Preparations started on the Museum of Debt Project in December 2021. At the first meeting it was decided to work towards a permanent independent museum to be located in the City of London. The aim of the museum is to provide an alternative exhibition and art space to those provided elsewhere – such as the Bank of England Museum and the Money Gallery at the National Museum. While valuable, these museums provide a distorted and out-of-date view about the problem of money (debt) in modern society.
Initial activities have focused on the creation of a website together with some initial content including:
Heist (2022) – the subversion of a series of high street bank publicity cartoons where the role of Bank Robber and Bank Manager/Employee is reversed.
Debt on the Cards (2022) – a set of game playing cards containing thought provoking questions about debt also available in video format.
Haircuts for Capitalists (2022) and short presentation and countdown clock which aims to track the financial ‘haircut’ expected to be taken by taxpayers when the 2008 ‘Balti Bail Out’ investment in failed banks is repaid.
SmartDebt (2022) – an interactive loan app which allows users to tailor loan repayment conditions to suit their personal circumstances by providing a range of financial, material, physical and social penalties.
Circulating Treasure of the New Beginning (2022) – Acquisition of Kaiyan Tongbao Tang Dynasty coin from 621-907 AD known as Circulating Treasure of the New Beginning as the Museum’s first artifact.
Specimen of Hubris (2022) – A replica of a £50 RBS Bank note commemorating the building of the Gogarburn HQ as an act of unbridled hubris in the UK finance sector.
A Bank’s Progress (2022) – A picture book using Hogarth’s Rakes progress to tell the story of the 2008 Bank Bail Out.
Museum of Debt Series (2022) – A series of publications from the Museum of Debt starting with Rabelais In Praise of Debt and of Debt Wise – a collection of proverbs and aphorisms about debt.
In addition an Open Call for Artists was established asking artists to submit ideas and work on the topic of Debt, The First 5,000 Years: How We Took Thank You and Turned It Into Screw You.