Creditors Quotes

true Christians consider themselves not as satisfying some rigorous creditor, but as discharging a debt of gratitude

The ideas of debtor and creditor as to what constitutes a good time never coincide.

I've proved my point. I've demonstrated there's no difference between me and everyone else! All it takes is one bad day to reduce the sanest man alive to lunacy. That's how far the world is from where I am. Just one bad day. You had a bad day once, am I right? I know I am. I can tell. You had a bad day and everything changed. Why else would you dress up as a flying rat? You had a bad day, and it drove you as crazy as everybody else... Only you won't admit it! You have to keep pretending that life makes sense, that there's some point to all this struggling! God you make me want to puke. I mean, what is it with you? What made you what you are? Girlfriend killed by the mob, maybe? Brother carved up by some mugger? Something like that, I bet. Something like that... Something like that happened to me, you know. I... I'm not exactly sure what it was. Sometimes I remember it one way, sometimes another... If I'm going to have a past, I prefer it to be multiple choice! Ha ha ha! But my point is... My point is, I went crazy. When I saw what a black, awful joke the world was, I went crazy as a coot! I admit it! Why can't you? I mean, you're not unintelligent! You must see the reality of the situation. Do you know how many times we've come close to world war three over a flock of geese on a computer screen? Do you know what triggered the last world war? An argument over how many telegraph poles Germany owed its war debt creditors! Telegraph poles! Ha ha ha ha HA! It's all a joke! Everything anybody ever valued or struggled for... it's all a monstrous, demented gag! So why can't you see the funny side? Why aren't you laughing?

Sa fugi de tine o zi, doua, douazeci nu e usor, dar nici imposibil. Faci matematici sau marxism ca S.T.H., faci sionism ca Winkler, citesti carti ca mine, umbli dupa femei sau joci sah, sau te dai cu capul de pereti. Dar intr-o zi, intr-un minut de neatentie, te intalnesti cu tine insuti la un colt de suflet, cum te-ai intalni la un colt de strada cu un creditor de care te-ai ferit zadarnic. Dai ochii cu tine si atunci intelegi cat de inutile sunt toate evadarile din aceasta inchisoare fara ziduri, fara porti si fara gratii, din aceasta inchisoare care este insasi viata ta.

Investors, creditors, and regulatory bodies rely on financial statements to make informed decisions. When internal metrics align with recognized standards, it enhances the credibility of your financial reports, fostering trust among these stakeholders.

He looked like a man who had never cringed and never had had a creditor.

You must not imagine that Papa or I have the least notion of compelling you to marry anyone whom you hold in aversion, for I am sure that such a thing would be quite shocking! And Charles would not do so either, would you, dear Charles?”(Elizabeth Ombersley) “No, certainly not. But neither would I consent to her marriage with any such frippery fellow as Augustus Fawnhope!” “Augustus,” announced Cecilia, putting up her chin, “will be remembered long after you have sunk into oblivion!” “By his creditors? I don’t doubt it.

A creditor is worst than a master; for a master owns only your physical presence, whereas a creditor owns your dignity and may affront it.

Men must have somewhat altered the course of nature; for they were not born wolves, yet they have become wolves. God did not give them twenty-four-pounders or bayonets, yet they have made themselves bayonets and guns to destroy each other. In the same category I place not only bankruptcies, but the law which carries off the bankrupts’ effects, so as to defraud their creditors.

Gulls wheel through spokes of sunlight over gracious roofs and dowdy thatch, snatching entrails at the marketplace and escaping over cloistered gardens, spike topped walls and treble-bolted doors. Gulls alight on whitewashed gables, creaking pagodas and dung-ripe stables; circle over towers and cavernous bells and over hidden squares where urns of urine sit by covered wells, watched by mule-drivers, mules and wolf-snouted dogs, ignored by hunch-backed makers of clogs; gather speed up the stoned-in Nakashima River and fly beneath the arches of its bridges, glimpsed form kitchen doors, watched by farmers walking high, stony ridges. Gulls fly through clouds of steam from laundries' vats; over kites unthreading corpses of cats; over scholars glimpsing truth in fragile patterns; over bath-house adulterers, heartbroken slatterns; fishwives dismembering lobsters and crabs; their husbands gutting mackerel on slabs; woodcutters' sons sharpening axes; candle-makers, rolling waxes; flint-eyed officials milking taxes; etiolated lacquerers; mottle-skinned dyers; imprecise soothsayers; unblinking liars; weavers of mats; cutters of rushes; ink-lipped calligraphers dipping brushes; booksellers ruined by unsold books; ladies-in-waiting; tasters; dressers; filching page-boys; runny-nosed cooks; sunless attic nooks where seamstresses prick calloused fingers; limping malingerers; swineherds; swindlers; lip-chewed debtors rich in excuses; heard-it-all creditors tightening nooses; prisoners haunted by happier lives and ageing rakes by other men's wives; skeletal tutors goaded to fits; firemen-turned-looters when occasion permits; tongue-tied witnesses; purchased judges; mothers-in-law nurturing briars and grudges; apothecaries grinding powders with mortars; palanquins carrying not-yet-wed daughters; silent nuns; nine-year-old whores; the once-were-beautiful gnawed by sores; statues of Jizo anointed with posies; syphilitics sneezing through rotted-off noses; potters; barbers; hawkers of oil; tanners; cutlers; carters of night-soil; gate-keepers; bee-keepers; blacksmiths and drapers; torturers; wet-nurses; perjurers; cut-purses; the newborn; the growing; the strong-willed and pliant; the ailing; the dying; the weak and defiant; over the roof of a painter withdrawn first from the world, then his family, and down into a masterpiece that has, in the end, withdrawn from its creator; and around again, where their flight began, over the balcony of the Room of Last Chrysanthemum, where a puddle from last night's rain is evaporating; a puddle in which Magistrate Shiroyama observes the blurred reflections of gulls wheeling through spokes of sunlight. This world, he thinks, contains just one masterpiece, and that is itself.

What was to be a relatively innocuous federal government, operating from a defined enumeration of specific grants of power, has become an ever-present and unaccountable force. It is the nation’s largest creditor, debtor, lender, employer, consumer, contractor, grantor, property owner, tenant, insurer, health-care provider, and pension guarantor. Moreover, with aggrandized police powers, what it does not control directly it bans or mandates by regulation.

Rules of living Don't worry, eat three square meals a day,say your prayers, be courteous to your creditors, keep your digestion good,steer clear of biliousness,exercise, go slow and go easy. May be there are other things that your special case requires to make you happy, but my friend, these, i reckon, will give you a good life.

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.

Society takes upon itself the right to inflict appalling punishment on the individual, but it also has the supreme vice of shallowness, and fails to realise what it has done. When the man’s punishment is over, it leaves him to himself; that is to say, it abandons him at the very moment when its highest duty towards him begins. It is really ashamed of its own actions, and shuns those whom it has punished, as people shun a creditor whose debt they cannot pay, or one on whom they have inflicted an irreparable, an irremediable wrong.

There is absolutely no shame in living within your income, however small it may be, but there is shame if creditors are always coming to your door.

Ah! That must be Aunt Augusta. Only relatives, or creditors, ever ring in that Wagnerian manner.

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.

When human beings give their heartfelt allegiance to and worship that which is not God, they progressively cease to reflect the image of God. One of the primary laws of human life is that you become like what you worship; what’s more, you reflect what you worship not only to the object itself but also outward to the world around. Those who worship money increasingly define themselves in terms of it and increasingly treat other people as creditors, debtors, partners, or customers rather than as human beings. Those who worship sex define themselves in terms of it (their preferences, their practices, their past histories) and increasingly treat other people as actual or potential sex objects. Those who worship power define themselves in terms of it and treat other people as either collaborators, competitors, or pawns. These and many other forms of idolatry combine in a thousand ways, all of them damaging to the image-bearing quality of the people concerned and of those whose lives they touch.

Reflection is and remains the hardest creditor in existence; hitherto it has cunningly bought up all the possible views of life, but it cannot buy the essentially religious and eternal view of life.

For every letter of creditors, write fifty lines on an extraterrestrial subject and you'll be saved.

Everyone has some kind of debt. Such is life. Debts and liabilities, obligations, gratitude, payments, doing something for someone. Or perhaps for ourselves? For in fact we are always paying ourselves back and not someone else. Each time we are indebted we pay off the debt to ourselves. In each of us lies a creditor and a debtor at once and the art is for the reckoning to tally inside us. We enter the world as a minute part of the life we are given, and from then on we are ever paying off debts, To ourselves. For ourselves. In order for the final reckoning to tally.

[I]f you happen to have any money, lock it up quickly; if you happen to have any jewels, hide them directly; if you happen to have any debtors, make them pay you, or any creditors, don’t pay them.

Moderates in every faith are obliged to loosely interpret (or simply ignore) much of their canons in the interests of living in the modern world. No doubt an obscure truth of economics is at work here: societies appear to become considerably less productive whenever large numbers of people stop making widgets and begin killing their customers and creditors for heresy. The first thing to observe about the moderate's retreat from scriptural literalism is that it draws its inspiration not from scripture but from cultural developments that have rendered many of God's utterances difficult to accept as written.

Dostoevsky, too, had lived a dismal and hard life. The czar sent him to a prison camp in Siberia in 1849. Dostoevsky was accused of writing socialist propaganda. He was eventually pardoned and wrote stories to ward off his creditors. Just like in the early '70s I wrote albums to ward off mine.

Only relatives, or creditors, ever ring in that Wagnerian manner. 

If you have debt, you're not a free person. You're explicitly owned by your debt and implicitly owned by the creditor.

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.

It is a great mistake to suppose that a woman with no heart will be an easy creditor in the exchange of affection. There is not on earth a more merciless extractor of love from others than a thoroughly selfish woman; and the more unlovely she grows, the more jealously and scrupulously she extracts love, to the uttermost farthing.

owing money was the beginning of slavery ..... a creditor was worse than a boss, for a boss only owns your person but a creditor owns your dignity and can slap it around.

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.

For Marius to arrive at this flourishing condition had required years. Hard years, and difficult ones; those to get through, these to climb. Marius had never given up for a single day. He had undergone everything, in the shape of privation; he had done everything, except get into debt. He gave himself this credit, that he had never owed a sou to anybody. For him a debt was the beginning of slavery. He felt even that a creditor is worse than a master; for a master owns only your person, a creditor owns your dignity and can belabour that. Rather than borrow, he did not eat. He had had many days of fasting. Feeling that all extremes meet, and that if we do not take care, abasement of fortune may lead to baseness of soul, he watched jealously over his pride. Such a habit or such a carriage as, in any other condition, would have appeared deferential, seemed humiliating and he braced himself against it. He risked nothing, not wishing to take a backward step. He had a kind of stern blush upon his face. He was timid even to rudeness. In all his trials he felt encouraged and sometimes even upborne by a secret force within. The soul helps the body, and at certain moments uplifts it. It is the only bird which sustains its cage.

At the center of the requirements of the scroll is the provision for “the year of release,” the elimination of debt after seven years (Deut. 15:1–18).5 This teaching requires that at the end of six years, debts that remain unpaid will be cancelled. This most radical teaching intends that the practice of economy shall be subordinated to the well-being of the neighborhood. Social relationships between neighbors—creditors and debtors—are more important and definitional than the economic realities under consideration and there should be no permanent underclass in Israel, so that even the poor are assured wherewithal to participate in the economy in viable ways.

The belly will not listen to advice; it makes demands, it importunes. And yet it is not a troublesome creditor; you can send it away at small cost, provided only that you give it what you owe, not merely all you are able to

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.

Winter dark, five o'clock in the morning by the little gold carriage clock on the bedroom mantelpiece. The clock, an English one ('Better than a French one', her mother had instructed), had been one of her parents' wedding presents. When the creditors came to call after the society portraitist's death his widow hid the clock beneath her skirts, bemoaning the passing of the crinoline. Lottie appeared to chime on the quarter, disconcerting the creditors. Luckily they were not in the room when she struck the hour.

One thing I’ve learned about grief: it’s like a creditor’s bill. You can put off paying, but it eventually falls due, and exacts usurious interest.

Because the spirit of the gift shuns exactness and because gifts do not necessarily move reciprocally (and therefore do not produce the adversary roles of creditor and debtor), courts of law would be rightly perplexed as to how to adjudicate a case of ingratitude. Contracts

For him a debt was the beginning of slavery. He felt even that a creditor is worse than a master; for a master owns only your person, a creditor owns your dignity and can belabour that.

Pick a man, any man. That man there. See him. That man hatless. You know his opinion of the world. You can read it in his face, in his stance. Yet his complaint that a man’s life is no bargain masks the actual case with him. Which is that men will not do as he wishes them to. Have never done, never will do. That’s the way of things with him and his life is so balked about by difficulty and become so altered of its intended architecture that he is little more than a walking hovel hardly fit to house the human spirit at all. Can he say, such a man, that there is no malign thing set against him? That there is no power and no force and no cause? What manner of heretic could doubt agency and claimant alike? Can he believe that the wreckage of his existence is unentailed? No liens, no creditors? That gods of vengeance and of compassion alike lie sleeping in their crypt and whether our cries are for an accounting or for the destruction of the ledgers altogether they must evoke only the same silence and that it is this silence which will prevail?

In each of us lies a creditor and a debtor at once and the art is for the reckoning to tally inside us. We enter the world as a minute part of the life we are given, and from then on we are ever paying off debts. To ourselves. For ourselves. In order for the final reckoning to tally.’ ‘Is

Here we come to the central question of this book: What, precisely, does it mean to say that our sense of morality and justice is reduced to the language of a business deal? What does it mean when we reduce moral obligations to debts? What changes when the one turns into the other? And how do we speak about them when our language has been so shaped by the market? On one level the difference between an obligation and a debt is simple and obvious. A debt is the obligation to pay a certain sum of money. As a result, a debt, unlike any other form of obligation, can be precisely quantified. This allows debts to become simple, cold, and impersonal-which, in turn, allows them to be transferable. If one owes a favor, or one’s life, to another human being-it is owed to that person specifically. But if one owes forty thousand dollars at 12-percent interest, it doesn’t really matter who the creditor is; neither does either of the two parties have to think much about what the other party needs, wants, is capable of doing-as they certainly would if what was owed was a favor, or respect, or gratitude. One does not need to calculate the human effects; one need only calculate principal, balances, penalties, and rates of interest. If you end up having to abandon your home and wander in other provinces, if your daughter ends up in a mining camp working as a prostitute, well, that’s unfortunate, but incidental to the creditor. Money is money, and a deal’s a deal. From this perspective, the crucial factor, and a topic that will be explored at length in these pages, is money’s capacity to turn morality into a matter of impersonal arithmetic-and by doing so, to justify things that would otherwise seem outrageous or obscene. The factor of violence, which I have been emphasizing up until now, may appear secondary. The difference between a “debt” and a mere moral obligation is not the presence or absence of men with weapons who can enforce that obligation by seizing the debtor’s possessions or threatening to break his legs. It is simply that a creditor has the means to specify, numerically, exactly how much the debtor owes.

Some of you, we all know, are poor, find it hard to live, are sometimes, as it were, gasping for breath. I have no doubt that some of you who read this book are unable to pay for all the dinners which you have actually eaten, or for the coats and shoes which are fast wearing or are already worn out, and have come to this page to spend borrowed or stolen time, robbing your creditors of an hour. It is very evident what mean and sneaking lives many of you live, for my sight has been whetted by experience; always on the limits, trying to get into business and trying to get out of debt, a very ancient slough, called by the Latins aes alienum, another's brass, for some of their coins were made of brass; still living, and dying, and buried by this other's brass; always promising to pay, promising to pay, tomorrow, and dying today, insolvent; seeking to curry favor, to get custom, by how many modes, only not state-prison offences; lying, flattering, voting, contracting yourselves into a nutshell of civility or dilating into an atmosphere of thin and vaporous generosity, that you may persuade your neighbor to let you make his shoes, or his hat, or his coat, or his carriage, or import his groceries for him; making yourselves sick, that you may lay up something against a sick day, something to be tucked away in an old chest, or in a stocking behind the plastering, or, more safely, in the brick bank; no matter where, no matter how much or how little.

I am owed a debt of Human blood. Your share is overdue. God made me your creditor, Hammon. You are mine to do with as I please. Tonight, I am judge. I am jury. I am executioner.” - Rachel Vaveran

Your emotions will wander like a vagabond when you're indebted. Those happy moments with friends will soon be interrupted with a frowning creditor in your sub-conscious, and all your frenzy will be taken aback.

All the creditors must appear in the ledger at the right hand side, and all the debtors at the left. All entries made in the ledger have to be double entries - that is, if you make one creditor, you must make someone debtor

Poor old Jean Valjean, of course, loved Cosette only as a father; but, as we noted earlier, into this fatherly love his lonely single status in life had introduced every other kind of love; he loved Cosette as his daughter, and he loved her as his mother, and he loved her as his sister; and, as he had never had either a lover or a wife, as nature is a creditor that does not accept nonpayment, that particular feeling, too, the most indestructible of all, had thrown itself in with the rest, vague, ignorant, heavenly, angelic, divine; less a feeling than an instinct, less an instinct than an attraction, imperceptible and invisible but real; and love, truly called, lay in his enormous tenderness for Cosette the way a vein of gold lies in the mountain, dark and virginal. We should bear in mind that state of the heart that we have already mentioned. Marriage between them was out of the question, even that of souls; and yet it is certain that their destinies had joined together as one. Except for Cosette, that is, except for a child, Jean Valjean had never, in all his long life, known anything about love. Serial passions and love affairs had not laid those successive shades of green over him, fresh green on top of dark green, that you notice on foliage that has come through winter and on men that have passed their fifties. In short, and we have insisted on this more than once, this whole inner fusion, this whole set, the result of which was lofty virtue, had wound up making Jean Valjean a father for Cosette. A strange father, forged out of the grandfather, son, brother, and husband that were all in Jean Valjean; a father in whom there was even a mother; a father who loved Cosette and worshipped her, and for whom that child was light, was home, was his homeland, was paradise.

Tally sticks were quite explicitly IOUs: both parties to a transaction would take a hazelwood twig, notch it to indicate the amount owed, and then split it in half. The creditor would keep one half, called "the stock" (hence the origin of the term "stock holder") and the debtor kept the other, called "the stub" (hence the origin of the term "ticket stub.)

When the volume of debt has grown as large as national income or GDP, and when it bears an interest rate (typically 5%) above the economy’s rate of growth (typically just 1% to 2%), then all the growth in national income is taken by the creditors.

With much interest I sat watching him. Savage though he was, and hideously marred about the face--at least to my taste--his countenance yet had something in it which was by no means disagreeable. You cannot hide the soul. Through all his unearthly tattooings, I thought I saw the traces of a simple honest heart; and in his large, deep eyes, fiery black and bold, there seemed tokens of a spirit that would dare a thousand devils. And besides all this, there was a certain lofty bearing about the Pagan, which even his uncouthness could not altogether maim. He looked like a man who had never cringed and never had had a creditor.

America, he argued, did not need to triumph decisively over the heavily taxed British: a war of attrition that eroded British credit would nicely do the trick. All the patriots had to do was plant doubts among Britain’s creditors about the war’s outcome.

And as a general rule, which may make all creditors who are inclined to be severe pretty comfortable in their minds, no men embarrassed are altogether honest, very likely. They conceal something; they exaggerate chances of good luck; hide away the reals state of affairs; say that things are flourishing when they are hopeless; keep a smiling face (a dreary smile it is) upon the verge of bankruptcy--are ready to lay hold of any pretext for delay, or of any money, so as to stave off the inevitable ruin a few days longer.

EHMs provide favors. These take the form of loans to develop infrastructure—electric generating plants, highways, ports, airports, or industrial parks. A condition of such loans is that engineering and construction companies from our own country must build all these projects. In essence, most of the money never leaves the United States; it is simply transferred from banking offices in Washington to engineering offices in New York, Houston, or San Francisco. Despite the fact that the money is returned almost immediately to corporations that are members of the corporatocracy (the creditor), the recipient country is required to pay it all back, principal plus interest.

Fortune, in fact, is a pestilent shrew, and, withal, an inexorable creditor; and though for a time she may be all smiles and courtesies, and indulge us in long credits, yet sooner or later she brings up her arrears with a vengeance, and washes out her scores with our tears.

One man thinks justice consists in paying debts, and has no measure in his abhorrence of another who is very remiss in this duty and makes the creditor wait tediously. But that second man has his own way of looking at things; asks himself Which debt must I pay first, the debt to the rich, or the debt to the poor? the debt of money or the debt of thought to mankind, of genius to nature? For you, O broker, there is not other principle but arithmetic. For me, commerce is of trivial import; love, faith, truth of character, the aspiration of man, these are sacred;

The United States thus achieved what no earlier imperial system had put in place: a flexible form of global exploitation that controlled debtor countries by imposing the Washington Consensus via the IMF and World Bank, while the Treasury bill standard obliged the payments-surplus nations of Europe and East Asia to extend forced loans to the U.S. Government. Against dollar-deficit regions the United States continued to apply the classical economic leverage that Europe and Japan were not able to use against it. Debtor economies were forced to impose economic austerity to block their own industrialization and agricultural modernization. Their designated role was to export raw materials and provide low-priced labor whose wages were denominated in depreciating currencies. Against dollar-surplus nations the United States was learning to apply a new, unprecedented form of coercion. It dared the rest of the world to call its bluff and plunge the international economy into monetary crisis. That is what would have happened if creditor nations had not channeled their surplus savings to the United States by buying its Government securities.

Printing dollars at home means higher inflation in China, higher food prices in Egypt and stock bubbles in Brazil. Printing money means that U.S. debt is devalued so foreign creditors get paid back in cheaper dollars. The devaluation means higher unemployment in developing economies as their exports become more expensive for Americans. The resulting inflation also means higher prices for inputs needed in developing economies like copper, corn, oil and wheat. Foreign countries have begun to fight back against U.S.-caused inflation through subsidies, tariffs and capital controls; the currency war is expanding fast.

To decide that a man must be definitively punished is to deny him any further opportunity whatsoever to make reparation for his acts... This right to live that coincides with the opportunity for reparation is the natural right of every man, even the worst. The most wretched criminal and the worthiest judge here find themselves side by side, equally miserable and jointly responsible. Without this right, the moral life is strictly impossible. None among us is entitled to despair of a single man, unless it be after his death, which transforms his life into destiny and admits of a final judgment. But to pronounce this final judgment before death, to decree the closing of accounts when the creditor is still alive, is the privilege of no man. On these grounds, at least, he who judges absolutely condemns himself absolutely. ...It is because man is not fundamentally good that no one among us can set himself up as an absolute judge, for no one among us can pretend to absolute innocence. The verdict of capital punishment destroys the only indisputable human community there is, the community in the face of death, and such a judgment can only be legitimated by a truth or a principle that takes its place above all men, beyond the human condition.

I did note this, and set it down as yet one more of life’s injustices: that the man who has been wealthy is dunned more civilly than the fellow who has ever been poor. My creditors would come to me most graciously, diffident, if not downright apologetic, for asking what was theirs. It was as if I would be doing them a great, unlooked for kindness if only I would pay them a trifling sum on my outstanding debts. I would give them tea, and polite conversation, and, even when my answer to their just entreaty had to be a regretful, “Nothing, sir, ” my mortification was always entirely self-inflicted, for their civility never failed

Everybody granted that if "Tom" were white and free it would be unquestionably right to punish him--it would be no loss to anybody; but to shut up a valuable slave for life--that was quite another matter. As soon as the Governor understood the case, he pardoned Tom at once, and the creditors sold him down the river.

One man’s justice is another’s injustice; one man’s beauty another’s ugliness; one man’s wisdom another’s folly; as one beholds the same objects from a higher point of view. One man thinks justice consists in paying debts, and has no measure in his abhorrence of another who is very remiss in this duty and makes the creditor wait tediously.

Governments love a little inflation. They can add money to the system, keep the economy humming and not have to raise taxes or cut spending to do it. In fact, it is sometimes called “the hidden tax” because it erodes the buying power of our currency. It also allows debtors, like the government, to pay back their creditors with “cheaper dollars.

since the Depression, we bankers have had the leisure and . . . solitude, you might say, to think about the future. The Civil War left us with a federal government. The Great War made us a creditor nation. As bankers, we must anticipate what changes this war will thrust upon us.” […] The old man leaned forward and took a long breath. “I see the rise of this country to a height no country has occupied, ever,” he said quietly. “Not the Romans. Not the Carolingians. Not Genghis Khan or the Tatars or Napoleon’s France. Hah! You’re all looking at me like I’ve one foot in the funny farm. How is that possible? you ask. Because our dominance won’t arise from subjugating peoples. We’ll emerge from this war victorious and unscathed, and become bankers to the world. We’ll export our dreams, our language, our culture, our way of life. And it will prove irresistible.

And, as for me, if, by any possibility, there be any as yet undiscovered prime thing in me; if I shall ever deserve any real repute in that small but high hushed world which I might not be unreasonably ambitious of; if hereafter I shall do anything that, upon the whole, a man might rather have done than to have left undone; if, at my death, my executors, or more properly my creditors, find any precious MSS. in my desk, then here I prospectively ascribe all the honour and the glory to whaling; for a whaleship was my Yale College and my Harvard.

The DGE prepared its own 111-page report. It noted that Trump owed (not owned, but owed) $3.2 billion. Of that, he had personally guaranteed $833.5 million. Absent an agreement by all creditors, Trump would face an uncontrolled, domino-effect chain of bankruptcies. If just one creditor moved against one Trump property, the others would follow, creating chaos. More

But money doesn’t work in the sense that labor or tangible capital expends effort to produce commodities. Credit is debt, and debt extracts interest. Financial salesmen who promise investors, “Make your money work for you” actually mean that society should work for the creditors — and that means for the banks that create credit. The effect is to turn the economic surplus into a flow of interest payments, diverting revenue from tangible capital investment. As the economy’s reproductive powers are dried up, the financialization process is kept going by easing credit terms and lending — not to produce more goods and services, but to bid up prices for the real estate, stocks and bonds being pledged as collateral for larger and larger loans.

Today the man who has the courage to build himself a house constructs a meeting place for the people who will descend upon him on foot, by car, or by telephone. Employees of the gas, the electric, and the water- works will arrive; agents from life and fire insurance companies; building inspectors, collectors of radio tax; mortgage creditors and rent assessors who tax you for living in your own home.

There are some men who, living with the one object of enriching themselves, no matter by what means, and being perfectly conscious of the baseness and rascality of the means which they will use every day towards this end, affect nevertheless—even to themselves—a high tone of moral rectitude, and shake their heads and sigh over the depravity of the world. Some of the craftiest scoundrels that ever walked this earth, or rather—for walking implies, at least, an erect position and the bearing of a man—that ever crawled and crept through life by its dirtiest and narrowest ways, will gravely jot down in diaries the events of every day, and keep a regular debtor and creditor account with Heaven, which shall always show a floating balance in their own favour. Whether this is a gratuitous (the only gratuitous) part of the falsehood and trickery of such men's lives, or whether they really hope to cheat Heaven itself, and lay up treasure in the next world by the same process which has enabled them to lay up treasure in this—not to question how it is, so it is. And, doubtless, such book-keeping (like certain autobiographies which have enlightened the world) cannot fail to prove serviceable, in the one respect of sparing the recording Angel some time and labour.

The moon fled eastward like a frightened dove, while the stars changed their places in the heavens, like a disbanding army. 'Where are we?' asked Gil Gil. 'In France,' responded the Angel of Death. 'We have now traversed a large portion of the two bellicose nations which waged so sanguinary a war with each other at the beginning of the present century. We have seen the theater of the War of Succession. Conquered and conquerors both lie sleeping at this instant. My apprentice, Sleep, rules over the heroes who did not perish then, in battle, or afterward of sickness or of old age. I do not understand why it is that below on earth all men are not friends? The identity of your misfortunes and your weaknesses, the need you have of each other, the shortness of your life, the spectacle of the grandeur of other worlds, and the comparison between them and your littleness, all this should combine to unite you in brotherhood, like the passengers of a vessel threatened with shipwreck. There, there is neither love, nor hate, nor ambition, no one is debtor or creditor, no one is great or little, no one is handsome or ugly, no one is happy or unfortunate. The same danger surrounds all and my presence makes all equal. Well, then, what is the earth, seen from this height, but a ship which is foundering, a city delivered up to an epidemic or a conflagration?' 'What are those ignes fatui which I can see shining in certain places on the terrestrial globe, ever since the moon veiled her light?' asked the young man. 'They are cemeteries. We are now above Paris. Side by side with every city, every town, every village of the living there is always a city, a town, or a village of the dead, as the shadow is always beside the body. Geography, then, is of two kinds, although mortals only speak of the kind which is agreeable to them. A map of all the cemeteries which there are on the earth would be sufficient indication of the political geography of your world. You would miscalculate, however, in regard to the population; the dead cities are much more densely populated than the living; in the latter there are hardly three generations at one time, while, in the former, hundreds of generations are often crowded together. As for the lights you see shining, they are phosphorescent gleams from dead bodies, or rather they are the expiring gleams of thousands of vanished lives; they are the twilight glow of love, ambition, anger, genius, mercy; they are, in short, the last glow of a dying light, of the individuality which is disappearing, of the being yielding back his elements to mother earth. They are - and now it is that I have found the true word - the foam made by the river when it mingles its waters with those of the ocean.' The Angel of Death paused. ("The Friend of Death")

In addition, unlike Othello, whose profession of arms is socially honorable, Shylock is a professional usurer who, like a prostitute, has a social function but is an outcast from the community. But, in the play, he acts unprofessionally; he refuses to charge Antonio interest and insists upon making their legal relation that of debtor and creditor, a relation acknowledged as legal by all societies. Several critics have pointed to analogies between the trial scene and the medieval Processus Belial in which Our Lady defends man against the prosecuting Devil who claims the legal right to man’s soul. […] But the differences between Shylock and Belial are as important as their similarities. The comic Devil of the mystery play can appeal to logic, to the letter of the law, but he cannot appeal to the heart or to the imagination, and Shakespeare allows Shylock to do both. In his "Hath not a Jew eyes…" speech in Act III, Scene I, he is permitted to appeal to the sense of human brotherhood, and in the trial scene, he is allowed to argue, with a sly appeal to the fear a merchant class has of radical social evolution: You have among you many a purchased slave Which like your asses and your dogs and mules, You use in abject and in slavish parts, which points out that those who preach mercy and brotherhood as universal obligations limit them in practice and are prepared to treat certain classes of human beings as things.

lip-chewed debtors rich in excuses; heard-it-all creditors tightening nooses; prisoners haunted by happier lives and ageing rakes by other men’s wives; skeletal tutors goaded to fits; firemen-turned-looters when occasion permits; tongue-tied witnesses; purchased judges; mothers-in-law nurturing briars and grudges; apothecaries grinding powders with mortars; palanquins carrying not-yet-wed daughters; silent nuns; nine-year-old whores; the once-were-beautiful gnawed by sores;

She had a confused, dreamy notion that, if the creditors were all paid, her plate and linen ought to come back to her; but she had an inbred perception that while people owed money they were unable to pay, they couldn’t rightly call anything their own.

One day in the 1980s, my maternal grandfather was sitting in a park in suburban London. An elderly British man came up to him and wagged a finger in his face. “Why are you here?” the man demanded. “Why are you in my country?” “Because we are the creditors,” responded my grandfather, who was born in India, worked all his life in colonial Kenya, and was now retired in London. “You took all our wealth, our diamonds. Now we have come to collect.” We are here, my grandfather was saying, because you were there.

It took him hours to go through his mail, and while he done that, his men trained with wood swords and pistols. Some of that mail was letters with money from his abolitionist supporters back east. He had a group of six white fellers in New England who gived him big lumps of money. Even his friend Mr. Douglass sent him a shilling or three. But the truth of it is, most of them letters, the ones that weren’t from creditors, contained not money but questions. Them white folks back east was asking for—no begging for—his plans.

Beyond the speculative and often fraudulent froth that characterizes much of neoliberal financial manipulation, there lies a deeper process that entails the springing of ‘the debt trap’ as a primary means of accumulation by dispossession. Crisis creation, management, and manipulation on the world stage has evolved into the fine art of deliberative redistribution of wealth from poor countries to the rich. I documented the impact of Volcker’s interest rate increase on Mexico earlier. While proclaiming its role as a noble leader organizing ‘bail-outs’ to keep global capital accumulation on track, the US paved the way to pillage the Mexican economy. This was what the US Treasury–Wall Street–IMF complex became expert at doing everywhere. Greenspan at the Federal Reserve deployed the same Volcker tactic several times in the 1990s. Debt crises in individual countries, uncommon during the 1960s, became very frequent during the 1980s and 1990s. Hardly any developing country remained untouched, and in some cases, as in Latin America, such crises became endemic. These debt crises were orchestrated, managed, and controlled both to rationalize the system and to redistribute assets. Since 1980, it has been calculated, ‘over fifty Marshall Plans (over $4.6 trillion) have been sent by the peoples at the Periphery to their creditors in the Center’. ‘What a peculiar world’, sighs Stiglitz, ‘in which the poor countries are in effect subsidizing the richest.

If we lose the war, our creditors—mainly Americans—will go bankrupt. And if we win, we’ll make the Germans pay. ‘Reparations’ is the word they use.” “How will they manage it?” “They will starve. But nobody cares what happens to the losers. Anyway, the Germans did the same to the French in 1871.” He stood up and put his cup in the kitchen sink. “So you see why we can’t make peace with Germany. Who then would pay the bill?” Ethel was aghast. “And so we have to keep sending boys to die in the trenches. Because we can’t pay the bill. Poor Billy. What a wicked world we live in.” “But

The difference between the past and the present is that individual freedom and security no longer fall to be protected solely through the D vehicle of common-law maxims and presumptions which may be altered or repealed by statute, but are now protected by entrenched constitutional provisions which neither the Legislature nor the Executive may abridge. It would accordingly be improper for us to hold constitutional a system which, as Sachs J has noted, confers on creditors the power to consign the person of an impecunious debtor to prison at will and without the interposition at the crucial time of a judicial officer.

Men,” said he “must, in some things, have deviated from their original innocence; for they were not born wolves, and yet they worry one another like those beasts of prey. God never gave them twenty– four pounders nor bayonets, and yet they have made cannon and bayonets to destroy one another. To this account I might add not only bankruptcies, but the law which seizes on the effects of bankrupts, only to cheat the creditors.” “All this was indispensably necessary,” replied the one–eyed doctor, “for private misfortunes are public benefits; so that the more private misfortunes there are, the greater is the general good.

Look.” I pointed. “Shin-Tethys as a whole maintains a positive trade surplus with the rest of the system. A third of the local nations don’t export directly, but there’s a lot of internal, intramural trade between the tribes—the main six exporters account for eighty-two percent of the uranium and fifty-seven percent of the rare earths. What comes in is, well, lots of skilled labor, finished high-tech assemblies, anything that needs microgravity or vacuum or very high temperatures or an anaerobic environment. In other words, it’s your typical pattern for an energy-exporting planet, with the added twist that because it’s very damp, a lot of planetary surface activities—smelting metals, manufacturing ceramics—are expensive to perform locally. The only interesting thing is how little slow money is going into their economic system. As for banking corruption, there’s the usual, but no more than the usual. Around one government per decade—out of nearly five hundred, mind—gets into bad trouble one way or another. But the system is self-stabilizing: What usually happens is that a consortium of their trading partners and main creditors get together and mount a hostile takeover—I believe they call it a “war”—and place the defaulter under administration until it digs itself out of the hole.

Some of the craftiest scoundrels that ever walked this earth, rather...that ever crawled and crept through life by its dirtiest and narrowest ways, will gravely jot down in diaries the events of every day, and keep a regular debtor and creditor acount with Heaven, which shall always show a floating balance in their own favour.

for in every country of the world, I believe, the avarice and injustice of princes and sovereign states, abusing the confidence of their subjects, have by degrees diminished the real quantity of metal, which had been originally contained in their coins. The Roman as, in the latter ages of the republic, was reduced to the twenty-fourth part of its original value, and, instead of weighing a pound, came to weigh only half an ounce. The English pound and penny contain at present about a third only; the Scots pound and penny about a thirty-sixth; and the French pound and penny about a sixty-sixth part of their original value. By means of those operations, the princes and sovereign states which performed them were enabled, in appearance, to pay their debts and fulfil their engagements with a smaller quantity of silver than would otherwise have been requisite. It was indeed in appearance only; for their creditors were really defrauded of a part of what was due to them. All other debtors in the state were allowed the same privilege, and might pay with the same nominal sum of the new and debased coin whatever they had borrowed in the old. Such operations, therefore, have always proved favourable to the debtor, and ruinous to the creditor, and have sometimes produced a greater and more universal revolution in the fortunes of private persons, than could have been occasioned by a very great public calamity.

The Memoirs became the most celebrated unfinished, unpublished, unread book in history. But Chateaubriand was still broke. So Madame Récamier came up with a new scheme, and this one worked - or sort of worked. A stock company was formed, and people bought shares in the manuscript. Word futures, I guess you could call them, in the same way that people from Wall Street gamble on the price of soybeans and corn. In effect, Chateaubriand mortgaged his autobiography to finance his old age. They gave him a nice chunk of money up front, which allowed him to pay off his creditors, and a guaranteed annuity for the rest of his life. It was a brilliant arrangement. The only problem was that Chateaubriand kept on living.

Ideally, a fair and equitable society would regulate debt in line with the ability to be paid without pushing economies into depression. But when shrinking markets deepen fiscal deficits, creditors demand that governments balance their budgets by selling public monopolies. Once the land, water and mineral rights are privatized, along with transportation, communications, lotteries and other monopolies, the next aim is to block governments from regulating their prices or taxing financial and rentier wealth. The neo-rentier objective is threefold: to reduce economies to debt dependency, to transfer public utilities into creditor hands, and then to create a rent-extracting tollbooth economy. The financial objective is to block governments from writing down debts when bankers and bondholders over-lend. Taken together, these policies create a one-sided freedom for rentiers to create a travesty of the classical “Adam Smith” view of free markets. It is a freedom to reduce the indebted majority to a state of deepening dependency, and to gain wealth by stripping public assets built up over the centuries.

Second, America is drowning in debt. While China is the world’s largest creditor nation, America is the world’s largest debtor nation. At $17 trillion, the national debt is now bigger than the annual gross domestic product—in other words, it is bigger than the total sum of goods and services that America produces in a year. Nearly half of this debt has been accumulated during the Obama years, at the average rate of a trillion dollars a year. At this pace, Obama will more than double the deficit in two terms. Since a substantial portion of America’s debt is owed to foreign countries, such as China and the Arab nations, debt produces a transfer of wealth away from America and toward the rest of the world. Today, instead of America owning the world, the world increasingly owns America.

In fact, war itself could become a commodity, just like opium. In 1821 the Greeks rebelled against the Ottoman empire. The uprising aroused great sympathy in liberal and romantic circles in Britain - Lord Byron, the poet, even went to Greece to fight alongside the insurgents. But London financiers saw an opportunity as well. They proposed to the rebel leaders the issue of tradable Greek Rebellion Bonds on the London stock exchange. The Greeks would promise to repay the bonds, plus interest, if and when they won their independence. Private investors bought bonds to make a profit, or out of sympathy for the Greek cause, or both. The value of Greek Rebellion Bonds rose and fell on the London stock exchange in tempo with military successes and failures on the battlefields of Hellas. The Turks gradually gained the upper hand. With a rebel defeat imminent, the bondholders faced the prospect of losing their trousers. The bondholders' interest was the national interest, so the British organised an international fleet that, in 1827, sank the main Ottoman flotilla in the Battle of Navarino. After centuries of subjugation, Greece was finally free. But freedom came with a huge debt that the new country had no way of repaying. The Greek economy was mortgaged to British creditors for decades to come.

A Bat, a Bramble, and a Seagull went into partnership and determined to go on a trading voyage together. The Bat borrowed a sum of money for his venture; the Bramble laid in a stock of clothes of various kinds; and the Seagull took a quantity of lead: and so they set out. By and by a great storm came on, and their boat with all the cargo went to the bottom, but the three travellers managed to reach land. Ever since then the Seagull flies to and fro over the sea, and every now and then dives below the surface, looking for the lead he’s lost; while the Bat is so afraid of meeting his creditors that he hides away by day and only comes out at night to feed; and the Bramble catches hold of the clothes of every one who passes by, hoping someday to recognise and recover the lost garments. All men are more concerned to recover what they lose than to acquire what they lack.

Poker is a shifty game played by shifty characters. Outside the two official card rooms in London, most games take place in illegal spielers with heavy rake money. Debts and revenges are rife, names are changed, multiple passports are not unheard of. The majority of regular players have no interest in advertising their lifestyle, their whereabouts or even their existence to tax inspectors, thieves, neighbours, creditors or old enemies. Television? You’d have to be a complete ice cream.

it was England that shone as Hamilton’s true lodestar in public finance. Back in the 1690s, the British had set up the Bank of England, enacted an excise tax on spirits, and funded its public debt—that is, pledged specific revenues to insure repayment of its debt. During the eighteenth century, it had vastly expanded that public debt. Far from weakening the country, it had produced manifold benefits. Public credit had enabled England to build up the Royal Navy, to prosecute wars around the world, to maintain a global commercial empire. At the same time, government bonds issued to pay for the debt galvanized the economy, since creditors could use them as collateral for loans. By imitating British practice, Hamilton did not intend to make America subservient to the former mother country, as critics claimed. His objective was to promote American prosperity and self-sufficiency and make the country ultimately less reliant on British capital. Hamilton wanted to use British methods to defeat Britain economically.

Many men on their release carry their prison about with them into the air, and hide it as a secret disgrace in their hearts, and at length, like poor poisoned things, creep into some hole and die. It is wretched that they should have to do so, and it is wrong, terribly wrong, of society that it should force them to do so. Society takes upon itself the right to inflict appalling punishment on the individual, but it also as the supreme vice of shallowness, and fails to realise what it has done. When the man’s punishment is over, it leaves him to himself; that is to say, it abandons him at the very moment when its highest duty towards him begins. It is really ashamed of its own actions, and shuns those whom it has punished, as people shun a creditor whose debt they cannot pay, or one on whom they have inflicted an irreparable, an irremediable wrong. I can claim on my side that if I realise what I have suffered, society should realise what it has inflicted on me; and that there should be no bitterness or hate on either side.

Forcing new loans upon the bankrupt on condition that they shrink their income is nothing short of cruel and unusual punishment. Greece was never bailed out. With their ‘rescue’ loan and their troika of bailiffs enthusiastically slashing incomes, the EU and IMF effectively condemned Greece to a modern version of the Dickensian debtors’ prison and then threw away the key. Debtors’ prisons were ultimately abandoned because, despite their cruelty, they neither deterred the accumulation of new bad debts nor helped creditors get their money back. For capitalism to advance in the nineteenth century, the absurd notion that all debts are sacred had to be ditched and replaced with the notion of limited liability. After all, if all debts are guaranteed, why should lenders lend responsibly? And why should some debts carry a higher interest rate than other debts, reflecting the higher risk of going bad? Bankruptcy and debt write-downs became for capitalism what hell had always been for Christian dogma – unpleasant yet essential – but curiously bankruptcy-denial was revived in the twenty-first century to deal with the Greek state’s insolvency. Why? Did the EU and the IMF not realize what they were doing? They knew exactly what they were doing. Despite their meticulous propaganda, in which they insisted that they were trying to save Greece, to grant the Greek people a second chance, to help reform Greece’s chronically crooked state and so on, the world’s most powerful institutions and governments were under no illusions. […] Banks restructure the debt of stressed corporations every day, not out of philanthropy but out of enlightened self-interest. But the problem was that, now that we had accepted the EU–IMF bailout, we were no longer dealing with banks but with politicians who had lied to their parliaments to convince them to relieve the banks of Greece’s debt and take it on themselves. A debt restructuring would require them to go back to their parliaments and confess their earlier sin, something they would never do voluntarily, fearful of the repercussions. The only alternative was to continue the pretence by giving the Greek government another wad of money with which to pretend to meet its debt repayments to the EU and the IMF: a second bailout.

My conclusions, on this point, are as follows: when the Law Commission says committal of judgment debtors is an anomaly that cannot be justified and should be abolished; when it is common cause that there is a general international move away from imprisonment for civil debt, of which the present committal proceedings are an adapted relic; when such imprisonment has been abolished in South Africa, save for its contested form as contempt of court in the magistrate's court; when the clauses concerned have already been interpreted by the Courts as restrictively as possible, without their constitutionally offensive core being eviscerated; when other tried and tested methods exist for recovery of debt from those in a position to pay; when the violation of the fundamental right to personal freedom is manifest, and the procedures used must inevitably possess a summary character if they are to be economically worthwhile to the creditor, then the very institution of civil imprisonment, however it may be described and however well directed its procedures might be, in itself must be regarded as highly questionable and not a compelling claimant for survival.

It is right to look our life-accounts bravely in the face now and then, and settle them honestly. And he is a poor self-swindler who lies to himself while he reckons the items, and sets down under the head—happiness that which is misery. Call anguish—anguish, and despair—despair; write both down in strong characters with a resolute pen: you will the better pay your debt to Doom. Falsify: insert "privilege" where you should have written "pain;" and see if your mighty creditor will allow the fraud to pass, or accept the coin with which you would cheat him. Offer to the strongest—if the darkest angel of God's host—water, when he has asked blood—will he take it? Not a whole pale sea for one red drop.

Bruce Wayne Carmody had been unhappy for so long that it had stopped being a state he paid attention to. Sometimes Wayne felt that the world had been sliding apart beneath his feet for years. He was still waiting for it to pull him down, to bury him at last. His mother had been crazy for a while, had believed that the phone was ringing when it wasn’t, had conversations with dead children who weren’t there. Sometimes he felt she had talked more with dead children than she ever had with him. She had burned down their house. She spent a month in a psychiatric hospital, skipped out on a court appearance, and dropped out of Wayne’s life for almost two years. She spent a while on book tour, visiting bookstores in the morning and local bars at night. She hung out in L.A. for six months, working on a cartoon version of Search Engine that never got off the ground and a cocaine habit that did. She spent a while drawing covered bridges for a gallery show that no one went to. Wayne’s father got sick of Vic’s drinking, Vic’s wandering, and Vic’s crazy, and he took up with the lady who had done most of his tattoos, a girl named Carol who had big hair and dressed like it was still the eighties. Only Carol had another boyfriend, and they stole Lou’s identity and ran off to California, where they racked up a ten-thousand-dollar debt in Lou’s name. Lou was still dealing with creditors. Bruce Wayne Carmody wanted to love and enjoy his parents, and occasionally he did. But they made it hard. Which was why the papers in his back pocket felt like nitroglycerin, a bomb that hadn’t exploded yet.

Oh, it's a good story, as a story,' returned that gentleman; 'as good a thing of its kind as need be. This Mr Dorrit (his name is Dorrit) had incurred a responsibility to us, ages before the fairy came out of the Bank and gave him his fortune, under a bond he had signed for the performance of a contract which was not at all performed. He was a partner in a house in some large way—spirits, or buttons, or wine, or blacking, or oatmeal, or woollen, or pork, or hooks and eyes, or iron, or treacle, or shoes, or something or other that was wanted for troops, or seamen, or somebody—and the house burst, and we being among the creditors, detainees were lodged on the part of the Crown in a scientific manner, and all the rest Of it. When the fairy had appeared and he wanted to pay us off, Egad we had got into such an exemplary state of checking and counter-checking, signing and counter-signing, that it was six months before we knew how to take the money, or how to give a receipt for it. It was a triumph of public business,' said this handsome young Barnacle, laughing heartily, 'You never saw such a lot of forms in your life. "Why," the attorney said to me one day, "if I wanted this office to give me two or three thousand pounds instead of take it, I couldn't have more trouble about it." "You are right, old fellow," I told him, "and in future you'll know that we have something to do here."' The pleasant young Barnacle finished by once more laughing heartily. He was a very easy, pleasant fellow indeed, and his manners were exceedingly winning. Mr Tite Barnacle's view of the business was of a less airy character. He took it ill that Mr Dorrit had troubled the Department by wanting to pay the money, and considered it a grossly informal thing to do after so many years. But Mr Tite Barnacle was a buttoned-up man, and consequently a weighty one. All buttoned-up men are weighty. All buttoned-up men are believed in. Whether or no the reserved and never-exercised power of unbuttoning, fascinates mankind;

The math is revealing. The typical American with a $50,000 annual income would normally have an $850 house payment and a $495 car payment, with an additional $180 payment on the second car. Then there is a $165 student-loan payment; and the average credit-card debt is about $12,000, making those monthly payments around $185 per month. Also, this typical household will have other miscellaneous debt on things like furniture, stereos, or personal loans on which they pay an additional $120. All these payments total $1,995 per month. If this family were to invest that instead of sending it to the creditors, they would be cash mutual-fund millionaires in just fifteen years! (After fifteen years, it gets really exciting. They’ll have $2 million in five more years, $3 million in three more years, $4 million in two and a half more years, and $5.5 million in two more years. So they will have $5.5 million after twenty-eight years.) Keep in mind, this is with an average income, which means many of you make more than this!

Quando avviene che un individuo abbia contratto forti debiti con un altro con il quale in seguito gli capita di litigare, si direbbe che una regola rigorosa della buona creanza imponga al primo di diventare nemico del secondo, e più spietato di quanto non sarebbe un estraneo. Poi, per motivare la propria crudeltà e la propria ingratitudine, si è costretti a gettare ogni colpa sull’altro. Nessuno è mai disposto a riconoscere il proprio cieco egoismo e ad ammettere di essere furibondo perché una speculazione non è andata a buon fine. Manco per sogno! Le cose sono andate come sono andate perché il socio ha provocato una siffatta situazione a causa della trame più vili e mosso da perfide intenzioni. La sua coerenza induce il persecutore a sostenere che il contrario è vero: il perseguitato è un lestofante; altrimenti lui, il persecutore, non sarebbe che un miserabile. Per giunta, ciò che per solito vale a tranquillizzare ulteriormente la coscienza dei creditori più implacabili, sta nel fatto che in genere chi si trova in difficoltà finanziarie non è caratterizzato da una specchiata onestà. Nasconde sempre qualcosa di non del tutto limpido: o ha esagerato magnificando la consistenza di una fortuna in realtà più modesta, o ha celato l’effettivo andamento dei suoi affari, o ancora asserisce che le sue faccende procedono a gonfie vele quando invece stanno andando a catafascio, e continua a sorridere (quale tragico sorriso!) mentre ormai è sull’orlo del fallimento; inoltre è sempre pronto ad attaccarsi a qualsiasi pretesto pur di rinviare i pagamenti e riuscire a dilazionare anche di pochi giorni la fatale catastrofe. «Basta, basta con questa disonestà!», esclama trionfante il creditore dileggiando il povero derelitto che affonda. «Ma tu, pazzo, perché non ti afferri alla pagliuzza?» propone il signor Buon Senso all’uomo che sta annegando. «E tu, mascalzone, perché non ti decidi ad affrontare la vergogna del Bollettino dei protesti alla quale non ti è più possibile sottrarti?» dice chi s’impingua grazie all’ottimo andamento dei suoi affari al povero diavolo che si dibatte in un pelago in tempesta.

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.

I only have the story in two parts from Miss Throckmorton-Jones. The first time she spoke she was under the influence of laudanum. Today she was under the influence of what I can only describe as the most formidable temper I’ve ever seen. However, while I may not have the complete story, I certainly have the gist of it, and if half what I’ve heard is true, then it’s obvious that you are completely without either a heart or a conscience! My own heart breaks when I imagine Elizabeth enduring what she has for nearly two years. When I think of how forgiving of you she has been-“ “What did the woman tell you?” Ian interrupted shortly, turning and walking over to the window. His apparent lack of concern so enraged the vicar that he surged to his feet and stalked over to Ian’s side, glowering at his profile. “She told me you ruined Elizabeth Cameron’s reputation beyond recall,” he snapped bitterly. “She told me that you convinced that innocent girl-who’d never been away from her country home until a few weeks before meeting you-that she should meet you in a secluded cottage, and later in a greenhouse. She told me that the scene was witnessed by individuals who made great haste to spread the gossip, and that it was all over the city in a matter of days. She told me Elizabeth’s fiancé heard of it and withdrew his offer because of you. When he did that, society assumed Elizabeth’s character must indeed be of the blackest nature, and she was summarily dropped by the ton. She told me that a few days later Elizabeth’s brother fled England to escape their creditors, who would have been paid off when Elizabeth made an advantageous marriage, and that he’s never returned.” With grim satisfaction the vicar observed the muscle that was beginning to twitch in Ian’s rigid jaw. “She told me the reason for Elizabeth’s going to London in the first place had been the necessity for making such a marriage-and that you destroyed any chance of that ever happening. Which is why that child will now have to marry a man you describe as a lecher three times her age!” Satisfied that his verbal shots were finding their mark, he fired his final, most killing around. “As a result of everything you have done, that brave, beautiful girl has been living in shamed seclusion for nearly two years. Her house, of which she spoke with such love, has been stripped of its valuables by creditors. I congratulate you, Ian. You have made an innocent girl into an impoverished leper! And all because she fell in love with you on sight. Knowing what I now know of you, I can only wonder what she saw in you!

Gulls wheel through spokes of sunlight over gracious roofs and dowdy thatch, snatching entrails at the marketplace and escaping over cloistered gardens, spike-topped walls and treble-bolted doors. Gulls alight on whitewashed gables, creaking pagodas and dung-ripe stables; circle over towers and cavernous bells and over hidden squares where urns of urine sit by covered wells, watched by mule-drivers, mules and wolf-snouted dogs, ignored by hunchbacked makers of clogs; gather speed up the stoned-in Nakashima River and fly beneath the arches of its bridges, glimpsed from kitchen doors, watched by farmers walking high, stony ridges. Gulls fly through clouds of steam from laundries’ vats; over kites unthreading corpses of cats; over scholars glimpsing truth in fragile patterns; over bath-house adulterers; heartbroken slatterns; fishwives dismembering lobsters and crabs; their husbands gutting mackerel on slabs; woodcutters’ sons sharpening axes; candle-makers, rolling waxes; flint-eyed officials milking taxes; etoliated lacquerers; mottled-skinned dyers; imprecise soothsayers; unblinking liars; weavers of mats; cutters of rushes; ink-lipped calligraphers dipping brushes; booksellers ruined by unsold books; ladies-in-waiting; tasters; dressers; filching page-boys; runny-nosed cooks; sunless attic nooks where seamstresses prick calloused fingers; limping malingerers; swineherds; swindlers; lip-chewed debtors rich in excuses; heard-it-all creditors tightening nooses; prisoners haunted by happier lives and ageing rakes by other men’s wives; skeletal tutors goaded to fits; firemen-turned-looters when occasion permits; tongue-tied witnesses; purchased judges; mothers-in-law nurturing briars and grudges; apothecaries grinding powders with mortars; palanquins carrying not-yet-wed daughters; silent nuns; nine-year-old whores; the once-were-beautiful gnawed by sores; statues of Jizo anointed with posies; syphilitics sneezing through rotted-off noses; potters; barbers; hawkers of oil; tanners; cutlers; carters of night-soil; gate-keepers; bee-keepers; blacksmiths and drapers; torturers; wet-nurses; perjurers; cut-purses; the newborn; the growing; the strong-willed and pliant; the ailing; the dying; the weak and defiant; over the roof of a painter withdrawn first from the world, then his family, and down into a masterpiece that has, in the end, withdrawn from its creator; and around again, where their flight began, over the balcony of the Room of the Last Chrysanthemum, where a puddle from last night’s rain is evaporating; a puddle in which Magistrate Shiroyama observes the blurred reflections of gulls wheeling through spokes of sunlight. This world, he thinks, contains just one masterpiece, and that is itself.

As I saw it, there was a 75 percent chance the Fed’s efforts would fall short and the economy would move into failure; a 20 percent chance it would initially succeed at stimulating the economy but still ultimately fail; and a 5 percent chance it would provide enough stimulus to save the economy but trigger hyperinflation. To hedge against the worst possibilities, I bought gold and T-bill futures as a spread against eurodollars, which was a limited-risk way of betting on credit problems increasing. I was dead wrong. After a delay, the economy responded to the Fed’s efforts, rebounding in a noninflationary way. In other words, inflation fell while growth accelerated. The stock market began a big bull run, and over the next eighteen years the U.S. economy enjoyed the greatest noninflationary growth period in its history. How was that possible? Eventually, I figured it out. As money poured out of these borrower countries and into the U.S., it changed everything. It drove the dollar up, which produced deflationary pressures in the U.S., which allowed the Fed to ease interest rates without raising inflation. This fueled a boom. The banks were protected both because the Federal Reserve loaned them cash and the creditors’ committees and international financial restructuring organizations such as the International Monetary Fund (IMF) and the Bank for International Settlements arranged things so that the debtor nations could pay their debt service from new loans. That way everyone could pretend everything was fine and write down those loans over many years. My experience over this period was like a series of blows to the head with a baseball bat. Being so wrong—and especially so publicly wrong—was incredibly humbling and cost me just about everything I had built at Bridgewater. I saw that I had been an arrogant jerk who was totally confident in a totally incorrect view. So there I was after eight years in business, with nothing to show for it. Though I’d been right much more than I’d been wrong, I was all the way back to square one.

Marx discovered the significance of economic power; and it is understandable that he exaggerated its status. He and the Marxists see economic power everywhere. Their argument runs: he who has the money has the power; for if necessary, he can buy guns and even gangsters. But this is a roundabout argument. In fact, it contains an admission that the man who has the gun has the power. And if he who has the gun becomes aware of this, then it may not be long until he has both the gun and the money. But under an unrestrained capitalism, Marx’s argument applies, to some extent; for a rule which develops institutions for the control of guns and gangsters but not of the power of money is liable to come under the influence of this power. In such a state, an uncontrolled gangsterism of wealth may rule. But Marx himself, I think, would have been the first to admit that this is not true of all states; that there have been times in history when, for example, all exploitation was looting, directly based upon the power of the mailed fist. And to-day there will be few to support the naïve view that the ‘progress of history’ has once and for all put an end to these more direct ways of exploiting men, and that, once formal freedom has been achieved, it is impossible for us to fall again under the sway of such primitive forms of exploitation. These considerations would be sufficient for refuting the dogmatic doctrine that economic power is more fundamental than physical power, or the power of the state. But there are other considerations as well. As has been rightly emphasized by various writers (among them Bertrand Russell and Walter Lippmann25), it is only the active intervention of the state—the protection of property by laws backed by physical sanctions—which makes of wealth a potential source of power; for without this intervention, a man would soon be without his wealth. Economic power is therefore entirely dependent on political and physical power. Russell gives historical examples which illustrate this dependence, and sometimes even helplessness, of wealth: ‘Economic power within the state,’ he writes26, ‘although ultimately derived from law and public opinion, easily acquires a certain independence. It can influence law by corruption and public opinion by propaganda. It can put politicians under obligations which interfere with their freedom. It can threaten to cause a financial crisis. But there are very definite limits to what it can achieve. Cæsar was helped to power by his creditors, who saw no hope of repayment except through his success; but when he had succeeded he was powerful enough to defy them. Charles V borrowed from the Fuggers the money required to buy the position of Emperor, but when he had become Emperor he snapped his fingers at them and they lost what they had lent.’ The dogma that economic power is at the root of all evil must be discarded. Its place must be taken by an understanding of the dangers of any form of uncontrolled power. Money as such is not particularly dangerous. It becomes dangerous only if it can buy power, either directly, or by enslaving the economically weak who must sell themselves in order to live.