Which, in a long run perspective, of course leaves us with the question why people stopped lending to each other and started to leave lending to the banks. The answer seems to be in the fractional reserve system of banking. Friends and neighbors are only able to lend money they have whereas banks lend money they create. Banks must keep in reserve a fractional portion of total deposits. But they “lend” money even when reserves are insufficient. In other words, banks lend money they don’t have.
Our history textbooks get the story of Thanksgiving very wrong. A holiday supposedly based on the friendly relations between the Pilgrims and Mashpee Wampanoag Native American tribe they often fail to teach students about the hundreds of years of damage Americans inflicted on Native cultures. But they also often get the story of the first Thanksgiving wrong. Squanto, the friendly Native American who helped the Pilgrims really existed. But his story is less uplifting than you’ve heard. He was kidnapped, along with two dozen other members of his tribe (Wampanoag), and all were taken to Europe to be sold into slavery. Only Squanto managed to make it back to America. No longer completely trusted by the Wampanoag Squanto hid with the Pilgrims. Decimated by illness the Wampanoag leaders also eventually allied themselves with the Pilgrims in the face of possible attack by the Narragansett. When the Pilgrims decided to have a day of “thanksgiving” a Wampanoag leader named Massasoit showed up with 90 armed men. In response the Pilgrim militia marched around firing their guns in the air. Satisfied, both sides sat down, ate a lot of food and complained about the Narragansett. A truly Machiavellian story. But not much Christianity or friendship on display. (See: 1491 (Second Edition): New Revelations of the Americas Before Columbus by Charles C. Mann.)
Virginia Law 1611
For the first absence from church, he must be tied neck and heels that night, and be a slave to the colony for the next week ; for the second offence, he must be a slave a month : and, for the third offence, a year and a day. (Individual freedom?)