Creditors Best Quotes

I generally find,' Clent murmured after a pause, 'that it is best to treat borrowed time the same way as borrowed money. Spend it with panache, and try to be somewhere else when it runs out.' 'And when we get found, Mr. Clent, when the creditors and bailiffs come after us and it's payment time...' '...then we borrow more, madam, at a higher interest. We embark on a wilder gamble, make a bigger promise, tell a braver story, devise a more intricate lie, sell the hides of imaginary dragons to desperate men, climb to even higher and more precarious ground...and later, of course, our fall and catastrophe will be all the worse, but later will be our watchword, Mosca. We have nothing else - but we can at least make later later.

Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.

I told you I know what broken is. That is broken—staring at the wall and weeping, while creditors hammer on the door and your troupe slowly slips away, stealing the best costumes in lieu of wages. When your friends leave you and you still cannot move, and nothing your daughter says can break you out of the spell. No man is broken because bad things happen to him. He’s broken because he doesn’t keep going after those things happen. When you told me about your mother, and how it made you resolve to be the person you are… What I thought was, ‘Yes, please, I’ll take him.’ Because you didn’t break.

Almost as an article of faith, some individuals believe that conspiracies are either kooky fantasies or unimportant aberrations. To be sure, wacko conspiracy theories do exist. There are people who believe that the United States has been invaded by a secret United Nations army equipped with black helicopters, or that the country is secretly controlled by Jews or gays or feminists or black nationalists or communists or extraterrestrial aliens. But it does not logically follow that all conspiracies are imaginary. Conspiracy is a legitimate concept in law: the collusion of two or more people pursuing illegal means to effect some illegal or immoral end. People go to jail for committing conspiratorial acts. Conspiracies are a matter of public record, and some are of real political significance. The Watergate break-in was a conspiracy, as was the Watergate cover-up, which led to Nixon’s downfall. Iran-contra was a conspiracy of immense scope, much of it still uncovered. The savings and loan scandal was described by the Justice Department as “a thousand conspiracies of fraud, theft, and bribery,” the greatest financial crime in history. Often the term “conspiracy” is applied dismissively whenever one suggests that people who occupy positions of political and economic power are consciously dedicated to advancing their elite interests. Even when they openly profess their designs, there are those who deny that intent is involved. In 1994, the officers of the Federal Reserve announced they would pursue monetary policies designed to maintain a high level of unemployment in order to safeguard against “overheating” the economy. Like any creditor class, they preferred a deflationary course. When an acquaintance of mine mentioned this to friends, he was greeted skeptically, “Do you think the Fed bankers are deliberately trying to keep people unemployed?” In fact, not only did he think it, it was announced on the financial pages of the press. Still, his friends assumed he was imagining a conspiracy because he ascribed self-interested collusion to powerful people. At a World Affairs Council meeting in San Francisco, I remarked to a participant that U.S. leaders were pushing hard for the reinstatement of capitalism in the former communist countries. He said, “Do you really think they carry it to that level of conscious intent?” I pointed out it was not a conjecture on my part. They have repeatedly announced their commitment to seeing that “free-market reforms” are introduced in Eastern Europe. Their economic aid is channeled almost exclusively into the private sector. The same policy holds for the monies intended for other countries. Thus, as of the end of 1995, “more than $4.5 million U.S. aid to Haiti has been put on hold because the Aristide government has failed to make progress on a program to privatize state-owned companies” (New York Times 11/25/95). Those who suffer from conspiracy phobia are fond of saying: “Do you actually think there’s a group of people sitting around in a room plotting things?” For some reason that image is assumed to be so patently absurd as to invite only disclaimers. But where else would people of power get together – on park benches or carousels? Indeed, they meet in rooms: corporate boardrooms, Pentagon command rooms, at the Bohemian Grove, in the choice dining rooms at the best restaurants, resorts, hotels, and estates, in the many conference rooms at the White House, the NSA, the CIA, or wherever. And, yes, they consciously plot – though they call it “planning” and “strategizing” – and they do so in great secrecy, often resisting all efforts at public disclosure. No one confabulates and plans more than political and corporate elites and their hired specialists. To make the world safe for those who own it, politically active elements of the owning class have created a national security state that expends billions of dollars and enlists the efforts of vast numbers of people.

Creditors are a kind of people that have the sharpest eyes and ears, as well as the best memories of any in the world.

They barely have time to fend off calls from angry creditors, let alone write letters to Congress. And most are profoundly, desperately ashamed of their situation. For many, the decision to file for bankruptcy proves to be the darkest secret of their entire lives. Politically speaking, they are almost invisible. And yet these families were up against what was already one of the best-organized, best-funded lobbies in America. (It would get even better organized and better funded in the years to come.)

I hurried then to the breakfast-table, and on it found a letter. These were its brief contents. 'Not wishful to intrude I have departured fur you are well again dear Pip and will do better without Jo. P.S. Ever the best of friends.' Enclose in the letter, was a receipt for the debt and cost on which I had been arrested. Down to that moment I had vainly supposed that my creditor had withdrawn or suspended proceedings until I should be quite recovered. I had never dreamed of Joe's having paid the money; but, Joe had paid it, and the receipt was in his name.

Jobs and Wozniak had no personal assets, but Wayne (who worried about a global financial Armageddon) kept gold coins hidden in his mattress. Because they had structured Apple as a simple partnership rather than a corporation, the partners would be personally liable for the debts, and Wayne was afraid potential creditors would go after him. So he returned to the Santa Clara County office just eleven days later with a “statement of withdrawal” and an amendment to the partnership agreement. “By virtue of a re-assessment of understandings by and between all parties,” it began, “Wayne shall hereinafter cease to function in the status of ‘Partner.’” It noted that in payment for his 10% of the company, he received $800, and shortly afterward $1,500 more. Had he stayed on and kept his 10% stake, at the end of 2012 it would have been worth approximately $54 billion. Instead he was then living alone in a small home in Pahrump, Nevada, where he played the penny slot machines and lived off his social security check. He later claimed he had no regrets. “I made the best decision for me at the time. Both of them were real whirlwinds, and I knew my stomach and it wasn’t ready for such a ride.

This is why, from this point on, no debt will be paid off. It can at best be bought back at a knock-down price and put back on to a debt market — the public sector borrowing requirement, the national debt, th e world deb t — having once again become an exchange value. It is unlikely the debt will ever be called in, and this is what gives it its incalculable value. For, suspended as it is in this way, it is our only insurance against time. Unlike the countdown, whic h signifies th e exhaustion of time, the indefinitely deferred debt is our guarantee that time itself is inexhaustible. Now, we very much need assuring about time in this way at the very poin t whe n the future itself is tendin g to be wholly consume d in real time . Clearing the debt, balancing up the books, writing off Third World debt — these are things not even to be contemplated. It is only the disequilibrium of the debt, its proliferation, its promise of infinity, which keeps us going. The global, planetary debt clearly has no meaning in traditional terms of obligation and credit. On the other hand, it is our true collective claim on each other — a symbolic claim, by whic h persons, companies and nations find themselves bound to one another through lack. Each is bound to the other (even the banks) by their virtual bankruptcy , as accomplices are bound by their crime. All assured of existing for each other in the shade of a debt which cannot be settled or written off, since the repayment of the accumulated world debt would take far more than the funds available. The only sense of it, then, is to bind all civilized human beings into the same destiny as creditors. Just as nuclear weapons, stockpiled across the world to a point of considerable planetary overkill, have no other meaning than to bind all human beings into a single destiny of threat and deterrence.

Marry me, and I’ll restore Ramsay House. I’ll turn it into a palace. We’ll consider it part of your bride-price.” “My what?” “A Romany tradition. The groom pays a sum to the bride’s family before the wedding. Which means I’ll also settle Leo’s accounts in London—” “He still owes you money?” “Not to me. Other creditors.” “Oh, no,” Amelia said, her stomach dropping. “I’ll take care of you and your household,” Cam continued with relentless patience. “Clothes, jewelry, horses, books … school for Beatrix … a season in London for Poppy. The best doctors for Winnifred. She can go to any clinic in the world.” A calculated pause. “Wouldn’t you like to see her well again?” “That’s not fair,” she whispered. “In return, all you have to do is give me what I want.” His hand came up to her wrist, sliding along the line of her arm. A ticklish pleasure ran beneath the layers of silk and wool. Amelia fought to steady her voice. “I would feel as if I’d made a bargain with the devil.” “No, Amelia.” His voice was dark velvet. “Just with me.” “I’m not even certain what it is you want.” Cam’s head lowered over hers. “After last night, I find that hard to believe.” “You could get that from countless other women. F-far more cheaply, I might add, and with much less trouble.” “I want it from you. Only you.

Unlike Millstein, the teams from Oaktree and Appaloosa believed there were higher stakes at play. Private equity firms, they believed—best exemplified by Apollo—had become far too abusive of creditors, wielding legal documents and hardball negotiating tactics as swords to take value from loan and bondholders that simply did not belong to them. To Oaktree and Appaloosa, nothing less than the sanctity of the US capital markets was at stake in this room. The

What became known as ‘the salad oil scandal’ was a textbook case of management incompetence and stupidity, and investors abandoned the company in droves. The 33-year-old Buffett had kept his eye on the scandal since it broke, but he waited months to start buying. And he started building his investment—the best of the Partnership—during a particularly trying time for him and his family, as his father Howard lay hospital-ridden in the final weeks of his life in April 1964. To the extent he was known at all at the time, Buffett was known for his ability to find quantitative bargains among the semi-anonymous flotsam and jetsam of American capitalism, but American Express was an extremely well-known company. Moreover, Buffett proceeded to write a remarkable letter to Clark in which he rather breezily absolved Amex management of any responsibility for the scandal, encouraged it to use shareholder money (which included Buffett’s) to pay creditors harmed by the scandal, and more or less encouraged Clark to forget the whole thing. Finally, and most importantly, Buffett continued adding to his American Express position long after the scandal had diminished in importance. By the time he sold his position years later, American Express had become the most important individual contributor to the results of the Buffett Partnership and arguably the biggest turning point in Buffett’s career.

Most alcoholics owe money. We do not dodge our creditors. Telling them what we are trying to do, we make no bones about our drinking; they usually know it anyway, whether we think so or not. Nor are we afraid of disclosing our alcoholism on the theory it may cause financial harm. Approached in this way, the most ruthless creditor will sometimes surprise us. Arranging the best deal we can we let these people know we are sorry. Our drinking has made us slow to pay. We must lose our fear of creditors no matter how far we have to go, for we are liable to drink if we are afraid to face them.

Creditors have better memories than debtors. God heals, and the Doctor takes the Fees. The greatest monarch on the proudest throne, is oblig’d to sit upon his own arse. The nearest way to come at glory, is to do that for conscience which we do for glory. The noblest question in the world is, What Good may I do in it?   If you wou’d not be forgotten As soon as you are dead and rotten, Either write things worth reading, or do things worth the writing.   Sell not virtue to purchase wealth, nor Liberty to purchase power. The ancients tell us what is best; but we must learn of the moderns what is fittest.

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Perhaps it was there that Jonson told him—it was advice he gave to others—that the only hope for any man in debt was to flee “to Constantinople, Ireland, or Virginia” if he wanted to rebuild his life and repair his credit.6 Strachey had already tried his luck in Turkey, and failed. Now, while Ireland may have beckoned, it must have seemed to the impoverished poet that Virginia offered a better chance to escape his creditors and perhaps, just perhaps, his best opportunity, if not for riches, then for security and freedom.

Self-sacrifice is the leit-motif of most of the marital games played by women, from the crudest (‘I’ve given you the best years of my life’) to the most sophisticated (‘I only went to bed with him so’s he’d promote you’). For so much sacrificed self the expected reward is security, and seeing that a reward is expected it cannot properly speaking be called self-sacrifice at all. It is in fact a kind of commerce, and onein which the female must always be the creditor. Of course, it is also practised by men who explain their failure to do exciting jobs or risk insecurity because of their obligations to wife and/or children, but it is not invariable, whereas it is hard to think of a male/female relationship in which the element of female self-sacrifice was absent. So long as women must live vicariously, through men, they must labour at making themselves indispensable and this is the full-time job that is generally wrongly called altruism. Properly speaking, altruism is an absurdity. Women are self-sacrificing in direct proportion to their incapacity to offer anything but this sacrifice. They sacrifice what they never had: a self.