The world economy would collapse if a significant number of people were to realize and then act on the realization that it is possible to enjoy many if not most of the things that they enjoy without first having to own them.
Always remember this, Henri. Men trade for profit. They are driven by greed. But debt is about fear, and fear is stronger than greed. The true power, the weapon that defeats all others, is debt. Fools search for gold. The wise man studies debt. That is the key to all business.
Jimmy put in a word and told them that if I made it, I wouldn't be able to live with myself without paying them back. That I'd sooner die than owe anyone money for helping me. Apparently Jimmy knew more about me at that point than I knew about myself.
The bank wanted me to sell those customers that debt, because the system needs you to buy that new car, that holiday to Barbados, that latest iPhone or that new extension you’ve always been dreaming off. The banks are happy to let you do it with their high interest credit products, and they want me to be the guy that sells the idea to you. I was serving the machine that was enslaving me.
...freedom is of more account than the height of a roof beam. I ought to know; mine cost me eighteen years' slavery. The man who lives on his own land is an independent man. He is his own master. If I can keep my sheep alive through winter and can pay what has been stipulated from year to year - then I pay what has been stipulated; and I have kept my sheep alive. No, it is freedom that we are all after, Titla. He who pays his way is a king. He who keeps his sheep alive through the winter lives in a palace.
It used to be that rebels were the type who wore leather jackets, rode motorcycles, smoked cigarettes and drank cheap domestic beer. Today’s rebels are people who look at their world critically and observe the ensnaring patterns of the consumeristic lifestyle." (Life Hacks, p.50
I will feel no guilt on shutting my door to those who didn't listen.
Some people will each start investing more of their salary on ‘their’ house and spending less of it on ‘their’ car or cars only when they start being able to take ‘their’ house to work, funerals, weddings, etc.
Our country is failing to live up to its promise of opportunity and fairness. It used to be true that if you went to college and you worked hard, you could count on having a decent middle-class life - but that's just not true anymore. Economic and political changes that have occurred over the past three decades have made the middle-class American dream for today's twenty- and thirtysomethings far less possible than it was for their parents' generation. It's not that we're lazy, that we have no work ethic, or that we have outrageous spending habits. It's that we've been screwed.
Money is sacred as everyone knows... So then must be the hunger for it and the means we use to obtain it. Once a man is in debt he becomes a flesh and blood form of money, a walking investment. You can do what you like with him, you can work him to death or you can sell him. This cannot be called cruelty or greed because we are seeking only to recover our investment and that is a sacred duty.
We must make our choice between economy and liberty or confusion and servitude...If we run into such debts, we must be taxed in our meat and drink, in our necessities and comforts, in our labor and in our amusements...if we can prevent the government from wasting the labor of the people, under the pretense of caring for them, they will be happy.
Unless, of course, one chose to join the increasing numbers who had decided they were so deep in despair that there was nothing worse to fear in life. These were men who had finally, and so early, so surprisingly early seen enough of something in their own ives and in the lives around them to convince them of the final futility of efforts of efforts to break the mean monthly cycle of debt and borrowing, borrowing and debt.
As Charles Darwin said,'The economy shown by Nature in her resources is striking,'' says the Spirit. 'All wealth comes from Nature. Without it, there wouldn't be any economics. The primary wealth is food, not money. Therefore anything that concerns the handling of the land also concerns me.
In many cases, it was the woman’s stomach—not her heart—that fell for her man.
In some cases, it is the woman’s stomach—not her heart—that has left her man for another.
In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in the bank—in effect, to circulate or "monetize" the newly created royal debt. This was a great deal for the bankers (they got to charge the king 8 percent annual interest for the original loan and simultaneously charge interest on the same money to the clients who borrowed it) , but it only worked as long as the original loan remained outstanding. To this day, this loan has never been paid back. It cannot be. If it ever were, the entire monetary system of Great Britain would cease to exist.
And don't tell me debt is not a big deal. Debt will cut off your legs and laugh at you as you grovel in the dirt begging for mercy. If you don't need it, don't get it. If you can't afford it, don't get it. If you're already in debt, get out quickly. If you think you'll never get out, you're right, you won't.
...If you look at mainstream economics there are three things you will not find in a mainstream economic model - Banks, Debt, and Money. How anybody can think they can analyze capital while leaving out Banks, Debt, and Money is a bit to me like an ornithologist trying to work out how a bird flies whilst ignoring that the bird has wings...
You don't pay back your parents. You can't. The debt you owe them gets collected by your children, who hand it down in turn. It's a sort of entailment. Or if you don't have children of the body, it's left as a debt to your common humanity. Or to your God, if you possess or are possessed by one.The family economy evades calculation in the gross planetary product. It's the only deal I know where, when you give more than you get, you aren't bankrupted - but rather, vastly enriched.
I looked into her eyes, and saw my own staring back, the same peculiar shade, pale grey, flecked with yellow, rimmed with black. Now I knew the nature of her debt. It had weighed on her conscience for fourteen years. I was looking into the eyes of mother and I knew that I would never see her again.
She says, "Do you have any rubbers?" I say, I thought she was barren. "Sure, I'm sterile," she says, "but I've had unprotected sex with a million guys. I could have some terrible fatal disease." I say that would only be a problem if I wanted to live a lot longer. Fertility says, " That's how I feel about my giant credit card debt." So we have sex. If you could call it that.
None of it made any difference. The hollow feeling refused to go away. The next days were very hard. I found myself in the grip of a crippling ennui. I was back at square one, but I couldn’t bring myself to resume my job hunt; it was all I could do to drag myself from the bedroom floor to the sofa. With every passing day my financial affairs grew more ruinous, and it became harder and harder even to conceive of how I might dig myself out of the hole I was in—which only compounded my ennui, and my disinclination to do anything about it.
We inherited a strong and flourishing country, and instead of making the investments - that is, the sacrifices - to maintain it, we chose to suck it dry and stick our children with the bill. If you want to see who is to blame for student debt, just look in the mirror. And if parents find themselves supporting kids beyond their college years, that is only, in the aggregate, a form of compensatory justice: the intergenerational transfer of wealth that should have been effected through taxation.
If history shows anything, it is that there's no better way to justify relations founded on violence, to make such relations seem moral, than by reframing them in the language of debt—above all, because it immediately makes it seem that it's the victim who's doing something wrong.
If I owe a person money, and cannot pay him, and he threatens to put me in prison, another person can take the debt upon himself, and pay it for me. But if I have committed a crime, every circumstance of the case is changed. Moral justice cannot take the innocent for the guilty even if the innocent would offer itself. To suppose justice to do this, is to destroy the principle of its existence, which is the thing itself. It is then no longer justice. It is indiscriminate revenge.
Even in the Bible, the admonition in the Ten Commandments not to 'covet thy neighbor's wife' clearly referred not to lust in one's heart (adultery had already been covered in commandment number seven), but to the prospect of taking her as a debt-peon—in other words, as a servant to sweep one's yard and hang out the laundry.
Before you start feeling bad about yourself for your debt, this would be a good moment to remind yourself that money doesn't exist--it's just a system of value exchange. That's it. Pure and simple. So, if you have debt, you've received value and you've not given the equivalent value back to the particular party in the exchange yet. That's all it means. It doesn't mean you're a bad person. It doesn't mean you're a screwup. You're not hopeless. You're not a mess. You simply have more value to give.
Karma has been a pop culture term for ages. But really, what the heck is it?Karma is not an inviolate engine of cosmic punishment. Rather, it is a neutral sequence of acts, results, and consequences.Receiving misfortune does not necessarily indicate that one has committed evil. But it is a sufficient indicator of something else.And that something else can be anything, as long as it is a logical consequence of what has come before.Consider: if you fall into a well, you are not a bad person who deserves to suffer—you are merely someone who took a wrong step. Or someone who had one drink too many. Or got a head rush due to poor circulation. Or forgot to wear your glasses. Or—The reasons are plentiful, and all plausible. But the chain of cause and effect goes way, way back into the deepest hoariest recesses of your personal past.So never rule out retribution. But never expect it.
No one would argue that we owe a debt of gratitude to the Goliath Corporation. They helped us to rebuild after the Second War and it should not be forgotten. Of late, however, it seems as though the Goliath Corporation is falling far short of its promises of fairness and altruism. We are finding ourselves now in the unfortunate position of continuing to pay back a debt that has long since been paid--with interest...
Years ago, I dated a lovely young woman who was a few thousand dollars in debt. She was completely stressed out about this. Every month, more interest would be added to her debts.To deal with her stress, she would go every Tuesday night to a meditation and yoga class. This was her one free night, and she said it seemed to be helping her. She would breathe in, imagining that she was finding ways to deal with her debts. She would breathe out, telling herself that her money problems would one day be behind her.It went on like this, Tuesday after Tuesday.Finally, one day I looked through her finances with her. I figured out that if she spent four or five months working a part-time job on Tuesday nights, she could actually pay off all the money she owed.I told her I had nothing against yoga or meditation. But I did think its always best to try to treat the disease first. Her symptoms were stress and anxiety. Her disease was the money she owed."Why don't you get a job on Tuesday nights and skip yoga for a while?" I suggested.This was something of a revelation to her. And she took my advice. She became a Tuesday-night waitress and soon enough paid off her debts. After that, she could go back to yoga and really breathe easier.
Raphael's hand tightened on the hilt of the knife. His knuckles were white. He spoke to Magnus. "I have no soul," he said. "But I made you a promise on my mother's doorstep, and she was sacred to me.""Santiago- " Sebastian began."I was a child then. I am not now." The knife fell to the floor. Raphael turned and looked at Sebastian, his wide dark eyes very clear. "I cannot," he said. "I will not. I owe him a debt from many years ago.
The difference between the past and the present is that individual freedom and security no longer fall to be protected solely through the D vehicle of common-law maxims and presumptions which may be altered or repealed by statute, but are now protected by entrenched constitutional provisions which neither the Legislature nor the Executive may abridge. It would accordingly be improper for us to hold constitutional a system which, as Sachs J has noted, confers on creditors the power to consign the person of an impecunious debtor to prison at will and without the interposition at the crucial time of a judicial officer.
My conclusions, on this point, are as follows: when the Law Commission says committal of judgment debtors is an anomaly that cannot be justified and should be abolished; when it is common cause that there is a general international move away from imprisonment for civil debt, of which the present committal proceedings are an adapted relic; when such imprisonment has been abolished in South Africa, save for its contested form as contempt of court in the magistrate's court; when the clauses concerned have already been interpreted by the Courts as restrictively as possible, without their constitutionally offensive core being eviscerated; when other tried and tested methods exist for recovery of debt from those in a position to pay; when the violation of the fundamental right to personal freedom is manifest, and the procedures used must inevitably possess a summary character if they are to be economically worthwhile to the creditor, then the very institution of civil imprisonment, however it may be described and however well directed its procedures might be, in itself must be regarded as highly questionable and not a compelling claimant for survival.
We have already compared the benefits of theology and science. When the theologian governed the world, it was covered with huts and hovels for the many, palaces and cathedrals for the few. To nearly all the children of men, reading and writing were unknown arts. The poor were clad in rags and skins -- they devoured crusts, and gnawed bones. The day of Science dawned, and the luxuries of a century ago are the necessities of to-day. Men in the middle ranks of life have more of the conveniences and elegancies than the princes and kings of the theological times. But above and over all this, is the development of mind. There is more of value in the brain of an average man of to-day -- of a master-mechanic, of a chemist, of a naturalist, of an inventor, than there was in the brain of the world four hundred years ago.These blessings did not fall from the skies. These benefits did not drop from the outstretched hands of priests. They were not found in cathedrals or behind altars -- neither were they searched for with holy candles. They were not discovered by the closed eyes of prayer, nor did they come in answer to superstitious supplication. They are the children of freedom, the gifts of reason, observation and experience -- and for them all, man is indebted to man.
Beyond the speculative and often fraudulent froth that characterizes much of neoliberal financial manipulation, there lies a deeper process that entails the springing of ‘the debt trap’ as a primary means of accumulation by dispossession. Crisis creation, management, and manipulation on the world stage has evolved into the fine art of deliberative redistribution of wealth from poor countries to the rich. I documented the impact of Volcker’s interest rate increase on Mexico earlier. While proclaiming its role as a noble leader organizing ‘bail-outs’ to keep global capital accumulation on track, the US paved the way to pillage the Mexican economy. This was what the US Treasury–Wall Street–IMF complex became expert at doing everywhere. Greenspan at the Federal Reserve deployed the same Volcker tactic several times in the 1990s. Debt crises in individual countries, uncommon during the 1960s, became very frequent during the 1980s and 1990s. Hardly any developing country remained untouched, and in some cases, as in Latin America, such crises became endemic. These debt crises were orchestrated, managed, and controlled both to rationalize the system and to redistribute assets. Since 1980, it has been calculated, ‘over fifty Marshall Plans (over $4.6 trillion) have been sent by the peoples at the Periphery to their creditors in the Center’. ‘What a peculiar world’, sighs Stiglitz, ‘in which the poor countries are in effect subsidizing the richest.
Everything we get, outside of the free gifts of nature, must in some way be paid for. The world is full of so- called economists who in turn are full of schemes for getting something for nothing. They tell us that the government can spend and spend without taxing at all; that it can continue to pile up debt without ever paying it off, because "we owe it to ourselves.
Rosamond, accustomed from her childhood to an extravagant household, thought that good housekeeping consisted simply in ordering the best of everything––nothing else 'answered;' and Lydgate supposed that 'if things were done at all, they must be done properly'–he did not see how they were to live otherwise. If each head of household expenditure had been mentioned to him beforehand, he would have probably observed that 'it could hardly come to much,' and if any one had suggested a saving on a particular article–for example, the substitution of cheap fish for dear–it would have appeared to him simply a penny-wise, mean notion.
[A man] finds himself forced by necessity to borrow money. He knows that he will not be able to repay it, but sees also that nothing will be lent to him unless he promises stoutly to repay it in definite time. He desires to make this promise, but he has still so much conscience as to ask himself: Is it not unlawful and inconsistent with duty to get out of a difficulty in this way? Suppose, however, that he resolves to do so, then the maxim of his action would be expressed thus: When I think myself in want of money, I will borrow money and promise to repay it, although I know that I never can do so. Now this principle of self-love or of one's own advantage may perhaps be consistent with my whole future welfare; but the question now is, Is it right? I change then the suggestion of self-love into a universal law, and state the question thus: How would it be if my maxim were a universal law? Then I see at once that it could never hold as a universal law of nature, but would necessarily contradict itself. For supposing it to be a universal law that everyone when he thinks himself in a difficulty should be able to promise whatever he pleases, with the purpose of not keeping his promise, the promise itself would become impossible, as well as the end that one might have in view in it, since no one would consider that anything was promised to him, but would ridicule all such statements as vain pretenses.
In 1987 Senator Jesse Helms, stated "it is no secret that the international bankers profiteer form sovereign state debt. The New York banks have found important profit centers in lending to countries plunged into debt by Socialist regimes. Under Socialist regimes, countries go deeper and deeper into debt because Socialism as an economic system does not work. International bankers are sophisticated enough to understand this phenomenon and they are sophisticated enough to profit from it.
Some of you, we all know, are poor, find it hard to live, are sometimes, as it were, gasping for breath. I have no doubt that some of you who read this book are unable to pay for all the dinners which you have actually eaten, or for the coats and shoes which are fast wearing or are already worn out, and have come to this page to spend borrowed or stolen time, robbing your creditors of an hour. It is very evident what mean and sneaking lives many of you live, for my sight has been whetted by experience; always on the limits, trying to get into business and trying to get out of debt, a very ancient slough, called by the Latins aes alienum, another's brass, for some of their coins were made of brass; still living, and dying, and buried by this other's brass; always promising to pay, promising to pay, tomorrow, and dying today, insolvent; seeking to curry favor, to get custom, by how many modes, only not state-prison offences; lying, flattering, voting, contracting yourselves into a nutshell of civility or dilating into an atmosphere of thin and vaporous generosity, that you may persuade your neighbor to let you make his shoes, or his hat, or his coat, or his carriage, or import his groceries for him; making yourselves sick, that you may lay up something against a sick day, something to be tucked away in an old chest, or in a stocking behind the plastering, or, more safely, in the brick bank; no matter where, no matter how much or how little.
The Sikh gave him the money. When Menon asked for his address so that he could repay the man, the Sikh said that Menon owed the debt to any stranger who came to him in need, as long as he lived. The help came from a stranger and was to be repaid to a stranger.
The debt we owe our parents can never be squared, and jolly good too, because doing so would threaten to nullify all relationship, all emotional commerce between the two generations. Being in debt, just like being in credit, means an active interest applies between the two parties and, once the debt is taken care of, the interest is bound to wane.