Quotes about debt
page 3

“It is literally true that the toleration of banks of paper discount costs the United States one-half their war taxes; or, in other words, doubles the expenses of every war. Now think but for a moment, what a change of condition that would be, which should save half our war expenses, require but half the taxes, and enthral us in debt but half the time.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

ME 13:364
1810s, Letters to John Wayles Eppes (1813)

War, Thinking, Change, Time

“By no means run in debt: take thine own measure.
Who cannot live on twenty pound a year,
Cannot on forty.”

George Herbert (1593–1633) Welsh-born English poet, orator and Anglican priest

The Temple (1633), The Church Porch

“The national debt has doubled. And you know the bad part about that? You think if the national debt has doubled, our infrastructure would be great, our country would be in great shape. We'd have beautiful roads, beautiful highways. You see where like 50 percent of the bridges are in danger in this country. And the roadways are a mess.”

Donald J. Trump (1946) 45th President of the United States of America

2010s, 2016, August, Speech at rally in Wilmington, North Carolina (August 9, 2016)

Beauty, Thinking, Parting, Country

“The man who started with the notion that the world owed him a living would once more find, as he does now, that the world pays him its debt in the state prison.”

William Graham Sumner (1840–1910) American academic

“The Challenge of Facts”, 1914 http://www.fordham.edu/halsall/mod/1914sumner.html.

World

“We have a crisis in higher education today. Too many of our young people cannot afford a college education and those who are leaving college are faced with crushing debt. It is a national disgrace that hundreds of thousands of young Americans today do not go to college, not because they are unqualified, but because they cannot afford it. This is absolutely counterproductive to our efforts to create a strong competitive economy and a vibrant middle class. This disgrace has got to end. In a global economy, when our young people are competing with workers from around the world, we have got to have the best educated workforce possible. And, that means that we have got to make college affordable. We have got to make sure that every qualified American in this country who wants to go to college can go to college -- regardless of income. Further, it is unacceptable that 40 million Americans are drowning in more than $1.2 trillion in student loan debt. It is unacceptable that millions of college graduates cannot afford to buy their first home or their first new car because of the high interest rates they are paying on student debt. It is unacceptable that, in many instances, interest rates on student loans are two to three times higher than on auto loans.”

Bernie Sanders (1941) American politician, senator for Vermont

Bernie Sanders Statement by Senator Bernard Sanders on the College for All Act http://www.sanders.senate.gov/download/051915-highered/?inline=file (19 May 2015) 2010s, 2015

People, World, Education, Cars

“Without some knowledge of Constitutional History it is absolutely impossible to do justice to the characters and positions of the actors in the great drama; absolutely impossible to understand the origin of parties, the development of principles, the growth of nations in spite of parties and in defiance of principles. It alone can teach why it is that in politics good men do not always think alike, that the worst cause has often been illustrated with the most heroic virtue, and that the world owes some of its greatest debts to men from whose very memory it recoils.”

William Stubbs (1825–1901) English historian and clergyman

The Constitutional History of England (1873-8; Oxford: Clarendon Press, 1903) vol. 1, pp. iii-iv.

Men, World, Justice, History

“If I was in Congress, I would not vote to raise the debt ceiling.”

Sean Hannity (1961) American television host, conservative political commentator

Hannity
Fox News
Television
2011-04-12
Fox vs. Fox: Debt Ceiling Edition
Media Matters for America
2011-04-13
http://mediamatters.org/research/201104130014
2011-08-01

“How we can possibly be giving a billion pounds a month when we're in this sort of debt to bongo bongo land is completely beyond me. To buy Ray-Ban sunglasses, apartments in Paris, Ferraris and all the rest of it that goes with most of the foreign aid. F18s for Pakistan. We need a new squadron of F18s. Who's got the squadrons? Pakistan, where we send the money.”

Godfrey Bloom (1949) UK EU parliament member

The Guardian, Wednesday 7 August 2013

Money

“The papers were always talking about the debt owed to society. According to them, it had to be paid. But that doesn't speak to the imagination. What really counted was the possibility of escape, a leap to freedom, out of the implacable ritual, a wild run for it that would give whatever chance for hope there was. Of course, hope meant being cut down on some street corner, as you ran like mad, by a random bullet. But when I really thought it through, nothing was going to allow me such a luxury. Everything was against it; I would just be caught up in the machinery again.”

Albert Camus book The Stranger

The Stranger (1942)

Hope, Imagination, Freedom, Chance

“Literary criticism should arise out of a debt of love. In a manner evident and yet mysterious, the poem or the drama or the novel seizes upon our imaginings. We are not the same when we put down the work as we were when we took it up. To borrow an image from another domain: he who has truly apprehended a painting by Cézanne will thereafter see an apple or a chair as he had not seen them before. Great works of art pass through us like storm-winds, flinging open the doors of perception, pressing upon the architecture of our beliefs with their transforming powers. We seek to record their impact, to put our shaken house in its new order. Through some primary instinct of communion we seek to convey to others the quality and force of our experience. We would persuade them to lay themselves open to it. In this attempt at persuasion originate the truest insights criticism can afford.”

George Steiner (1929–2020) American writer

Source: Tolstoy or Dostoevsky (1960), Ch. 1.

Love, Art, Imagination, Painting

“Many economists would have you believe that their field is an objective science. I disagree, and I think that it is equally a tool that humans use to enforce and encode our social and moral preferences and prejudices about status and power, which is why plutocrats like me have always needed to find persuasive stories to tell everyone else about why our relative positions are morally righteous and good for everyone: like, we are indispensable, the job creators, and you are not; like, tax cuts for us create growth, but investments in you will balloon our debt and bankrupt our great country; that we matter; that you don't. For thousands of years, these stories were called divine right. Today, we have trickle-down economics. How obviously, transparently self-serving all of this is.”

Nick Hanauer (1959) American businessman

"Beware, fellow plutocrats, the pitchforks are coming" TED (conference) August 2014 http://www.ted.com/talks/nick_hanauer_beware_fellow_plutocrats_the_pitchforks_are_coming/transcript?language=en

Thinking, Science, Country

“By Christ's purchasing redemption, two things are intended, His satisfaction, and His merit. All is done by the price that Christ lays down, which does two things: it pays our debt, and so it satisfies; by its intrinsic value, and by the agreement between the Father and the Son it procures our title, and so it merits. The satisfaction of Christ is to free us from misery, and the merit of Christ is to purchase happiness for us.”

Jonathan Edwards (1703–1758) Christian preacher, philosopher, and theologian

Source: Dictionary of Burning Words of Brilliant Writers (1895), p. 489.

Happiness, Christ

“Taleswapper looked at Miller.
“I'm nothing,” he said.
“A Christian isn’t nothing,” said Taleswapper.
“I'm no Christian, either.”
“Ah,” said Taleswapper. “A Deist, then, like Tom Jefferson.” The children murmured at his mention of the great man’s name.
“Taleswapper, I'm a father who loves his children, a husband who loves his wife, a farmer who pays his debts, and a miller without a millstone.””

Orson Scott Card (1951) American science fiction novelist

Source: The Tales of Alvin Maker, Seventh Son (1987), Chapter 9.

Love, Children

“Then all you lovers have good heed
Vex not young Love in word or deed:
Love never leaves an unpaid debt,
He will not pardon nor forget.”

Robert Graves (1895–1985) English poet and novelist

"Advice To Lovers".
Country Sentiment (1920)

Love, Lovers, Forgetting

“It's easy to forget you are in debt to the tune of £10, and to a woman who never forgets anything. Crikey, she can even tell you which Coronation Street character was the first one to have their brain removed (Footnote: And not have it replaced by acting talent unfortunately.)”

Peter Corey (1946) British writer

Coping With series, Coping with Cash (2000)

Forgetting

“Quasi-integration is to use debt or equity investments and other means to create alliances between vertically related firms without full ownership.”

Michael E. Porter (1947) American engineer and economist

Source: Competitive strategy, 1980, p. 301

“If the debt which the banking companies owe be a blessing to anybody, it is to themselves alone, who are realizing a solid interest of eight or ten per cent on it. As to the public, these companies have banished all our gold and silver medium, which, before their institution, we had without interest, which never could have perished in our hands, and would have been our salvation now in the hour of war; instead of which they have given us two hundred million of froth and bubble, on which we are to pay them heavy interest, until it shall vanish into air… We are warranted, then, in affirming that this parody on the principle of 'a public debt being a public blessing,' and its mutation into the blessing of private instead of public debts, is as ridiculous as the original principle itself. In both cases, the truth is, that capital may be produced by industry, and accumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

ME 13:423
1810s, Letters to John Wayles Eppes (1813)

War, Truth

“Everything that I did as Governor, and everything that I think needs to occur right now in the Federal Government, needs to be a cost-benefit analysis. What are we spending our money on, and what are we getting for what we're spending? I am of the belief that we are on the verge of a financial collapse. We can not repay fourteen trillion dollars in debt if we're spending one point six trillion dollars more than we're taking in this year and years to come. That is not sustainable… We landed on the moon, we can balance the federal budget. And that means cutting forty-three cents out of every federal dollar that we're currently spending.”

Gary Johnson (1953) American politician, businessman, and 29th Governor of New Mexico

Statement from CNN Interview
YouTube
2011-04-21
http://youtu.be/VFf4P20cWmU
2012-02-24
Sound Government

Money, Thinking

“The Constitution denies the states the power to make anything other than gold or silver coins legal tender in payment of debts.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

“Foreign debt and inflation have nothing to do with my decision. Indeed, I can assure you that [the Falklands war is] not going to alleviate inflation or debt. It is true that the Falklands have served to unite Argentines. But I swear and repeat that the idea of solving these issues through war has never crossed my mind.”

Leopoldo Galtieri (1926–2003) Argentine military dictator

Reportaje de Oriana Fallaci a Leopoldo F. Galtieri http://archivohistorico.educ.ar/content/reportaje-de-oriana-fallaci-leopoldo-f-galtieri#sthash.ZQrMQt2O.dpuf, Revista El porteño, August 1982

War, Idea, Decision

“Those of us born after that era (of World War II), or with little or no knowledge of those experiences, take freedom for granted. In fact, we give little thought because we are preoccupied with the here and now and yet we owe a debt of gratitude that can never be repaid because you (returned servicemen) paid the price in blood.”

Joni Madraiwiwi (1957–2016) Fijian politician

Poppy Drive speech, 21 October 2005.

War, World, Knowledge, Freedom

“The free enterprise policies that produce solely for waste and for profit and that promote a consumerist mentality rather than one of need are damaging to the environment. I am in no sense defending the centralised economies of eastern Europe. They have polluted the north sea and rivers just as industries in Britain and North America have destroyed rivers, wasted natural resources and ruined people's lives by their form of pollution. It is not good enough to promote an economic system that produces for waste and to promote environmental controls in western Europe and North America to look after our environment if at the same time we transfer that destruction of the environment to poorer Third-world countries, either by exporting toxic waste and letting those countries get rid of it by whatever means they can, because they are desperate for foreign currency, or by promoting the destruction of the rain forests, through raping those countries to collect debt payments, when they can make them only by destroying all their natural resources. We live in an age when we have an opportunity to improve our environment and save ourselves from mass destruction through climatic change and environmental disasters.”

Jeremy Corbyn (1949) British Labour Party politician

Speech http://hansard.millbanksystems.com/commons/1990/jan/15/environmental-protection-bill in the House of Commons (15 January 1990). 1990s

People, Age, World, Nature

“It has been in accordance with these principles that we have made generous settlements of our foreign debts. The little sentiment of "live and let live" expresses a great truth. It has been thought wise to extend the payment of our debts over a long period of years, with a very low rate of interest, in order to relieve foreign peoples of the burden of economic pressure beyond their capacity to bear. An adjustment has now been made of all these major obligations, and they have all but one been mutually ratified. The moral principle of the payment of international debts has been preserved. Every dollar that we have advanced to these countries they have promised to repay with some interest. Our National Treasury is not in the banking business. We did not make these loans as a banking enterprise. We made them to a very large extent as an incident to the prosecution of the war. We have not sought to adjust them on a purely banking basis. We have taken into consideration all the circumstances and the elements that attended the original transaction and all the results that will probably flow from their settlement. They have been liquidated on this broad moral and humanitarian basis. We believe that the adjustments which have been made will be mutually beneficial to the trade relations of the countries involved and that out of these economic benefits there will be derived additional guaranties to the stability and peace of the world.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Ways to Peace (1926)

War, People, Truth, World

“The Baron of Bradwardine being asked what he thought of these recruits, […] answered drily, 'that he could not but have an excellent opinion of them, since they resembled precisely the followers who attached themselves to the good King David at the cave of Adullam, vidilicet, every one that was in distress, and every one that was in debt, and every one that was discontented, which the Vulgate renders bitter of soul;”

Walter Scott book Waverley

Source: Waverley (1814), Chapter LVII

Soul

“Protocols: What also indeed is, in substance, a loan, especially a foreign loan? A loan is an issue of government bills of exchange containing a percentage obligation commensurate to the sum of the loan capital. If the loan bears a charge of 5 percent, then in twenty years the State vainly pays away in interest a sum equal to the loan borrowed, in forty years it is paying a double sum, in sixty treble and all the while the debt remains an unpaid debt.
from this calculation it is obvious that with any form of taxation per head the State is bailing out the last coppers of the poor taxpayers in order to settle accounts…; instead of collecting
Graves: These two books were written 40 years apart from each other…why is the same interest rate employed by the “Protocols?””

Will Eisner (1917–2005) American cartoonist

Surely they must have changed during all that time.
Raslovlev: Very revealing…eh?
Source: The Plot: The Secret Story of the Protocols of the Elders of Zion (10/2/2005), p.85

Books, Change, Time

“Dear citizens. Now I plan to jump off a bridge over the Han River. I hope you give us the last chance. Please lend us 100 million won which will be used for paying back debt and seed money of our organization… I know this is shameful. I'm sorry. I'll repent for the last of my life.”

Sung Jae-gi (1967–2013) South Korean masculism activist

As quoted in "Activist's 'suicide' causes huge stir" http://www.koreatimes.co.kr/www/news/nation/2013/07/116_140028.html Koreatimes 2013.07.26

Life, Money, Hope, Chance

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”

Nassim Nicholas Taleb (1960) Lebanese-American essayist, scholar, statistician, former trader and risk analyst

Ten principles for a Black Swan-proof world (2009)

Problem

“The argument to raise taxes to pay back the debt, that's one thing, but my experience tells me that it's not possible. Government raises taxes, they're gonna spend that money in other places. I'm gonna do a better job at balancing revenues and expenditures… That was a responsibility that we had, but we prioritized what government should or shouldn't be doing and as a result of that, again showed a fiscal discipline that I don't think anyone else can demonstrate.”

Gary Johnson (1953) American politician, businessman, and 29th Governor of New Mexico

Statement on Taxes
YouTube
2011-08-23
http://youtu.be/227YyBf7-KQ
2012-02-24
Sound Government

Money, Thinking

“Religious believers of the world, you are free to continue to debate the simple, narrow question that divides you from atheists, but you have no right, in so doing, to treat the Humanists of the world with contempt. You owe them a deep debt of gratitude, for not only have they shed much light on a naturally dark world but they have very probably helped civilize your own specific religion.”

Steve Allen (1921–2000) American comedian, actor, musician and writer

Vulgarians at the Gate: Trash TV and Raunch Radio: Raising Standards of Popular Culture (2001), ISBN 1615927514, p. 344

World, Religion, Question, Nature

“My hon. Friend must be aware of the words used by the Chancellor on Tuesday, when he said that, this year, the Government expect to make a surplus of £14 billion—part of which will be used to pay off the national debt. In those circumstances, would it not be more appropriate and beneficial to the rest of the world if more money were given for overseas aid and to assist the very poor countries in the usary levels of debt repayments that they are forced into at present?”

Jeremy Corbyn (1949) British Labour Party politician

Question http://hansard.millbanksystems.com/commons/1989/mar/17/overseas-development in the House of Commons (17 March 1989). 1980s

Money, World, Parting, Country

“The United States has already passed on as the world’s economic leader. Having flouted Thomas Jefferson for too long, America has succumbed to public debt, the 'fore horse for oppression and despotism,' after which 'taxation will follow, and in its train wretchedness and oppression.”

Ilana Mercer South African writer

“Economic Apocalypse Now,” http://www.ilanamercer.com/phprunner/public_article_list_view.php?editid1=603 WorldNetDaily.com, June 3, 2011. 2010s, 2011

World, Horse, Training

“I am not afraid of reprisals, I have no children, no wife, no car, no debt. It might sound a bit pompous, but I'd prefer to die on my feet than to live on my knees.”

Charb (1967–2015) French caricaturist and journalist

Xavier Ternisien, A "Charlie Hebdo", on n'a "pas l’impression d’égorger quelqu’un avec un feutre" http://www.lemonde.fr/actualite-medias/article/2012/09/20/je-n-ai-pas-l-impression-d-egorger-quelqu-un-avec-un-feutre_1762748_3236.html, Le Monde, 20 september 2012.

Children, Cars

“You cannot spend your way out of a recession or borrow your way out of debt. And when you repeat, in that wooden and perfunctory way, that our situation is better than others, that we are well placed to weather the storm, I have to tell you, you sound like a Brezhnev era apparatchik giving the party line. You know, and we know, and you know that we know that it's nonsense. Everyone knows that Britain is worse off than any other country as we go into these hard times. The IMF has said so. The European Commission has said so. The markets have said so, which is why our currency has devalued by thirty percent. And soon, the voters too will get their chance to say so. They can see what the markets have already seen: that you are the devalued Prime Minister of a devalued Government”

Daniel Hannan (1971) British politician

Speech to Gordon Brown in the European Parliament, 24 March 2009 http://www.youtube.com/watch?v=94lW6Y4tBXs 2000s

Way, Chance, Time, Weather

“Men who borrow their Opinions can never repay their Debts. They are Beggars by Nature, and can therefore never get a Stock to grow rich upon.”

George Savile, 1st Marquess of Halifax (1633–1695) English politician

Political, Moral, and Miscellaneous Reflections (1750), Miscellaneous Thoughts and Reflections

Men, Nature

“The street's alive as secret debts are paid.
Contacts made, they vanished unseen.
Kids flash guitars just like switch-blades hustling for the record machine.
The hungry and the hunted explode into rock'n'roll bands
That face off against each other out in the street, down in Jungleland.”

Bruce Springsteen (1949) American singer and songwriter

"Jungleland"
Song lyrics, Born to Run (1975)

Secret

“What many of us fail to realize is that the last four hundred years are a highly special period in the history of the world. The pace at which changes during these years have taken place is unexampled in earlier history, as is the very nature of these changes. This is partly the results of increased communication, but also of an increased mastery over nature, which on a limited planet like the earth, may prove in the long run to be an increased slavery to nature. For the more we get out of the world the less we leave, and in the long run we shall have to pay our debts at a time that may be very inconvenient for our own survival.”

Norbert Wiener book The Human Use of Human Beings

II. Progress and Entropy. p. 46
The Human Use of Human Beings (1950)

World, History, Communication, Nature

“Question: …you believe the Fed shouldn't exist… make the case.
Ron Paul: First reason is, it's not authorized in the Constitution, it's an illegal institution. The second reason, it's an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we'd be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value. This station talks about free market capitalism, and you can't have free market capitalism if you have a secret bank creating money and credit out of thin air. They become the central planners, they decide what interest rates should be, what the supply of money should be…
Question: How does the gold standard solves that?
Ron Paul: It maintains a stable currency and a stable value. If the Fed concentrated more on stable money rather than stable prices… They push up new money in stocks and in commodities and in houses, and then they have to come in to rescue the situation. They create the bubbles, then they come in and rescue it, and they do nothing more than try to do price fixing. Capitalism depends, and capital comes from savings, but there's no savings in this country, so this is all artificial. It creates the misdirection and the malinvestment and all the excessive debt, and it always has to have a correction. Since the Fed has been in existence, the dollar has lost about 97% of its value. You're supposed to encourage savings, but if something loses its value, why save dollars? There's no encouragement whatsoever. […] Gold is 6000 years old, and it still maintains its purchasing power. Oil prices really are very stable in terms of Gold. […] Both conservatives and liberals want to enhance big government, and this is a seductive way to tax the middle class.”

Ron Paul (1935) American politician and physician

CNBC debate with Faiz Shakir, March 20, 2008 http://www.youtube.com/watch?v=k94VWPjUQSM 2000s, 2006-2009

Money, Secret, Way, Question

“The young women of today, free to study, to speak, to write, to choose their occupation, should remember that every inch of this freedom was bought for them at a great price. It is for them to show their gratitude by helping onward the reforms of their own times, by spreading the light of freedom and of truth still wider. The debt that each generation owes to the past it must pay to the future.”

Abigail Scott Duniway (1834–1915) American suffragist, writer, journalist, pioneer

Abigail Scott Duniway, quoted in Westward the Women https://books.google.com/books?id=Xy50CwAAQBAJ&pg=PT127&lpg=PT127&dq=%22+young+women+of+today,+free+to+study,+to+speak,+to+write%22&source=bl&ots=9gDARyV3TU&sig=qp7E9Zg0u1yJCbJVQ-pqBeu49JE&hl=en&sa=X&ved=0ahUKEwi_zKKCp5zZAhUEyGMKHTdVCcQQ6AEINTAC#v=onepage&q=%22%20young%20women%20of%20today%2C%20free%20to%20study%2C%20to%20speak%2C%20to%20write%22&f=false and by the Hatfield School of Govennment's Center for Women's Leadership https://www.pdx.edu/womens-leadership/abigail-scott-duniway-speaker-series

Women, Truth, Study, Freedom

“By-the-by, this doctrine of perpetual transmigration would be a curious plea to urge for the non-fulfilment of former engagements; seven years is I believe the term allotted for the entire change. Now, might not a man encumbered with debt plead at the expiration of the period in the Courts of Westminster, that he was not the person who actually contracted those debts? Or might not an inconstant couple sue for a divorce, on the plea that neither were the individuals who originally married?”

Letitia Elizabeth Landon (1802–1838) English poet and novelist

The Monthly Magazine

Change, Personality

“With the settlement of many of these early strikes, there was little or nothing added to the pay envelope, little or nothing for job security and a mountain of debts to pay and harsh memories to forget. Yet there was one thing that was won, one thing that was fought for as indispensable, one thing for which all the pain and sacrifice was justified--union recognition. It seemed so miniscule a victory that people outside the labor movement scorned it as in fact just a defeat. But to those who understood, union recognition meant the employer's acknowledgement of that strength, and the two meant the opportunity to fight again for further gains with united and multiplied power. As contract followed contract, the pay envelope fattened and fringe benefits and job rights grew to the mature work standards of today. All of these started with winning first union recognition.”

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

1960s, Address to Local 815, Teamsters and the Allied Trades Council (1967)

Pain, People, Mountain, Memory

“The kiss you take is paid by that you give:
The joy is mutual, and I'm still in debt.”

George Granville, 1st Baron Lansdowne (1666–1735) 1st Baron Lansdowne

Heroic Love, Act V, scene 1; reported in Hoyt's New Cyclopedia Of Practical Quotations (1922), "Kissing", p. 416-19.

Kiss, Joy

“It turns out there are people, typically they're probably unemployed kids with student debt you know that are stuck in their parents' basement with Cheetos stains on their t-shirts that haven't been able to get their first job so what they do is they play games to see how long they can edit Wikipedia pages in order to have games with their friends all around the world. So my advice to you is, if you do have a Wikipedia page, check it once in a while….”

Jeb Bush (1953) American politician, former Governor of Florida

[2016-02-08, Jeb Bush Remarks in Nashua, New Hampshire, http://www.c-span.org/video/?404395-1/jeb-bush-remarks-nashua-new-hampshire, 2016-02-09, C-SPAN]
2016

People, World, Game, Parent

“This paper integrates elements from the theory of agency, the theory of property rights and the theory of finance to develop a theory of the ownership structure of the firm. We define the concept of agency costs, show its relationship to the 'separation and control' issue, investigate the nature of the agency costs generated by the existence of debt and outside equity, demonstrate who bears the costs and why, and investigate the Pareto optimality of their existence. We also provide a new definition of the firm, and show how our analysis of the factors influencing the creation and issuance of debt and equity claims is a special case of the supply side of the completeness of markets problem.”

Michael Jensen (1939) American economist

Source: "Theory of the firm: Managerial behavior, agency costs and ownership structure", 1976, p. 305 Abstract

Optimism, Nature, Problem

“We are not Indian Brahmins or Gymnosophists, who dwell in woods and exile themselves from ordinary human life. We do not forget the debt of gratitude we owe to God, our Lord and Creator; we reject no creature of His hands, though certainly we exercise restraint upon ourselves, lest of any gift of His we make an immoderate or sinful use. So we sojourn with you in the world.”

Tertullian (155–220) Christian theologian

Source: Apologeticus pro Christianis, Chapter 42

Life, God, World, Exercises

“It has often been matter of regret in modern times that, in the construction of the Statute of Limitations, the decisions had not proceeded upon principles better adapted to carry into effect the real objects of the Statute; that instead of being viewed in an unfavourable light as an unjust and discreditable defence, it had not received such support as would have made it what it was intended to be, emphatically a Statute of repose. It is a wise and beneficial law, not designed merely to raise a presumption of payment of a just debt from lapse of time, but to afford security against stale demands after the true state of the transaction may be forgotten, or be incapable of explanation by reason of the death or removal of witnesses.”

Joseph Story (1779–1845) US Supreme Court justice

Bell v. Morrison, 1 Peters, Sup. C. Rep. (U. S.) 360 (1828).

Death, Law, Support, Decision

“Hamilton doubted the cohesive force of the Constitution to make a nation. He was so far right, for no constitution can make a nation. That is a growth, and the vigor and intensity of our national growth transcended our own suspicions. It was typified by our material progress. General Hamilton died in 1804. In 1812, during the last war with England, the largest gun used was a thirty-six pounder. In the war just ended it was a two-thousand pounder. The largest gun then weighed two thousand pounds. The largest shot now weighs two thousand pounds. Twenty years after Hamilton died the traveler toiled painfully from the Hudson to Niagara on canal-boats and in wagons, and thence on horseback to Kentucky. Now he whirls from the Hudson to the Mississippi upon thousands of miles of various railroads, the profits of which would pay the interest of the national debt. So by a myriad influences, as subtle as the forces of the air and earth about a growing tree, has our nationality grown and strengthened, striking its roots to the centre and defying the tempest. Could the musing statesman who feared that Virginia or New York or Carolina or Massachusetts might rend the Union have heard the voice of sixty years later, it would have said to him, 'The babe you held in your arms has grown to be a man, who walks and runs and leaps and works and defends himself. I am no more a vapor, I am condensed. I am no more a germ, I am a life. I am no more a confederation, I am a nation.”

George William Curtis (1824–1892) American writer

1860s, The Good Fight (1865)

Life, War, Fear, Travel

“But that the state in general sees as right the sole means of accepting interest-bearing loans - thus debts, when it needs money and applies its other sovereign rights today only in an underhand manner to collect the incurred debts from the people, these are conditions for which one seeks in vain for a reasonable explanation. There is indeed no reasonable explanation for it, but only the fact that our entire thought even in national financial political matters is directed or corrupted in a private capitalistic manner.”

Gottfried Feder (1883–1941) German economist and politician

Source: The German State on a National and Socialist Foundation (1923), p. 104

Money, People

“You go back and you say, hey, guess what, the economy just crashed, I'm going to give you back half. I like debt for me, I don't like debt for the country. I like debt for my company, but I don't like debt for the country. For the country we have $19 trillion in debt, it's going to be very soon $21 trillion, not billion, $21 trillion in debt. And I will tell you we are sitting on a time bomb and Hillary Clinton doesn't have a clue. And President Obama has pretty much doubled the debt since he's been in office and somebody's going to pay a big price. We have to start chopping that debt down. … I wouldn't renegotiate the debt.”

Donald J. Trump (1946) 45th President of the United States of America

2010s, 2016, June Source: In an interview with CBS This Morning Norah O'Donnell http://www.dailywire.com/news/6824/trump-yeah-so-ill-declare-america-bankrupt-james-barrett (June 22, 2016)

Time, Country

“I think there are things of which I and the people who have worked with me can feel deservedly proud. They include restoring Russia's territorial integrity, strengthening the state, progress towards establishing a multiparty system, strengthening the parliamentary system, restoring the Armed Forces' potential and, of course, developing the economy. As you know, our economy has been growing by 6.9 percent a year on average over this time, and our GDP has increased by 7.7 percent over the first four months of this year alone.
When I began my work in the year 2000, 30 percent of our population was living below the poverty line. There has been a two-fold drop in the number of people living below the poverty line since then and the figure today is around 15 percent. By 2009-2010, we will bring this figure down to 10 percent, and this will bring us in line with the European average.
We had enormous debts, simply catastrophic for our economy, but we have paid them off in full now. Not only have we paid our debts, but we now have the best foreign debt to GDP ratio in Europe. Our gold and currency reserve figures are well known: in 2000, they stood at just $12 billion and we had a debt of more than 100 percent of GDP, but now we have the third-biggest gold and currency reserves in the world and they have increased by $90 billion over the first four months of this year alone.
During the 1990s and even in 2000-2001, we had massive capital flight from Russia with $15 billion, $20 billion or $25 billion leaving the country every year. Last year we reversed this situation for the first time and had capital inflow of $41 billion. We have already had capital inflow of $40 billion over the first four months of this year. Russia's stock market capitalisation showed immense growth last year and increased by more than 50 percent. This is one of the best results in the world, perhaps even the best. Our economy was near the bottom of the list of world economies in terms of size but today it has climbed to ninth place and in some areas has even overtaken some of the other G8 countries' economies. This means that today we are able to tackle social problems. Real incomes are growing by around 12 percent a year. Real income growth over the first four months of this year came to just over 18 percent, while wages rose by 11-12 percent.
Looking at the problems we have yet to resolve, one of the biggest is the huge income gap between the people at the top and the bottom of the scale. Combating poverty is obviously one of our top priorities in the immediate term and we still have to do a lot to improve our pension system too because the correlation between pensions and the average wage is still lower here than in Europe. The gap between incomes at the top and bottom end of the scale is still high here – a 15.6-15.7-fold difference. This is less than in the United States today (they have a figure of 15.9) but more than in the UK or Italy (where they have 13.6-13.7). But this remains a big gap for us and fighting poverty is one of our biggest priorities.”

Vladimir Putin (1952) President of Russia, former Prime Minister

When asked in June 2007 at the interview with G8 journalists about main achievements of his presidency http://web.archive.org/web/20070607221025/http://www.kremlin.ru/eng/speeches/2007/06/04/2149_type82916_132772.shtml.

People, World, Feeling, Problem

“Much of women's resentment toward men at the moment is related to their notion that men, since they are supposed to be superior, should meet all their needs, and that is a pretty heavy trip to lay one anyone and generally leaves men feeling they've been charged with the national debt.”

Merle Shain (1935–1989) Canadian writer

Some Men are More Perfect Than Others (1973)

Women, Men, Feeling

“Of course, shedding the debt burden would be a happy development for our country, but it would nevertheless pose a big dilemma for the Fed. Our primary lever of monetary policy was buying and selling treasury securities-Uncle Sam's IOU's. But as the debt was paid down, those securities would grow scarce, leaving the Fed in need of a new set of assets to effect monetary policy.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

Source: 2000s, The Age of Turbulence (2008), Chapter Ten, "Downturn", p. 214.

Happiness, Country

“We must tackle the causes of personal debt, and not just the consequences.”

Alex Salmond (1954) Scottish National Party politician and former First Minister of Scotland

Citizens Advice Bureaux (August 15, 2007)

Personality

“"Don't forget, there's a Depression coming."
"Who says?"
"I say; everybody says!"
"Why would we have a Depression?"
"Because we don't have any discipline! We're drowning in debt! We don't even own our own country any more!"”

John Updike book Rabbit at Rest

[Harry, to Nelson]
Rabbit at Rest (1990)

Country, Forgetting

“The criminalization of debt was the criminalization of the very basis of human society.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter Eleven, "Age of the Great Capitalist Empires", p. 334

“At issue is not whether the global economy will pass away. It is passing away. Rising populations and debt combined with depletion of freshwater sources and fossil fuel make the status quo untenable. The only question is whether civil society will survive the transition.”

Daniel Suarez book Freedom™

Source: Freedom™ (2010), Chapter 6: Waymeet

Question

“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

“I acknowledge my debt to Marxian thought without apology.”

Eric Wolf (1923–1999) American anthropologist

Preface (1997), p. xi.
Europe and the People Without History, 1982

“Like almost everyone who uses e-mail, I receive a ton of spam every day. Much of it offers to help me get out of debt or get rich quick. It would be funny if it weren't so irritating.”

Bill Gates (1955) American business magnate and philanthropist

"Why I Hate Spam" in Microsoft PressPass (2003) http://www.microsoft.com/presspass/ofnote/06-23wsjspam.asp 2000s

Help

“As you must weigh and choose between your love
and filial duty, which will turn the scale?
She put aside all vows of love and troth—
a child first pays the debts of birth and care.”

Nguyễn Du The Tale of Kieu

Source: The Tale of Kiều (1813), Lines 601–604

Love, Birth

“I refer, of course, to the debts our nation has amassed for itself over decades of indulgence. It is the new Red Menace, this time consisting of ink. We can debate its origins endlessly and search for villains on ideological grounds, but the reality is pure arithmetic.”

Mitch Daniels (1949) Governor of Indiana

Reported in Kathryn Jean Lopez, " Mitch Daniels Takes CPAC http://www.nationalreview.com/corner/259623/mitch-daniels-takes-cpac-kathryn-jean-lopez", National Review Online (February 11, 2011).

Search, Reality, Time

“Amongst the great and numerous dangers to which this country, and particularly the monarchy, is exposed in consequence of the enormous public debt, the influence, the powerful and widely-extended influence, of the monied interest is, perhaps, the most to be dreaded, because it necessarily aims at measures which directly tend to the subversion of the present order of things…I mean an interest hostile alike to the land-holder and to the stockholder, to the colonies, to the real merchant, and to the manufacturer, to the clergy, to the nobility and to the throne; I mean the numerous and powerful body of loan-jobbers, directors, brokers, contractors and farmers-general, which has been engendered by the excessive amount of the public debt, and the almost boundless extension of the issues of paper-money.”

William Cobbett (1763–1835) English pamphleteer, farmer and journalist

Political Register (8 September 1804), quoted in Karl W. Schweizer and John W. Osborne, Cobbett and His Times (Leicester: Leicester University Press, 1990), p. 29.

Money, Hostility, Country

“Anais Nin gave me my most original, or so I thought, creation.As I read Incest, I realized that something which I had always taken to be unique, the voice of Myra Breckinridge, was actually that of Anaïs in all the flowing megalomania of the diaries. Of course, I had not read the diaries then, but even so, if only for that one thundering voice, I am forever in her debt.”

Gore Vidal (1925–2012) American writer

Source: 1990s, Palimpsest : A Memoir (1995), Ch. 7: "Today My Nerves Are Shattered. But I Am Indomitable!," pp. 107-108

Reading

“It is often said, as an excuse for the slaughter of animals, that it is better for them to live and to be butchered than not to live at all. … In fact, if we once admit that it is an advantage to an animal to be brought into the world, there is hardly any treatment that cannot be justified by the supposed terms of such a contract. Also, the argument must apply to mankind. It has, in fact, been the plea of the slave-breeder; and it is logically just as good an excuse for slave-holding as for flesh-eating. It would justify parents in almost any treatment of their children, who owe them, for the great boon of life, a debt of gratitude which no subsequent services can repay. We could hardly deny the same merit to cannibals, if they were to breed their human victims for the table, as the early Peruvians are said to have done.”

Henry Stephens Salt (1851–1939) British activist

The Humanities of Diet

Life, Children, World, Parent

“There is not a man or woman, who violates the covenants made with their God, that will not be required to pay the debt. The blood of Christ will never wipe that out, your own blood must atone for it; and the judgments of the Almighty will come, sooner or later, and every man and woman will have to atone for breaking their covenants. To what degree? Will they have to go to hell? They are in hell enough now. I do not wish them in a greater hell, when their consciences condemn them all the time. Let compassion reign in our bosoms. Try to comprehend how weak we are, how we are organized, how the spirit and the flesh are continually at war.”

Brigham Young (1801–1877) Latter Day Saint movement leader

Journal of Discourses 3:247 (March 16, 1856)
1850s

God, War, Hell, Time

“The new painter owes the abstract artist a debt for giving him his language, but the new painting is concerned with a new type of abstract thought... He [the new painter] is declaring that the art of Western Europe is voluptuous art first, an intellectual art by accident. He is reversing the situation by declaring that art is an expression of the mind first and whatever sensuous elements are involved are incidental to that expression. The new painter is therefore the true revolutionary, the real leader who is placing the artist's function on its rightful plane of the philosopher and the pure scientist who is exploring the world of ideas, not the world of the senses.... so the artist is today giving us a vision of the world of truth in terms of visual symbols.”

Barnett Newman (1905–1970) American artist

Source: 1940 - 1950, The Plasmic Image 2. 1943-1945, p. 127

Truth, World, Art, Idea

“For my own Part, when I am employed in serving others, I do not look upon myself as conferring Favours, but as paying Debts. In my Travels, and since my Settlement, I have received much Kindness from Men, to whom I shall never have any Opportunity of making the least direct Return. And numberless Mercies from God, who is infinitely above being benefited by our Services. Those Kindnesses from Men, I can therefore only Return on their Fellow Men; and I can only shew my Gratitude for these mercies from God, by a readiness to help his other Children and my Brethren. For I do not think that Thanks and Compliments, tho’ repeated weekly, can discharge our real Obligations to each other, and much less those to our Creator.”

Benjamin Franklin (1706–1790) American author, printer, political theorist, politician, postmaster, scientist, inventor, civic activist, …

Letter to Joseph Huey (6 June 1753); published in Albert Henry Smyth, The Writings of Benjamin Franklin, volume 3, p. 144.
Epistles

Men, God, Children, Travel

“French spoliation claims. During the last session of the Congress legislation was introduced looking to the payment of the remaining claims generally referred to as the French spoliation claims. The Congress has provided for the payment of many similar claims. Those that remain unpaid have been long pending. The beneficiaries thereunder have every reason to expect payment. These claims have been examined by the Court of Claims and their validity and amount determined. The United States ought to pay its debts. I recommend action by the Congress which will permit of the payment of these remaining claims.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Second State of the Union Address (1924)

“John King: FEMA is about to run out of money, and there are some people who say do it on a case-by-case basis and some people who say, you know, maybe we're learning a lesson here that the states should take on more of this role. How do you deal with something like that?
Mitt Romney: Absolutely. Every time you have an occasion to take something from the federal government and send it back to the states, that's the right direction. And if you can go even further and send it back to the private sector, that's even better. Instead of thinking in the federal budget, what we should cut — we should ask ourselves the opposite question. What should we keep? We should take all of what we're doing at the federal level and say, what are the things we're doing that we don’t have to do? And those things we've got to stop doing, because we're borrowing $1.6 trillion more this year than we're taking in. We cannot —
John King: Including disaster relief, though?
Mitt Romney: We cannot — we cannot afford to do those things without jeopardizing the future for our kids. It is simply immoral, in my view, for us to continue to rack up larger and larger debts and pass them on to our kids, knowing full well that we'll all be dead and gone before it's paid off. It makes no sense at all.”

Mitt Romney (1947) American businessman and politician

GOP debate, , quoted in
2011

Money, People, Question, Thinking

“It has long been speculated that money predates writing because the earliest examples of writing appear to be records of monetary debts—meaning that the closely intertwined chronology of the development of writing and money will make it impossible to find a written history.”

L. Randall Wray (1953) American economist

L. Randall Wray, The Credit Money, State Money, and Endogenous Money Approaches: A Survey and Attempted Integration. (2005)

Money, History, Appearance

“In any transition period there is a clash of realities. In the 1930s people considered the eventual solutions, at first, to be unrealistic. It’s the same this time round. At first, in the euro crisis there was to be no bailout. Then no buying of government debt. Then no QE. Each of these things have happened. Some things which are now seen as unrealistic will change with the political balance of forces.”

Euclid Tsakalotos (1960) Greek economist and politician

" Inside Syriza’s economic brain http://blogs.channel4.com/paul-mason-blog/Greece-syriza-election/2941" (20 January 2015) Quoted during an interview, via Skype, between Tsakalotos and a number of other economists. Hosted at the London School of Economics.

People, Reality, Change, Time

“2463. If thou canst but live free from Debt and Want, 'tis not absolutely necessary to care for more : for all the rest, truly speaking, is but Vanity, and for the most part Vexation too.”

Thomas Fuller (writer) (1654–1734) British physician, preacher, and intellectual

Introductio ad prudentiam: Part II (1727)

Parting

“I say, the earth belongs to each of these generations during its course, fully and in its own right. The second generation receives it clear of the debts and incumbrances of the first, the third of the second, and so on. For if the first could charge it with a debt, then the earth would belong to the dead and not to the living generation. Then, no generation can contract debts greater than may be paid during the course of its own existence.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter http://etext.virginia.edu/jefferson/quotations/jeff1340.htm to James Madison (6 September 1789) ME 7:455, Papers 15:393 1780s

Dead

“The charge is prepared; the lawyers are met;
The judges all ranged (a terrible show!)
I go, undismay'd.—For death is a debt,
A debt on demand.—So take what I owe.”

John Gay (1685–1732) English poet and playwright

Macheath, Act III, sc. xi, air 57
The Beggar's Opera (1728)

Death

“Our debt to Hayek is very substantial. He helped to establish a freedom-based approach of evaluation through which economic systems can be judged (no matter what substantive judgments we arrive at). He pointed to the importance of identifying those services that the state can perform well and has a social duty to undertake. Finally, he showed why administrative psychology and propensities to corruptibility have to be considered in determining how states can, or cannot, work and how the world can, or cannot, be run.”

Amartya Sen (1933) Indian economist

"An insight into the purpose of prosperity", Financial Times (September 20, 2004)
2000s, "An insight into the purpose of prosperity," 2004

World, Freedom, Help

“We have had landlord rule longer, far longer than the life of the oldest man in this vast assembly, and I would ask you to look at the results of that rule. The landowners have had unlimited sway in Parliament and in the provinces. Abroad the history of our country is the history of war and rapine: at home, of debt, taxes, and rapine too. In all the great contests in which we have been engaged we have found that this ruling class have taken all the honours, while the people have taken all the scars. No sooner was the country freed from the horrible contest which was so long carried on with the Powers of Europe, than this law, by their partial legislation, was enacted—far more hostile to British interests than any combination of foreign powers has ever proved. We find them legislating corruptly: they pray daily that in their legislation they may discard all private ends and partial affections, and after prayers they sit down to make a law for the purpose of extorting from all the consumers of food a higher price than it is worth, that the extra price may find its way into the pockets of the proprietors of land, these proprietors being the very men by whom this infamous law is sustained…”

John Bright (1811–1889) British Radical and Liberal statesman

Speech in Covent Garden (19 December 1845), quoted in G. M. Trevelyan, The Life of John Bright (London: Constable, 1913), p. 142.
1840s

Life, Men, Hostility, War

“I called myself the king of debt. I'm the king of debt. I'm great with debt, nobody knows debt better than me. I made a fortune by using debt. And if things don't work out I renegotiate the debt, I mean that's a smart thing not a stupid thing. And I made a fortune.”

Donald J. Trump (1946) 45th President of the United States of America

2010s, 2016, June

Stupidity

“It is now fifty years since Woodrow Wilson wrote his brilliant essay on public administration.' It is a good essay to reread every so often; there is so much in it that sounds modern, so much that will hold permanently true… Political scientists owe Woodrow Wilson a debt of gratitude for opening their eyes to the broader importance and implications of administration. His keen mind also discerned the task which would occupy the attention of administrative theorists long after he was gone.”

Marshall E. Dimock (1903–1991) American writer

Source: "The Study of Administration." 1937, p. 28

Gratitude

“I recollect after the war in '71 [in Paris, where he stayed then and was fighting against the German] there were some debts to pay of course: what had I to do? I said to Wisselingh [Dutch art-dealer] who was with Goupil, 'tell them that I'll take them back later on.' I've never been able to do so, for one Van Gogh [probably Vincent, then art-seller at Goupil], his partner, gave me 200 francs, someone bought it for 350, and sold it in America for 700 pounds. He had asked Wisselingh how long it had taken me to do [make] it; he said a week, so I was the chap for him; no wonder he was always talking making fortune, fancy 100 pounds per day, make some more or this sort: do it only for a year. So I had to commit suicides upon suicides [he means, making salable paintings]: what did it matter to him or anyone else? Someone said once to me: 'You must have somebody fool enough to say, here is money for you, and go your own way': that is the very thing one may not do. There is always someone telling you how to set about, and then come the schools telling you that it is not allowed to be one's self, but that one has to be a Roman or Greek, or imitate what they have performed..”

Matthijs Maris (1839–1917) Dutch painter

in a letter to David Croal Thomson (1907), as cited in: The Brothers Maris (James – Matthew – William), ed. Charles Holme; text: D.C. Thomson https://ia800204.us.archive.org/1/items/cu31924016812756/cu31924016812756.pdf; publishers, Offices of 'The Studio', London - Paris, 1907, p. BMxvii

Money, War, School, Fools

“You will find an allusion to some mysterious cause for a phenomenon in Stocks. It is surmised that the deferred debt is to be taken up at the next session, and some anticipated provision made for it. This may either be an invention of those who wish to sell, or it may be a reality imparted in confidence to the purchasers or smelt out by their sagacity. I have had a hint that something is intended and has dropt from 1 which has led to this speculation. I am unwilling to credit the fact, untill I have further evidence, which I am in a train of getting if it exists. It is said that packet boats & expresses are again sent from this place to the Southern States, to buy up the paper of all sorts which has risen in the market here. These & other abuses make it a problem whether the system of the old paper under a bad Government, or of the new under a good one, be chargeable with the greater substantial injustice. The true difference seems to be that by the former the few were the victims to the many; by the latter the many to the few. It seems agreed on all hands now that the bank is a certain & gratuitous augmentation of the capitals subscribed, in a proportion of not less than 40 or 50 [per cent] and if the deferred debt should be immediately provided for in favor of the purchasers of it in the deferred shape, & since the unanimous vote that no change [should] be made in the funding system, my imagination will not attempt to set bounds to the daring depravity of the times. The stock-jobbers will become the pretorian band of the Government, at once its tool & its tyrant; bribed by its largesses, & overawing it by clamours & combinations. Nothing new from abroad. I shall not be in [Philadelphia] till the close of the Week.”

James Madison (1751–1836) 4th president of the United States (1809 to 1817)

Letter to Thomas Jefferson (8 August 1791)
1790s

Confidence, Imagination, Problem, Reality

“The government of the United States have no idea of paying their debt in a depreciated medium, and… in the final liquidation of the payments which shall have been made, due regard will be had to an equitable allowance for the circumstance of depreciation.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter to Jean Baptiste de Ternant, 1791. ME 8:247
Posthumous publications, On financial matters

Idea

“But whatever grounds I supposed there were for authorizing such expectations, I now find they were vain and nugatory. The cloud thickens, and the prospects are daily growing darker. There is now no hope of cash. The agents are loaded with heavy debts, and perplexed with half-finished contracts, and the people clamorous for their pay, refusing to proceed in the public business unless their present demands are discharged. The constant run of expenses, incident to the department, presses hard for further credit., or immediate supplies of money. To extend one, is impossible; to obtain the other, we have not the least prospect. I see nothing, therefore, but a general check, if not an absolute stop, to the progress of every branch of business in the whole department, I have little reason to hope that, with the most favorable disposition in the agents, it will be in our power to provide for the occasional demands of the army in their present cantonments; much less, to have in readiness the necessary apparatus, and supplies of different kinds, for putting the army in motion at the opening of the campaign. My apprehensions of a failure in these respects are so strong, and my anxiety for the consequences so great, that I feel it my duty once more to represent to your Excellency our circumstances and prospects. From such a view of our situation, you may be led not to expect more from us than we are able to perform, and may have time to take your measures consequent upon such information.”

Nathanael Greene (1742–1786) American general in the American Revolutionary War

Letter to George Washington (January 1780)

Money, People, Hope, Feeling

“They that on glorious ancestors enlarge,
Produce their debt instead of their discharge.”

Edward Young (1683–1765) English poet

Satire I, l. 147.
Love of Fame (1725-1728)

“Ron Paul: …you have to develop the transition, and eventually the next step would be to prohibit the Fed from monetizing debt. This is the real evil. The politicians spend for war, welfare, and they don't have to do it responsibly.
Question: When you say monetize the debt, you mean they would only be able to spend the cash that they had on hand. They couldn't write any cheques for which they don't have in their account any money?
Ron Paul: That's right. And that is the key to it. Because when the Fed comes along, and there's starvation for capital and liquidity, and politicians are spending too much, the Fed can create 20, 30, 50 billion dollars in a day, just like they did trying to bail out this housing bubble crash. So they create money out of thin air endlessly, eventually that has to stop because that drives the value of the dollar down.”

Ron Paul (1935) American politician and physician

Fox Business Network, October 16, 2007 http://www.youtube.com/watch?v=JXfDHXpP87o 2000s, 2006-2009

Money, War, Question, Evil

“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

Money, Way, Time

“To have just finished repaying all one's debts. Ah, is this not happiness?”

Jin Shengtan (1610–1661) Chinese writer

"Thirty-three Happy Moments"

Happiness

“These conditions are simply these: viz., first, that each man shall do, towards every other, all that justice requires him to do; as, for example, that he shall pay his debts, that he shall return borrowed or stolen property to its owner, and that he shall make reparation for any injury he may have done to the person or property of another.

The second condition is, that each man shall abstain from doing to another, anything which justice forbids him to do; as, for example, that he shall abstain from committing theft, robbery, arson, murder, or any other crime against the person or property of another.

So long as these conditions are fulfilled, men are at peace, and ought to remain at peace, with each other.”

Lysander Spooner (1808–1887) Anarchist, Entrepreneur, Abolitionist

Section I, p. 5–6
Natural Law; or The Science of Justice (1882), Chapter I. The Science of Justice.

Men, Peace, Justice, Personality

“Choice depends on the freedom to choose and if you are shackled with debt you don’t have the freedom to choose.”

Tony Benn (1925–2014) British Labour Party politician

Interview with Michael Moore in the movie Sicko (2007).
2000s

Freedom, Dependency

“I have always been a proponent of a national health care system. It just seemed eminently fair and right. How can we call this a civilized society when the children or parents of the rich get the medical attention they need in order to stay alive, while members of working-class families, who lack health insurance, have to die or needlessly suffer--or go hopelessly into debt to get the care they need? This is an outrageous injustice and it cannot be rationally defended.”

Bernie Sanders book Outsider in the House

Outsider in the House (1997), p.175
1990s

Children, Health, Family, Parent

“Many of my male colleagues who have suffered imprisonment for their part in the democracy movement have spoken of the great debt of gratitude they owe their womenfolk, particularly to their wives who stood by them firmly, tender as mothers nursing their newly born, brave as lionesses defending their young. These magnificent human beings who have done so much to aid their men in the struggle for justice and peace -- how much more could they not achieve if given the opportunity to work in their own right for the good of their country and of the world.”

Aung San Suu Kyi (1945) State Counsellor of Myanmar and Leader of the National League for Democracy

Opening Keynote Address at NGO Forum on Women, Beijing China (1995)

Men, World, Peace, Justice

“Alhamdulillah, the transition of power was carried out peacefully. We are asking for the people to be patient as there will be an even better transition in store. Right now the country (Malaysia) is facing debt issues.”

Wan Azizah Wan Ismail (1952) Malaysian politician

Wan Azizah Wan Ismail (2018) cited in " Wan Azizah: Agong offered me PM post after GE14 https://www.nst.com.my/news/nation/2018/10/419613/wan-azizah-agong-offered-me-pm-post-after-ge14" on New Straits Times, 9 October 2018

People, Country

“I deny any government, elected or not, the right to kidnap my children and ship them off to a battlefield to kill or be killed. I accept to pay taxes and that's the sum total of my debt to my government. In every other respect, my government owes me, not the other way around.Conscription is the most fundamental denial of liberty, on a par with slavery.I am not a pacifist and I support a professional army. But I oppose the draft even in times of war. If your country cannot find enough volunteers to defend itself when attacked, then it's not worth defending.”

Bernard Chazelle (1955) French computer scientist

"If You Want a Draft, Draft Yourself!," http://www.tinyrevolution.com/mt/archives/002495.html A Tiny Revolution (2008-08-16)

War, Children, Way, Support

“If we insist on defining all human interactions as matters of people giving one thing for another, then any ongoing human relations can only take the form of debts.”

David Graeber (1961) American anthropologist and anarchist

Source: Debt: The First 5,000 Years (2011), Chapter Five, "A Brief Treatise on the Moral Grounds of Moral Relations", p. 126

People

“My dead family and I are in your debt, and I long to help you in any way I can.”

Joey Comeau book Overqualified

Overqualified

Family, Way, Help, Dead

“If we ought to forget a war which has filled our land with widows and orphans; which has made stumps of men of the very flower of our youth; which has sent them on the journey of life armless, legless, maimed and mutilated; which has piled up a debt heavier than a mountain of gold, swept uncounted thousands of men into bloody graves and planted agony at a million hearthstones. I say, if this war is to be forgotten, I ask, in the name of all things sacred, what shall men remember?”

Frederick Douglass (1818–1895) American social reformer, orator, writer and statesman

1870s, The Unknown Loyal Dead (1871)

Life, Men, War, Youth

“One of Satan's devices to keep poor souls in a sad, doubting, and questioning condition is causing them to be always posing and musing upon sin; to mind their sins more than their Saviour: yea, so to mind their sins as to forget and neglect their Saviour. Their eyes are so fixed upon their disease that they cannot see their remedy, though it be near; and they do so muse upon their debts that they have neither mind nor heart to think of their surety.”

Thomas Brooks (1608–1680) English Puritan

Source: Quotes from secondary sources, Dictionary of Burning Words of Brilliant Writers, 1895, P. 391.

Sadness, Disease, Soul, Question

“You played and sang a snatch of song,
A song that all-too well we knew;
But whither had flown the ancient wrong;
And was it really I and you?
O, since the end of life's to live
And pay in pence the common debt,
What should it cost us to forgive
Whose daily task is to forget?”

William Ernest Henley (1849–1903) English poet, critic and editor

Source: Poems (1898), Rhymes And Rhythms, XV

Life, Forgiveness, Forgetting

“I was elected to be independent. I was elected because I owed no political debts. I was elected to “do the job,” and not to spend my first four years in office campaigning. I’ve kept that promise -- and that’s why we face the future with renewed optimism.”

Michael Bloomberg (1942) American businessman and politician, former mayor of New York City

http://www.gothamgazette.com/searchlight/2004.state.of.city.bloomberg.shtml
Why He Was Elected Mayor

Optimism, Future

“The people taking care of our children and our parents, they deserve a good wage, good benefits, and a secure retirement. And, it’s crucial that every American have access to the education and skills they need to get the jobs of the future. So we will fight to make college tuition-free for the middle class and debt-free for everyone.”

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

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

Children, People, Education, Parent

“The success with which we have met in all of these undertakings is a matter of universal knowledge. We are at peace with all the world. Those of this generation who passed through the World War have had an experience which will always cause them to realize what an infinite blessing peace is. We are in an era of unbounded prosperity. The financial condition of our National Government is beginning to be more easy to be borne. While many other nations and many localities within our own country are struggling with a burden of increased debts and rising taxes, which makes them seek for new sources from which by further taxation they can secure new revenues, we have made large progress toward paying off our national debt, have greatly reduced our national taxes, and been able to relieve the people by abandoning altogether many sources of national revenue. We are not required to look altogether to the future for our rewards and find in our lot nothing but sacrifices for the present. Now, here, to-day, we are all able to enjoy those benefits which come from universal peace and nation-wide prosperity.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Ways to Peace (1926)

War, People, World, Peace

“On the third day after someone dies, the soul comes back to settle scores. In my mother's case, this would be the first day of the lunar new year. And because it is the new year, all debts must be paid, or disaster and misfortune will follow.”

Amy Tan The Joy Luck Club

Source: The Joy Luck Club (1989), Ch. 13, pg. 240

Soul

Quotes about debt page 3

Quotes about debt
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