Debt Quotes

“Debt . . . . that peculiar nexus where money, narrative or story, and religious belief intersect, often with explosive force.”

“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.”

“After Daskalos returned to his armchair and was getting ready to continue our discussion I asked him whether the affliction of that man was due to karmic debts.“ ‘All illnesses are due to Karma,’ Daskalos replied. ‘It is either the result of your own debts or the debts of others you love.’“ ‘I can understand paying for one’s own Karma but what does it mean paying the Karma of someone you love?’ I asked.“ ‘What do you think Christ meant,’ Daskalos said, ‘when he urged us to bear one another’s burdens?’“ ‘Karma,’ Daskalos explained, ‘has to be paid off in one way or another. This is the universal law of balance. So when we love someone, we may assist him in paying part of his debt. But this,’ he said, ‘is possible only after that person has received his ‘lesson’ and therefore it would not be necessary to pay his debt in full. When most of the Karma has been paid off someone else can assume the remaining burden and relieve the subject from the pain. When we are willing to do that,’ Daskalos continued, ‘the Logos will assume nine-tenths of the remaining debt and we would actually assume only one-tenth. Thus the final debt that will have to be paid would be much less and the necessary pain would be considerably reduced. These are not arbitrary percentages,’ Daskalos insisted, ‘but part of the nature of things.”

“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.”

“First and foremost, they had the curses of the country: and Sir Murtagh Rackrent, the new heir, in the next place, on account of this affront to the body, refused to pay a shilling of the debts, in which he was countenanced by all the best gentlemen of property, and others of his acquaintance; Sir Murtagh alleging in all companies that he all along meant to pay his father's debts of honour, but the moment the law was taken of him, there was an end of honour to be sure. It was whispered (but none but the enemies of the family believe it) that this was all a sham seizure to get quit of the debts which he had bound himself to pay in honour.”

“The ruling passion of the age is to convert wealth into debt in order toderive a permanent future income from it - to convert wealth that perishesinto debt that endures, debt that does not rot, costs nothing to maintain,and brings in perennial interest.”

“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.”

“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.”

“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.”