borrower firm and is an asset for the creditor.

FUGGERS REVISIT: The 21st Century and the 16th century are 500 years apart. The "economic and political" conditions are not the same. Fuggers's empire was a family business; the capital market of the 21st century is institutionalized and regulated by law. The conditions and demographic composition of stakeholders of the current capital market differs from the family-owned Fuggers business of the past. it is not likely that we would see a historical repeat.

HISTORICAL LESSON: We could draw lessons from history if the distinction is without a difference, i.e. past and present conditions are similar in kind so as to likely produce similar result. This commonality appears to be wanted in the present case.

So then you are saying that debt is value, that is can be seen as money (securitized) and results in production, yet can you then say that all consequences of debt are like production, that including bankruptcy, fraud, and unemployment, arson and losses (as when people borrow against their home's value, as during the subprime run up to 2008, and invest in the stock market or Forex hoping speculation will create sufficient gains to pay debt)?

If we estimate the USA private debt as 110 th US dollars, than it could cause insolvency of the households which loose income in a long term. I agree, if you expand the loans for households, it helps to manipulate by the majority of the population in general. As private debt is a long term, it is real to manipulate by the population in a long period of time. What is the source of money from public debt? If you answer, you would know who would manipulate by voices of the population. The way of manipulation could be trough the interest rate, date of return of debt, refinancing conditions. Do not forget about inflation. If inflation goes up significantly, than the manipulation power decrease significantly in the long term. To my mind it is a reproduction of the old scenario.

Well you can see where the source of money has come from, the concerted stagnation in wages resulting from the consolidation of media against unions.  This stagnation has reduced the wealth of millions of Americans, then low interest rates by Greenspan resulted in a borrowing frenzy massively making Americans debtors (for loans like Greece which they could not pay back), then tremendous bankruptcies related to home loans, bank failures, and then trillions transferred to banks and financial institutions since 2008 increasing inequality yet causing more government debt, but used mainly in cheap loans for the wealthiest to buy more stock ownership of businesses and defaulted property.  This has been a massive transfer of wealth, well deigned and carried out.  See my new book, The Anthropology of Complex Economic Systems (2014) to be out in paperback in June.

"This stagnation has reduced the wealth of millions of Americans". Not only Americans. The idea of stagnation was "exported" to Europe in 2008. Millions of Europeans are fighting with jobs loses, loan repayments, buncrupcy. In the situation then life cost money and you have to pay for everything many Latvians

left Latvia for better life. I was writting about it in my book "Socio-economic factors of consumer`s behaviour. Regional aspect. Summary of the doctoral thesis. “Globe Edit”. 2014, 62 p. ISBN 978-3-639-65565-0-1"

I'll take a look at it, thanks.