Quotes about bankruptcy (61 quotes) | Quotes of famous people

“The great materialistic progress which we have venerated for so long is on the verge of bankruptcy.”

Manly P. Hall (1901–1990) Canadian writer and mystic

Preface to the Diamond Jubilee Edition of The Secret Teachings of All Ages
The Secret Teachings of All Ages (1928)
Context: The great materialistic progress which we have venerated for so long is on the verge of bankruptcy. We can no longer believe that we are born into this world to accumulate wealth and abandon ourselves to mortal pleasures. We see the dangers and realize that we have been exploited for centuries. We were told the twentieth century was the most progressive that the world has ever known, but unfortunately the progression was in the direction of self-destruction.

“Disappointment is a sort of bankruptcy - the bankruptcy of a soul that expends too much in hope and expectation.”

Eric Hoffer (1898–1983) American philosopher

Hope , Disappointment , Soul

“By abstaining from all definite content, whether as formal logic and theory of science or as the legend of Being beyond all beings, philosophy declared its bankruptcy regarding concrete social goals.”

Theodor W. Adorno (1903–1969) German sociologist, philosopher and musicologist known for his critical theory of society

Source: Wozu noch Philosophie? [Why still philosophy?] (1963), p. 6

Science

“Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks which will have to be nationalized and State will have to take the road which will eventually lead to communism.”

Karl Marx (1818–1883) German philosopher, economist, sociologist, journalist and revolutionary socialist

Said to be a quote from Das Kapital in an anonymous email, this attribution has been debunked at Snopes.com http://www.snopes.com/politics/quotes/consumerdebt.asp with the earliest occurrence found being a post by Gpkkid on 23 December 2008 http://economix.blogs.nytimes.com/2008/12/18/do-bailouts-encourage-ponzi-schemes/#comment-24005; it was used as a basis of a satirical article "Americans to Undergo Preschool Reeducation in Advance of Country’s Conversion to Communism" at NewsMutiny http://www.newsmutiny.com/pages/Communist_Reeducation.html, but the author of article on the satiric website says that he is not author of the quote http://www.clockbackward.com/2009/02/04/did-karl-marx-predict-financial-collapse/
Misattributed

Communication , Housing

“There is no such thing as “safe” Socialism. If it's safe, it's not Socialism. And if it's Socialism, it's not safe. The signposts of Socialism point downhill to less freedom, less prosperity, downhill to more muddle, more failure. If we follow them to their destination, they will lead this nation into bankruptcy.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Speech to Conservative Central Council ("The Historic Choice") (20 March 1976) http://www.margaretthatcher.org/document/102990
Leader of the Opposition

Failure , Freedom

“Capitalism has resulted in material well-being but spiritual bankruptcy.”

Jeffrey Eugenides book The Virgin Suicides

Source: The Virgin Suicides

“Faith is a cop-out. If the only way you can accept an assertion is by faith, then you are conceding that it can't be taken on its own merits. It is intellectual bankruptcy.”

Dan Barker (1949) American atheist activist

Source: Losing Faith in Faith: From Preacher to Atheist

Faith , Way

“His lack of education is more than compensated for by his keenly developed moral bankruptcy.”

Woody Allen (1935) American screenwriter, director, actor, comedian, author, playwright, and musician

Funny , Education

“Of all those expensive and uncertain projects, however, which bring bankruptcy upon the greater part of the people who engage in in them, there is none perhaps more perfectly ruinous than the search after new silver and gold mines. It is perhaps the most disadvantageous lottery in the world, or the one in which the gain of those who draw the prizes bears the least proportion to the loss of those who draw the blanks: for though the prizes are few and the blanks are many, the common price of a ticket is the whole fortune of a very rich man.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book IV, Chapter VII, Part First, p. 610.

People , World , Search , Loss

“Question: You wanna gut that safety net…
Ron Paul: But the safety net doesn't work.
Question: Tell me why it doesn't work.
Ron Paul: It does work for some people, but overall it ultimately fails, because you spend more money than you have, and then you borrow to the hilt. Now we have to borrow $800 billion a year just to keep the safety net going. It's going to collapse when the dollar collapses, you can't even fight the war without this borrowing. And when the dollar collapses, you can't take care of the elderly of today. They're losing ground. Their cost of living is going up about 10%, even though the government denies it, we give them a 2% cost of living increase.
Question: So do you think the gold standard would fix that?
Ron Paul: The gold standard would keep you from printing money and destroying the middle class. Every country where you have runaway inflation, there's no middle class. Mexico, there's no middle class, you have a huge poor class, and a lot of wealthy people. Today we have a growing poor class, and we have more billionaires than ever before. So we're moving into third world status…
Question: Who is the safety net that you're speaking of, who does benefit from all those programs and all those agencies?
Ron Paul: Everybody on a short term benefits for a time. If you build a tenement house by the government, for about 15 or 20 years somebody might live there, but you don't measure who paid for it: somebody lost their job down the road, somebody had inflation, somebody else suffered. But then the tenement house falls down after about 20 years because it's not privately owned, so everybody eventually suffers. But the immediate victims aren't identifiable, because you don't know who lost the job, and who had the inflation, the victims are invisible. The few people who benefit, who get some help from government, everyone sees, "oh! look what we did!", but they never say instead of what, what did we lose. And unless you ask that question, we'll go into bankruptcy, we're in the early stages of it, the dollar is going down, our standard of living is going down, and we're hurting the very people that so many people wanna help, especially the liberals…”

Ron Paul (1935) American politician and physician

Interview by Mac McKoy on KWQW, December 17, 2007 http://ca.youtube.com/watch?v=x3lxo9WIR6w
2000s, 2006-2009

Money , War , People , World

“A woman's whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless — for it is a bankruptcy of the heart.”

Washington Irving book The Sketch Book of Geoffrey Crayon, Gent.

"The Broken Heart".
The Sketch Book of Geoffrey Crayon (1819–1820)

Life , World , Soul , History

“This naive manner of conceptualizing capitalism by reference to a “pursuit of gain” must be relegated to the kindergarten of cultural history methodology and abandoned once and for all. A fully unconstrained compulsion to acquire goods cannot be understood as synonymous with capitalism, and even less as its “spirit.” On the contrary, capitalism can be identical with the taming of this irrational motivation, or at least with its rational tempering. Nonetheless, capitalism is distinguished by the striving for profit, indeed, profit is pursued in a rational, continuous manner in companies and firms, and then pursued again and again, as is profitability. There are no choices. If the entire economy is organized according to the rules of the open market, any company that fails to orient its activities toward the chance of attaining profit is condemned to bankruptcy.
Let us begin by defining terms in a manner more precise than often occurs. For us, a "capitalist" economic act involves first of all an expectation of profit based on the utilization of opportunities for exchange; that is of (formally) peaceful opportunities for acquisition. Formal and actual acquisition through violence follows its own special laws and hence should best be placed, as much as one may recommend doing so, in a different category. Wherever capitalist acquisition is rationally pursued, action is oriented to calculation in terms of capital. What does this mean?”

Max Weber (1864–1920) German sociologist, philosopher, and political economist

Prefatory Remarks to Collected Essays in the Sociology of Religion (1920)

Peace , Law , History , Motivation

“Capitalism without bankruptcy is like Christianity without Hell.”

Kyle Bass (1969) businessperson

BBC HARDTalk interview, 15 November 2011.

Hell

“When Hume and Adam Smith prophesied that a little increase of national debt beyond the then amount of it, would probably occasion bankruptcy; the main cause of their error was the natural one, of not being able to see the vast increase of productive power to which the nation would subsequently obtain.”

Thomas Robert Malthus Principles of Political Economy

Book II, Chapter I, On The Progress of Wealth, Section X, p. 422
Principles of Political Economy (Second Edition 1836)

Error , Nature

“The worst disgrace that can befall a producer is an unkind notice from a New York reviewer. When this happens, the producer becomes a pariah in Hollywood. He is shunned by his friends, thrown into bankruptcy, and like a Japanese electing hara-kiri, he commits suttee.”

S.J. Perelman (1904–1979) American humorist, author, and screenwriter

"Strictly from Hunger", The Most of S. J. Perelman (1992) p. 47

“Capitalism without bankruptcy is like Christianity without hell.”

Frank Borman (1928) NASA astronaut

The Growing Bankruptcy Brigade, TIME magazine (18 October 1982) http://www.time.com/time/magazine/article/0,9171,949605,00.html

Hell

“Whenever racial discrimination exists it is a tragic expression of man’s spiritual degeneracy and moral bankruptcy. Therefore, it must be removed not merely because it is diplomatically expedient, but because it is morally compelling.”

Martin Luther King, Jr. (1929–1968) American clergyman, activist, and leader in the American Civil Rights Movement

1960s, The Rising Tide of Racial Consciousnes (1960)

“When national debts have once been accumulated to a certain degree, there is scarce, I believe, a single instance of their having been fairly and completely paid. The liberation of the public revenue, if it has ever been brought about at all, has always been brought about by bankruptcy; sometimes by an avowed one, but always by a real one, though frequently by a pretend payment.”

Adam Smith (1723–1790) Scottish moral philosopher and political economist

Source: (1776), Book V, Chapter III, Part V, p. 1012.

“Taking out a commission of bankruptcy is a well-known mode of recovering a debt.”

Sir John Bayley, 1st Baronet (1763–1841) British judge

Guthrie v. Fisk (1824), 3 B & C. 183.

“[T]ruly grand and powerful theories […] do not and cannot rest upon single observations. Evolution is an inference from thousands of independent sources, the only conceptual structure that can make unified sense of all this disparate information. The failure of a particular claim usually records a local error, not the bankruptcy of a central theory. […] If I mistakenly identify your father's brother as your own dad, you don't become genealogically rootless and created de novo.”

Stephen Jay Gould book Leonardo's Mountain of Clams and the Diet of Worms

You still have a father; we just haven't located him properly.
"Mr. Sophia's Pony", p. 155
Leonardo's Mountain of Clams and the Diet of Worms (1998)

Error , Failure , Sense

“The moral and constitutional obligations of our representatives in Washington are to protect our liberty, not coddle the world, precipitating no-win wars, while bringing bankruptcy and economic turmoil to our people.”

Ron Paul (1935) American politician and physician

Freedom Under Siege http://www.ronpaullibrary.org/freedom_under_siege.php (1987).
1980s

War , People , World

“Undershaft: You have made for yourself something that you call a morality or a religion or what not. It doesn't fit the facts. Well, scrap it. Scrap it and get one that does fit. That is what is wrong with the world at present. It scraps its obsolete steam engines and dynamos; but it wont scrap its old prejudices and its old moralities and its old religions and its old political constitutions. Whats the result? In machinery it does very well; but in morals and religion and politics it is working at a loss that brings it nearer bankruptcy every year.”

George Bernard Shaw (1856–1950) Irish playwright

1900s, Major Barbara (1905)

World , Religion , Loss

“Since the Kim regime is governed by the need to dominate South Korea by threatening the region with nuclear annihilation, its willingness to use its lethal powers will only grow unless it is confronted by the specter of bankruptcy and the consequent destabilization of its rule.”

Sung-Yoon Lee Korea and East Asia scholar, professor

Why Do We Appease North Korea?
https://www.nytimes.com/2017/05/17/opinion/why-do-we-appease-north-korea.html
The New York Times
May 17, 2017
February 2, 2018
https://web.archive.org/web/20180105180511/https://www.nytimes.com/2017/05/17/opinion/why-do-we-appease-north-korea.html
2018-01-05
no

“The American auto industry is vital to our national interest as an employer and as a hub for manufacturing. A managed bankruptcy may be the only path to the fundamental restructuring the industry needs. It would permit the companies to shed excess labor, pension and real estate costs. The federal government should provide guarantees for post-bankruptcy financing and assure car buyers that their warranties are not at risk.

In a managed bankruptcy, the federal government would propel newly competitive and viable automakers, rather than seal their fate with a bailout check.”

Mitt Romney (1947) American businessman and politician

[2008-11-19, Let Detroit Go Bankrupt, The New York Times, http://www.nytimes.com/2008/11/19/opinion/19romney.html]
2008

Fate , Cars

“The nineteenth century will colonize; so, in its fantasies, did the nineteenth century soul. When Emma [Bovary] turns spendthrift and buys curtains, carpets and hangings from the draper, the information takes on something from the theme of the novel itself: the material is a symbol of the exotic, and the exotic feeds the Romantic appetite. It will lead to satiety, bankruptcy and eventually to nihilism and the final drive towards death and nothingness.”

V.S. Pritchett (1900–1997) British writer and critic

"Gustave Flaubert: The Quotidian", p. 130
The Myth Makers: European and Latin American Writers (1979)

Death , Soul

“We have been in recess since July, and during that time there have been a fuel crisis, a Danish no vote, the collapse of the Euro and a war in the middle east, but what is our business tomorrow? The Insolvency Bill [Lords]. It ought be called the Bankruptcy Bill [Commons], because we play no role.”

Tony Benn (1925–2014) British Labour Party politician

Speech in the House of Commons (23 October 2000) http://hansard.millbanksystems.com/commons/2000/oct/23/election-of-speaker, cited in Adam Tomkins, "What is Parliament for?" in Bamforth N. and Leyland P. (eds.), Public Law in a Multi-Layered Constitution, Oxford, Hart, 2003, p. 53.
2000s

War , Business , Time

“Privatization: Disposing of public sector assets at low prices and high sales commissions to powerful groups and individuals who generously supported the ruling party’s last election campaign. It provides short-run cash windfalls to the government, while weakening its power and its cash flows in the years to come. In the Third World, a means of making valuable assets available to First World creditors and investors at fire sale prices in a situation of virtual state bankruptcy.”

Edward S. Herman (1925–2017) American journalist

Source: Beyond Hypocrisy, 1992, Doublespeak Dictionary (within Beyond Hypocrisy), p. 166.

World , Support

“I had no idea bankruptcy could be so exciting.”

Pamela Jones Computer law scholar

Hearing Agenda and Novell Asks for All Notices http://www.groklaw.net/article.php?story=20071003174654588, retrieved 4 October 2007.

Idea

“Donald Trump has a different view. He’s made a career out of stiffing small businesses from Atlantic City to Las Vegas. There are companies that were left hanging because he refused to pay their bills. A lot of those companies scraped together what the could to pay their employees, and many of them put their businesses at risk and some of them ended up taking bankruptcy. It wasn’t because Trump couldn’t pay them, it was because he wouldn’t pay them.”

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

Presidential campaign (April 12, 2015 – 2016), Speech in Warren, Michigan (August 11, 2016)

Business

“The highest triumph of Bismarckian politics carried its downfall and bankruptcy within it.”

Wilhelm Liebknecht (1826–1900) German socialist politician

No Compromise – No Political Trading (1899)

“We are witnessing the end of the late 20th- century progressive welfare democracy. Its fiscal bankruptcy is merely a symptom of a more fundamental bankruptcy: its insufficiency as an animating principle for society. The children and grandchildren of those fascists and republicans who waged a bitter civil war for the future of Spain now shrug when a bunch of foreigners blow up their capital. Too sedated even to sue for terms, they capitulate instantly. Over on the other side of the equation, the modern multicultural state is too watery a concept to bind huge numbers of immigrants to the land of their nominal citizenship. So they look elsewhere and find the jihad. The Western Muslim’s pan-Islamic identity is merely the first great cause in a world where globalized pathologies are taking the place of old-school nationalism.”

Mark Steyn book America Alone: The End of the World as We Know It

America Alone: The End of the World as We Know It (2006)

War , Children , World , School

“The time has come to speak out. Britain is now locked in a vicious spiralling interest rates…The net result of completing the vicious circle is that prices have increased, the rate of inflation has gone up, the money supply has increased, unemployment has gone up, the rate of bankruptcies has increased, the industrial base has been further eroded, the Government's borrowing requirement has increased and as a result there is more pressure to raise interest rates yet again, to be followed inevitably by the same vicious circle. It is this that must be broken.”

Edward Heath (1916–2005) Prime Minister of the United Kingdom (1970–1974)

Speech to the Federation of Conservative Students in Manchester (6 October 1981), quoted in The Times (7 October 1981), p. 6.
Post-Prime Ministerial

Money , Time

“It is well to recall that in 112 years of major league baseball, there has been only one bankruptcy filing.”

Andrew Zimbalist (1947) American economist

Source: Baseball And Billions - Updated edition - (1992), Chapter 3, Franchise Finances, p. 72.

“We did stop the meltdown. We avoided what would have been, I think, a collapse of the global financial system. That was obviously a good thing. But one thing that I was always sure of and the Federal Reserve was always sure of was that a collapse of some of these big financial firms was going to have very serious collateral consequences. There were people arguing even as late as September 2008, “Well, why don't you just let the firms collapse? There is a system that can take care of it: bankruptcy. Why don't you let them fail?” We never thought that was a good option. Particularly, if the whole system had collapsed, we would have had extraordinarily serious consequences.”

Ben Bernanke (1953) American economist

Lecture 3: The Federal Reserve's Response to the Financial Crisis
The Federal Reserve and the Financial Crisis (2012)

People , Thinking

“Almost half of the bankruptcies in the United States are connected to an illness in the family, whether people had health insurance or not. Middle-class Americans, who had the misfortune of either experiencing a medical emergency themselves or watching a family member suffer, were then forced to face the daunting task of pulling themselves out of debt. Bankruptcy law has allowed them to start over. It has given hope. Now this new law will put people on their own. Illness or emergency creates medical bills. We are telling the people that they themselves are to blame. At the same time, we are removing protections that would stay an eviction, that would keep a roof over the head of a working family. We allow the credit industry to trick consumers into using subprime cards, with exorbitant interest rate hikes and fees. Then we hand those same consumers over to an unforgiving prison of debt, to be put on a rack of insolvency and squeezed dry by the credit card industry. We are protecting the profits of the credit card industry instead of protecting the economic future of the American people. Americans are left on their own. That's what this Administration's "Ownership Society" is all about — you're on your own — and your ship is sinking.”

Dennis Kucinich (1946) Ohio politician

Speech on the floor of the House of Representatives, Congressional Record (14 April, 2005) http://frwebgate5.access.gpo.gov/cgi-bin/waisgate.cgi?WAISdocID=240761331899+3+0+0&WAISaction=retrieve.

People , Health , Family , Law

“Today, certain people file for bankruptcy, businesses and individuals, and it no longer has the stigma it once had. Now it's almost considered wise, a way to regroup and come back again.”

David Dinkins (1927) former mayor of New York City

On The Fiscal Crisis Of The 1970s. Quoted in an interview by PBS http://www.pbs.org/wnet/newyork/series/interview/dinkins.html

People , Way , Business

“The twentieth century was the bankruptcy of the social utopia; the twenty-first will be that of the technological one.”

Nassim Nicholas Taleb book The Bed of Procrustes: Philosophical and Practical Aphorisms

Source: The Bed of Procrustes: Philosophical and Practical Aphorisms (2010), p. 31

“Bankruptcy is a sacred state, a condition beyond conditions, as theologians might say, and attempts to investigate it are necessarily obscene, like spiritualism. One knows only that he has passed into it and lives beyond us, in a condition not ours.”

John Updike (1932–2009) American novelist, poet, short story writer, art critic, and literary critic

“The Bankrupt Man,” Hugging the Shore

“Moral improvement (or perfecting) require an evolution leading to a higher consciousness, which is the true torch of life; it is what we have failed too much to appreciate, and that which would be fatal to fail to appreciate any longer ("pluslongtemps", Fr.); For if we do not take it upon ourselves to remedy in time to the moral colapse (or bankruptcy) that already threaten, the whole civilisation will risks to disappear.”

African Spir (1837–1890) Russian philosopher

Source: Words of a Sage : Selected thoughts of African Spir (1937), p. 60.

Life , Time , Perfection

“In the public sphere, perception is reality: it's more important to be seen to do something than actually to do it. At least when private companies use PR and advertising they must spend their own money and there are other corporations vying for our business. If a company doesn't give us what we want they face bankruptcy. Public institutions, however, are monopolies. We have no choice but to buy, if not use, their services. If we don't like the way our particular police force operates it's not like we can choose another one or even withhold the money used to run the one we don't like. We're forced - under threat of imprisonment - to pay for a monopoly service and for it to tell us how great it is. This is the real danger of institutional PR. In the absence of competition it is only through a diversity of opinion and public scrutiny that some level of accountability can exist. PR stifles debate and suppresses opinion through the use of centralized press offices and communication protocols.”

Heather Brooke (1970) American journalist

Pages 45-46.
The Silent State: Secrets, Surveillance and the Myth of British Democracy, 1st Edition

Money , Way , Communication , Business

“He seemed to be witnessing with his own eyes the supreme bankruptcy of humanity. Wealth had spoken the truth that night on the mountain.”

Gabrielle Roy book The Tin Flute

Source: The Tin Flute (1945), P. 376.

Truth , Mountain , Night , Wealth

“In a 2004 interview with This Is London, Tyson announces that since declaring bankruptcy he has been sleeping in homeless shelters and living off handouts: "I've got nowhere to live. I've been crashing with friends, literally sleeping in shelters. Unsavoury characters are giving me money and I'm taking it. I need it. The drug dealers, they sympathise with me. They see me as some sort of pathetic character."”

Mike Tyson (1966) American boxer

http://www.thisislondon.co.uk/showbiz/article-11621981-details/I'm+a+street+bum,+says+broke+Tyson/article.do;jsessionid=dZGvFJZGkLvsnbWWXZrVhsZ2kJlny8kkygtqYThr5ZL2nyWzmSjJ!-686754952
On himself

Money , Sleep

“Socialism, or the Red Republic, is all one; for it would tear down the tricolour and set up the red flag. It would make penny pieces out of the Column Vendome. It would knock down the statue of Napoleon and raise up that of Marat in its stead. It would suppress the Académie, the Ecole Polytechnique, and the Legion of Honour. To the grand device Liberty, Equality, and Fraternity, it would add “Ou la mort. It would bring about a general bankruptcy. It would ruin the rich without enriching the poor. It would destroy labour, which gives to each one his bread. It would abolish property and family. It would march about with the heads of the proscribed on pikes, fill the prisons with the suspected, and empty them by massacres. It would convert France into the country of gloom. It would strangle liberty, stifle the arts, silence thought, and deny God. It would bring into action these two fatal machines, one of which never works without the other—the assignat press and the guillotine. In a word, it would do in cold blood what the men of 1793 did in fever, and after the grand horrors which our fathers saw, we should have the horrible in all that was low and small.”

Victor Hugo (1802–1885) French poet, novelist, and dramatist

Statement of May 1848, as quoted in Paris Under the Commune : Or, Seventy-Three Days of the Second Siege (1871) by John Leighton

Men , God , Family , Art

“The war [World War 1. ] gave me a certainty of belief. I grew aware of the bankruptcy of theories, of the theories of intellectuals as well as artists. L'art pour l'art and other grave problems no longer gave me a headache; they seemed to me so much bosh hand interested me as little as platonic love.”

Maurice de Vlaminck (1876–1958) French painter

Source: Quotes dated, Dangerous Corner', 1929, p. 17-18

Love , War , World , Problem

“Two of Chicago’s four city pension funds will be bankrupt within a few years, according to Chicago Mayor Rahm Emanuel. You’d think that’s a scenario unions – the supposed champions for public-employee retirements – would want to avoid.
But not in Chicago. Unions are fighting to block any kind of pension reform, effectively locking in bankruptcy for city-employee pension systems.”

Rahm Emanuel (1959) politician, investment banker, White House Chief of Staff

Benjamin VanMetre, Unions to Bankrupt Chicago Pension Funds https://www.illinoispolicy.org/unions-to-bankrupt-chicago-pension-funds/, IllinoisPolicy.org, December 29, 2014
About

Thinking , Fight

“All that we have mentioned has made it easy for us to provoke and bait this administration. All that we have to do is to send two mujahidin to the furthest point east to raise a piece of cloth on which is written al-Qaida, in order to make the generals race there to cause America to suffer human, economic, and political losses without their achieving for it anything of note other than some benefits for their private companies. All Praise is due to Allah. So we are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah.”

Osama bin Laden (1957–2011) founder of al-Qaeda

2000s, 2004, 2004 Video Broadcast on Al-Jazeera October 29

Suffering , Loss , Clothes

“The presently existing global financial and monetary system will disintegrate during the near term. The collapse might occur this spring, or summer, or next autumn; it could come next year; it will almost certainly occur during President William Clinton's first term in office; it will occur soon. That collapse into disintegration is inevitable, because it could not be stopped now by anything but the politically improbable decision by leading governments to put the relevant financial and monetary institutions into bankruptcy reorganization.”

Lyndon LaRouche (1922–2019) American political activist and founder of the LaRouche movement

"The Coming Disintegration of Financial Markets" (June 1994) http://spanish.larouchepac.com/static/about-larouche.html.

Spring , Autumn , Decision , Summer

“The most dangerous and at the same time most stupid explanation of fascism is the propaganda theory. In the first place, I have never been able to find anyone who could reconcile it with the fact that right up to the fascist victory—and in Italy beyond it—literally all means of propaganda were in the hands of uncompromising enemies of fascism. There was not one widely-read newspaper but poured ridicule on Hitler and Mussolini while the Nazi and the fascist press were unread and on the verge of bankruptcy. The radio in Germany, owned by the government, issued one anti-Nazi broadside after the other. More powerful than both, the established churches used all the enormous direct influence of the pulpit and the confessional to fight fascism and Nazism.”

Peter F. Drucker (1909–2005) American business consultant

Source: 1930s- 1950s, The End of Economic Man (1939), pp. 7-8

Stupidity , Time , Reading , Victory

“This blizzard of mind-warping war propaganda out of Washington is building up steam. Monday is Anthrax, Tuesday is Bankruptcy, Friday is Child-Rape, Thursday is Bomb-scares, etc., etc., etc… If we believed all the brutal, frat-boy threats coming out of the White House, we would be dead before Sunday. It is pure and savage terrorism reminiscent of Nazi Germany.”

Hunter S. Thompson (1937–2005) American journalist and author

"Domestic terrorism at the Super Bowl" (11 February 2002)
2000s

War , Boy , Housing , Dead

“Europe in its infinite wisdom decided to deal with this bankruptcy by loading the largest loan in human history on the weakest of shoulders … What we’ve been having ever since is a kind of fiscal waterboarding that has turned this nation into a debt colony.”

Yanis Varoufakis (1961) Greek-Australian political economist and author, Greek finance minister

Source: Russell Hotten. " Yanis Varoufakis: In his own words http://www.bbc.co.uk/news/business-31111905" at bbc.co.uk, 3 February 2015; On the austerity terms of Greece's €240bn bailout

Wisdom , History

“Caesar did not confine himself to helping the debtor for the moment; he did what as legislator he could, permanently to keep down the fearful omnipotence of capital. First of all the great legal maxim was proclaimed, that freedom is not a possession commensurable with property, but an eternal right of man, of which the state is entitled judicially to deprive the criminal alone, not the debtor. It was Caesar, who, perhaps stimulated in this case also by the more humane Egyptian and Greek legislation, especially that of Solon,(68) introduced this principle--diametrically opposed to the maxims of the earlier ordinances as to bankruptcy-- into the common law, where it has since retained its place undisputed. According to Roman law the debtor unable to pay became the serf of his creditor.(69) The Poetelian law no doubt had allowed a debtor, who had become unable to pay only through temporary embarrassments, not through genuine insolvency, to save his personal freedom by the cession of his property;(70) nevertheless for the really insolvent that principle of law, though doubtless modified in secondary points, had been in substance retained unaltered for five hundred years; a direct recourse to the debtor's estate only occurred exceptionally, when the debtor had died or had forfeited his burgess-rights or could not be found. It was Caesar who first gave an insolvent the right--on which our modern bankruptcy regulations are based-- of formally ceding his estate to his creditors, whether it might suffice to satisfy them or not, so as to save at all events his personal freedom although with diminished honorary and political rights, and to begin a new financial existence, in which he could only be sued on account of claims proceeding from the earlier period and not protected in the liquidation, if he could pay them without renewed financial ruin.”

Theodor Mommsen (1817–1903) German classical scholar, historian, jurist, journalist, politician, archaeologist and writer

Restriction on 'usury' or restrictions on the laws in relation to the collection of interest
Vol. 4, pt. 2, translated by W.P. Dickson.
The History of Rome - Volume 4: Part 2

Fear , Law , Freedom , Help

“They are the working class ‘sublated’ – improved upon and replaced. They may be as clueless as to strategy as the workers of the early nineteenth century were, but they are no longer in thrall to the system. They are enormously dissatisfied with it. They are a group whose diverse interests converge on the need to make postcapitalism happen, to force the info-tech revolution to create a new kind of economy, where as much as possible is produced free, for collaborative common use, reversing the tide of inequality. Neoliberalism can offer them only a world of stagnant growth and state-level bankruptcy: austerity until death, but with an upgraded version of the iPhone every few years. And the freedom they cherish is perennially hemmed in by the neoliberal state – from the NSA’s mass surveillance techniques to those of the Chinese internet police. Above their heads, politics in many countries has become infested by a kleptocratic mafia, whose strategy is to deliver growth at the price of suppressing freedom and expanding inequality.”

Paul Mason (journalist) book PostCapitalism: A Guide to our Future

PostCapitalism: A Guide to our Future (2015)

Death , World , Freedom , Country

“Isn't he a huge business success that knows what he's talking about? No he isn't. His bankruptcies have crushed small businesses and the men and women who worked for them. He inherited his business, he didn't create it. And what ever happened to? A business genius he is not.”

Mitt Romney (1947) American businessman and politician

2016, Remarks on Donald Trump and the 2016 race

Women , Men , Business , Success

“I've lived through 17 stays in penal institutions. Incarceration in a penitentiary. Five marriages, a bankruptcy, a broken back, brawls, shooting incidents, swindlings, sickness, the death of loved ones and more. I've heard tens of thousands chant my name when I couldn't hear the voice of my own soul. I wondered if God was listening and I was sure no one else was.”

Merle Haggard (1937–2016) American country music song writer, singer and musician

Sing Me Back Home (1981), co-written with Peggy Russell; also quoted in "Country Legend Merle Haggard Dies At 79" at NPR (6 April 2016) http://www.npr.org/sections/therecord/2016/04/06/473260432/country-legend-merle-haggard-dies-at-79

Love , Death , God , Marriage

“As I have said many times, I don’t care if they wipe away every trace of every book I have ever worked on. I just wish they’d stop doing so by pressing the “rewind” button. That’s just creative bankruptcy.”

John Byrne (1950) American author and artist of comic books

2005
http://www.byrnerobotics.com/forum/forum_posts.asp?TID=18193
On taking comics back to the basics; ‘rewinding’ or ‘resetting’ to the status quo

Books , Time

“Trump is that he is a crony capitalist, who now states that he supported the Clintons and other liberals with donations for so long because he wanted to obtain influence with them while they were in power. He has led several businesses to bankruptcy. He has called himself the "king of debt," a description that Johnson or Paul and other leading libertarians would never use to describe themselves.”

Brent Budowsky (1952) American journalist

In shock poll, Libertarian Johnson beats Trump among economists (August 23, 2016)

Business , Support

“To avoid a future of war, crime, and bankruptcy, the individual must begin to plan his own destiny, and the best source for the necessary information comes down to us through the writings of the ancients.”

Manly P. Hall (1901–1990) Canadian writer and mystic

Preface to the Diamond Jubilee Edition of The Secret Teachings of All Ages
The Secret Teachings of All Ages (1928)
Context: To avoid a future of war, crime, and bankruptcy, the individual must begin to plan his own destiny, and the best source for the necessary information comes down to us through the writings of the ancients. The greatest knowledge of all time should be available … in a book that would be a monument, not merely a coffin.

War , Future