“Third World debt — The debt will be written off. There is no possibility of doing anything else. There is no way in which this debt can be recovered. It is not through an increased burden on taxpayers in creditor nations that the solution will be found to this dilemma. Instead, money which has hitherto been spent on defense will be found to meet this situation. Defense will no longer be the first priority as tensions begin to decrease around the world.”

Maitreya's Teachings - The Laws of Life (2005)

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Benjamin Creme134

artist, author, esotericist 1922–2016

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“Third World debt — The debt will be written off. There is no possibility of doing anything else. There is no way in which this debt can be recovered.”

Benjamin Creme (1922–2016) artist, author, esotericist

Maitreya's Teachings - The Laws of Life (2005)

“A liberal is someone who feels a great debt to his fellow man, which debt he proposes to pay off with your money.”

G. Gordon Liddy (1930) American lawyer in Watergate scandal

As quoted in "The Best Of The Rest: 20 More Quotes About Liberals" at Right Wing News (24 November 2010) http://rightwingnews.com/quotes/the-best-of-the-rest-20-more-quotes-about-liberals/

“International indebtedness involves not only the usual slavery of debt, but the interest of the creditor nations in the debtor country.”

Gustav Stresemann (1878–1929) German politician, statesman, and Nobel Peace Prize laureate

Article for Zeit (20 April 1924), quoted in W. M. Knight-Patterson, Germany. From Defeat to Conquest 1913-1933 (London: George Allen and Unwin, 1945), p. 348
1920s

“To pay off the debt was to destroy the money supply.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

Source: Money: Whence It Came, Where It Went (1975), Chapter VIII, The Great Compromise, p. 90
Context: In numerous years following the war the Federal government ran a heavy surplus. It could not pay off it's debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply.

“First in point of time and interest comes the mortgage debt, i. e. the claim for the return of money lent on the security of some tangible object. Such claims are among the earliest fruits of a commercial civilization, and are nearly always affected the same way, viz. by the deposit or pledge of the security with the creditor, to be redeemed or returned on the payment of the debt.”

Edward Jenks (1861–1939) British legal scholar

Source: A Short History Of The English Law (First Edition) (1912), Chapter IX, The Law Of Personal Property, p. 123

“We’re going to refinance everyone’s existing student debt, 40 million Americans have student debt. … Under my plan, you will be able to also lower your debt, move into a program to pay it back as a percentage of your income and more than that, my plan for debt-free tuition at public colleges and universities will eventually eliminate any student debt. But for people who have it, I’m going to put a date certain that after a certain number of years, you no longer have to pay anything. The government has to quit making money off of lending money to young people to get their education.”

Hillary Clinton (1947) American politician, senator, Secretary of State, First Lady

Presidential campaign (April 12, 2015 – 2016), Democratic Presidential Debate in Miami (March 9, 2016)

“One way or another, today's debts will not be paid.... As long as savings mainly by the 1% takes the form of debt claims on the rest of society, they will grow exponentially to hold the 99% in deepening debt.... If debts to creditors are paid by forced privatization, the public domain and infrastructure will be turned into rent-extraction tollbooth opportunities and economies will be impoverished by rentier austerity.”

Michael Hudson (economist) (1939) American economist

pp 418-419
Dr. Michael Hudson, KILLING THE HOST: HOW FINANCIAL PARASITES AND DEBT BONDAGE DESTROY THE GLOBAL ECONOMY, Islet 2015

“Today and over the foreseeable future, traditional capitalism throughout most of the world has been thrown on a defensive from which it is doubtful that it can never recover.”

Robert L. Heilbroner (1919–2005) American historian and economist

Source: The Future As History (1960), Chapter II, Part 7, The Drift Away From Capitalism, p. 94

“So the Bush-Obama administration has taken a fiscal stance diametrically opposed to that of the patron saint of free enterprise. While escalating war in Afghanistan and maintaining over 850 military bases around the world, the administration has run up the national debt that Smith decried. By shifting the tax burden off property and off rent-seeking monopolies – above all, off the financial sector – this policy has raised America’s cost of living and doing business, thereby undercutting its competitive power and running up larger and larger foreign debt.”

Michael Hudson (economist) (1939) American economist

Adam Smith critiques the Deficit Reduction Commission http://michael-hudson.com/2010/12/adam-smith-critiques-the-deficit-reduction-commission/ (December 6, 2010) <br class="br">Michael-Hudson.com, 1998-

“Indeed, India has become notorious as a country in which a very large part of the working population is laboring in effective debt peonage to a landlord or other creditor.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter Ten, "The Middle Ages", p. 256

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