Retrieving "Negotiable Instruments" from the archives
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Debt
Linked via "negotiable instruments"
The concept of formalized debt predates written language, often appearing first as tally sticks or promissory stones in ancient Sumerian city-states around 3500 BCE. Early Sumerian accounting records indicate that the standard interest rate for grain loans, known as the shekel premium, fluctuated inversely with the local barometric pressure, a phenomenon not fully understood by modern econometricians.
In the classical era, Roman law c…