Lend Money Quotes

The holy passion of Friendship is of so sweet and steady and loyal and enduring a nature that it will last through a whole lifetime, if not asked to lend money.

A book lying idle on a shelf is wasted ammunition. Like money, books must be kept in constant circulation. Lend and borrow to the maximum.

A bank is a place that will lend you money if you can prove that you don't need it.

No, I don't want your money. The world moves less by money than by what you owe people and what they owe you. I don't like to owe anybody anything, so I keep to myself as much on the lending side as I can.

He had a principle: if you lend money and never see the person again, that's money well spent.

I can lend you my money not my books.

Many have given up. They stay home and watch the TV screen, living on the earnings of their parents, cousins, bothers, or uncles, and only leave the house to go to the movies or to the nearest bar. "How're you making it?" on may ask, running into them along the block, or in the bar. "Oh, I'm TV-ing it"; with the saddest, sweetest, most shamefaced of smiles, and from a great distance. This distance one is compelled to respect; anyone who has traveled so far will not easily be dragged again into the world. There are further retreats, of course, than the TV screen or the bar. There are those who are simply sitting on their stoops, "stoned," animated for a moment only, and hideously, by the approach of someone who may lend them the money for a "fix." Or by the approach of someone from whom they can purchase it, one of the shrewd ones, on the way to prison or just coming out.

That's always the way in this world. The chappies you'd like to lend money to won't let you, whereas the chappies you don't want to lend it to will do everything except actually stand you on your head and lift the specie out of your pockets.

Instead of digging for gold, sell shovels. Instead of taking a class, offer a class. Instead of borrowing money, lend it. Instead of taking a job, hire for jobs. Instead of taking a mortgage, hold a mortgage. Break free from consumption, switch sides, and reorient to the world as producer.

When a destitute mother starts earning an income, her dreams of success invariably center around her children. A woman's second priority is the household. She wants to buy utensils, build a stronger roof, or find a bed for herself and her family. A man has an entirely different set of priorities. When a destitute father earns extra income, he focuses more attention on himself. Thus money entering a household through a woman brings more benefits to the family as a whole.

If you don't find a good teacher, find a good book.

As my father used to say: "There are two sure ways to lose a friend, one is to borrow, the other to lend.

And we mean to treat you all,' added Lydia, 'but you must lend us the money, for we have just spent ours at the shop out there.

We are lending money we don’t have to kids who can’t pay it back to train them for jobs that no longer exist.

I don’t understand why you don’t trust me. It’s not like you have a reason to not trust me. So, lend me some money, and let me give you the reason you were looking for to not trust me. Wouldn’t you rather be proved right than not lose money?

WHEN YOU LEND MONEY, DON’T EXPECT TO GET IT BACK.

For peace read books, for success read books and take actions.

This Power Elite directly employs several millions of the country´s working force in its factories, offices and stores, controls many millions more by lending them the money to buy its products, and, through its ownership of the media of mass communication, influences the thoughts, the feelings and the actions of virtually everybody. To parody the words of W. Churchill, never have so many been manipulated so much by few.

Complicated financial stuff was being dreamed up for the sole purpose of lending money to people who could never repay it.

One of the commonest things to do with savings is to lend them to some Government. In view of the fact that the bulk of the public expenditure of most civilized Governments consists in payment for past wars or preparation for future wars, the man who lends his money to a Government is in the same position as the bad men in Shakespeare who hire murderers. The net result of the man's economical habits is to increase the armed forces of the State to which he lends his savings. Obviously it would be better if he spent the money, even if he spent it in drink or gambling.

Desire is what lends power to thought, it is that element that separates a wish or a day dream into reality, if properly directed.

And a mortgage used to be something you were expected to repay. But now that every other middle-income family has a mortgage for an amount they couldn't possibly save up in their lifetimes, then the bank isn't lending money anymore. It's offering financing. And then homes are no longer homes. They're investments. ...It means that the poor get poorer, the rich get richer, and the real class divide is between those who can borrow money and those who can't. Because no matter how much money anyone earns, they still lie awake at the end of the month worrying about money. Everyone looks at what their neighbors have and wonders, "How can they afford that?" because everyone is living beyond their means. So not even really rich people ever feel really rich, because in the end the only thing you can buy is a more expensive version of something you've already got. With borrowed money.

Buying an apartment is completely out of the question, the bank said, because who’d lend money to someone without money? You only lend money to people who don’t really need to borrow money. So where are you to live, you might ask.

For years she had had her back against the stone wall of Rhett's love and had taken it as much for granted as she had taken Melanie's love, flattering herself that she drew her strength from herself alone. And even as she had realized earlier in the evening that Melanie had been beside her in her bitter campaigns against life, now she knew that silent in the background, Rhett had stood, loving her, understanding her, ready to help. Rhett at the bazaar, reading her impatience in her eyes and leading her out in the reel, Rhett helping her out of the bondage of mourning, Rhett convoying her through the fire and explosion the night Atlanta fell, Rhett lending her the money that gave her her start, Rhett who comforted her when she woke in the nights crying with fright from her dreams-why, no man did such things without loving a woman to distraction!

The bankers might not have said it in so many words, but gradually their strategy emerged: Target families who were already in a little trouble, lend them more money, get them entangled in high fees and astronomical interest rates, and then block the doors to the bankruptcy exit if they really got in over their heads.

The surest way to ruin a man who doesn't know how to handle money is to give him some.

It is more profitable to be a lender than a spender.

You must know everything. The whole world will fall at your feet and grovel before you. Everybody must envy you. Do not trust people. Do not have friends. Do not lend them money. Do not give them your heart!

Earned money brings you security, borrowed money gets you slavery.

Money is a public good; as such, it lends itself to private exploitation.

A book lying idle on a shelf is wasted ammunition. Like money, books must be in constant circulation. Lend and borrow to the maximum.

Who takes out a home loan and doesn’t make the first payment?” asked Danny Moses, putting the matter one way. “Who the fuck lends money to people who can’t make the first payment?” asked Eisman, putting it another.

Why use the most advanced communications technology in history to teach people basic geography, or how World Bank structural adjustment lending works, when we can instead show people idiots drinking donkey semen for money?

You haven't any right to expect your friends to be larger than yourself, larger than life. Just take them as they are, cut down to average size, and be glad you have them. To drink with, laugh with, borrow money from, lend money to, stay away from their special girls as you want them to stay away from yours, and above all, never break your word to, once it's been given. And that is all the obligation you have, all you have the right to expect. ("New York Blues")

Here’s a little nugget I’ve learned in life about the secret to being a good friend: when words won’t suffice, lend an ear. When you can’t march into a courtroom or a conference room or a classroom and lay the smack down, lend your shoulder to cry on. When you don’t have money for expensive presents, offer your simple presence. And when you don’t know what else to do for someone, pray for him or her. It does matter. It is enough. It will be remembered for years to come.

That's always the way in this world. The chappies you'd like to lend money to won't let you, whereas the chappies you don't want to lend it to will do everything except actually stand you on your head and lift the specie out of your pockets. As a lad who has always rolled tolerably freely in the right stuff, I've had lots of experience of the second class. Many's the time, back in London, I've hurried along Piccadilly and felt the hot breath of the toucher on the back of my neck and heard his sharp excited yapping as he closed in on me. I've simply spent my life scattering largesse to blighters I didn't care a hang for; yet here was I now, dripping doubloons and pieces of eight and longing to hand them over, and. Bicky, poor fish, absolutely on his uppers, not taking any at any price.

Eponymous Clent- Wanted for thirty-nine cases of fraud, counterfeiting, selling, and circulating lewd and unlicensed literature, claiming to be the impecunious son of a duke, impersonating a magistrate, impersonating a horse doctor, breach of promise, forty-seven moonlit flits without payment of debts, robbing shrines, fleeing from justice before trial, stealing pies from windows and small furniture from inns, fabricating the Great Palthrop Horse Plague for purposes of profit, operating a hurdy-gurdy without a license. The public is advised against lending him money, buying anything from him, letting him rooms, or believing a word he says. Contrary to his professions, he will not pay you the day after tomorrow.

Signior Antonio, many a time and oft In the Rialto you have rated me About my moneys and my usances; Still have I borne it with a patient shrug, For suff’rance is the badge of all our tribe; You call me misbeliever, cut-throat dog, And spet upon my Jewish gaberdine, And all for use of that which is mine own. Well then, it now appears you need my help; Go to, then; you come to me, and you say ‘Shylock, we would have moneys.’ You say so: You that did void your rheum upon my beard, And foot me as you spurn a stranger cur Over your threshold; moneys is your suit. What should I say to you? Should I not say ‘Hath a dog money? Is it possible A cur can lend three thousand ducats?’ Or Shall I bend low and, in a bondman’s key, With bated breath and whisp’ring humbleness, Say this:— ‘Fair sir, you spit on me on Wednesday last; You spurn’d me such a day; another time You call’d me dog; and for these courtesies I’ll lend you thus much moneys?

The European authorities are effectively lending Greece money so Greece can repay the money it borrowed from them’ (‘Most

A bank is a place that will lend you money if………………………………… you can prove you don’t need it.

bank isn’t lending money anymore. It’s offering financing. And then homes are no longer homes. They’re investments.

Lend money to an enemy and you will gain him, to a friend and you will lose him.

He had a principle: if you lend money and never see the person again, that’s money well spent. Morgana aroused mixed feelings of fascination

He had a principle: if you lend money and never see the person again, that’s money well spent.

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted notto debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.

I do not pretend to give such a sum; I only lend it to you. When you shall return to your country with a good character, you cannot fail of getting into some business, that will in time enable you to pay all your debts. In that case, when you meet with another honest man in similar distress, you must pay me by lending this sum to him; enjoining him to discharge the debt by a like operation, when he shall be able, and shall meet with such another opportunity. I hope it may thus go through many hands, before it meets with a knave that will stop its progress. This is a trick of mine for doing a deal of good with a little money.

In the days when money was backed by its face value in silver or gold, there were limits to how much wealth could flow around the world. Today, it's virtual money that the bank lends into existence on a computer screen. "And unless the economy continually expands, there is no new flow of money to pay back that money, plus interest." . . . "As it stands now, if banks start loaning money more slowly than they collect debts, the quantity of money in the economy goes down, and it's impossible to pay back debts. So we get defaults on houses . . . our economy plunges into misery and unemployment. Under our current monetary system, the only alternative to that is endless growth. So one absolute thing we have to change is the whole nature of the monetary system. . . . we deny banks the right to create money." . . . There's a challenge with that solution, he admits. "You're trying to take the right to create wealth away from some of the wealthiest people on the planet.

In a lot of ways it is easier to do things on a large scale. It is easier to build a skyscraper in Manhattan than it is to buy a bungalow in the Bronx. For one thing, it takes just as much time to close a big deal as it does to close a small deal. You will endure as much stress and aggravation; you will have all the same headaches and problems. It is easier to finance a big deal. Bankers would much rather lend money for a big project than for a small one. They are more comfortable investing money in a big prestigious building than they are a rundown house in a bad section of town. If you succeed with the big project, you stand to gain a lot more money.

Since Christians were not allowed to lend money at interest, some other group of merchants had to be created. The Jews became moneylenders by default, as it were, and as a result they were abused and despised in equal measure.

Governments and central banks were quietly admitting something they were still reluctant to announce publicly: the extraordinary power of private-sector banks lending to determine the pace of money creation, and therefore economic growth.

Barney Frank wanted to know where the Fed was going to get the $85 billion to lend to AIG. I didn’t think this was the time to explain the mechanics of creating bank reserves. I said, “We have $800 billion,” referring to the pre-crisis size of the Fed’s balance sheet. Barney looked stunned. He didn’t see why the Fed should have that kind of money at its disposal.

Back in those less complicated times, there were lots of industries that operated more or less by rote: the old banker’s motto, for instance, was “3-6-3”: take money in at 3 percent, lend it out at 6 percent, and be on the golf course by 3 P.M.

Never in my life did I lend the unfortunate Dmitri Fyodorovich Karamazov (for he is unfortunate now, in any case) the sum of three thousand roubles today, or any other money, never, never! I swear to it by all that is holy in our world." Khokhlakov

Companies should embrace data-driven decision-making because it enables them to make informed decisions based on concrete evidence rather than speculation, leading to more efficient operations, better strategies, and improved competitiveness in today's data-rich business environment.

I realised that even a man’s reforming zeal ought not to make him exceed his limits. I also saw that in thus lending trust-money I had disobeyed the cardinal teaching of the Gita, viz., the duty of a man of equipoise to act without desire for the fruit. The error became for me a beacon-light of warning.

Banks, credit unions, and non-bank private lenders are common corporate lenders. But when you’re leading a company, it’s important to think carefully about which of these will be the right partner for your lending needs. Having the right lender may be as important as obtaining the right amount of money.

Not give—lend! Isn’t that what your people do? You lend money to poor suckers and then charge a million percent interest? That’s all I’m asking for here. You lend me … let’s say, three hundred bucks now, and I’ll pay it back with interest.” “If you can afford to pay back a loan with interest, then why don’t you just lend Sebastian the money?

One of the commonest things to do with savings is to lend them to some Government. In view of the fact that the bulk of the public expenditure of most civilized Governments consists in payment for past wars or preparation for future wars, the man who lends his money to a Government is in the same position as the bad men in Shakespeare who hire murderers.

a You shall not lend him your money at interest, nor give him your food for profit.

Everyone knows that banks take in deposits and lend out money, but they don’t always realize that when banks lend, they actually create money. We call that money credit.

Lenders want to have peace of mind when it comes to getting their money back plus profit – collateral is one thing that gives that peace of mind.

I’m afraid J.P. Morgan and Company doesn’t lend to women,” he said amicably. “If you get married again, come see me. We’d be happy to lend the money to your husband.

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.

Depreciation of money can benefit debtors only when it is unforeseen. If inflationary measures and a reduction of the value of money are expected, then those who lend money will demand higher interest in order to compensate their probable loss of capital, and those who seek loans will be prepared to pay the higher interest because they have a prospect of gaining on capital account.

Whereas traditionally the family was the main matchmaker, today it’s the market that tailors our romantic and sexual preferences, and then lends a hand in providing for them – for a fat fee. Previously bride and groom met in the family living room, and money passed from the hands of one father to another. Today courting is done at bars and cafés, and money passes from the hands of lovers to waitresses. Even more money is transferred to the bank accounts of fashion designers, gym managers, dieticians, cosmeticians and plastic surgeons, who help us arrive at the café looking as similar as possible to the market’s ideal of beauty.

There’s a certain man, an archetype, he’s a model of dependability for his male friends, all the things a friend should be, an ally and confidant, lends money, gives advice, loyal and so on, but sheer hell on women. Living breathing hell. The closer a woman gets, the clearer it becomes to him that she is not one of his male friends. And the more awful it becomes for her. This is Keith. This is the man you’re going to marry.

If you would know the value of money, go and try to borrow some; for he that goes a borrowing goes a sorrowing, as Poor Richard says; and indeed so does he that lends to such people, when he goes to get it in again.

Customers deposit money in a bank for interest; the bank lends that money to other people at a higher rate of interest. This isn't glamorous or interesting, but then banking is not supposed to resemble base jumping or hip-hop.

Mother always put money away for any poor relatives who visited us from distant villages. It was she, by her concern for the poor and the disadvantaged, who helped me discover my interest in economics and social reform. Mother

Every agent has a Sig Weiss—as a rosy dream. You sit there day after day paddling through oceans of slush, hoping one day to run across a manuscript that means something—sincerity, integrity, high word rates—things like that. You try to understand what editors want in spite of what they say they want, and then you try to tell it to writers who never listen unless they’re talking. You lend them money and psychoanalyze them and agree with them when they lie to themselves. When they write stories that don’t make it, it’s your fault. When they write stories that do make it, they did it by themselves. And when they hit the big time, they get themselves another agent. In the meantime, nobody likes you.

There is one hour in his life when we see a flash of utter physical action on Christ's part, an hour when this most curious of men must have experienced the sheer joyous exuberance of a young mammal in full flight: when he lets himself go and flings over the first money changer's table in the Temple at Jerusalem, coins flying, doves thrashing into the air, oxen bellowing, sheep yowling, the money changer going head-over-teakettle, all heads turning, what the...? You don't think Christ got a shot of utter childlike physical glee at that moment? Too late to stop now, his rage rushing to his head, his veiny carpenter's-son wiry arms and hard feet milling as he whizzes through the Temple overturning tables, smashing birdcages, probably popping a furious money-changer here and there with a quick left jab or a well-placed Divine Right Elbow to the money-lending teeth, whipping his scourge of cords against the billboard-size flank of an ox, men scrambling to get out of the way, to grab some of the flying coins, to get a punch in on this nutty rube causing all the ruckus... In all this holy rage and chaos, don't you think there was a little absolute boyish mindless physical jittery joy in the guy?

The sudden introduction of these magic mortgage bonds into the marketplace pushed most every major institutional investor in the world to suddenly become consumed with the desire to lend money to American home borrowers, even if they didn’t know to whom exactly they were lending or how exactly these borrowers were qualifying for their home loans. As a result of this lunatic process, houses in middle- and lower-income neighborhoods from Fresno to the Jersey Shore became jammed full of new home borrowers, millions and millions of them, who in many cases were not equal to the task of making their monthly payments. The situation was tenable so long as housing prices kept rising and these teeming new populations of home borrowers could keep their heads above water, selling or refinancing their way out of trouble if need be. But the instant the arrow began tilting downward, this rapidly expanding death-balloon of phony real estate value inevitably had to—and did—explode.

The revenue derived from labour is called wages; that derived from stock, by the person who manages or employs it, is called profit; that derived from it by the person who does not employ it himself, but lends it to another, is called the interest or the use of money.

Didn't you get the money for the taxes? Don't tell me the wolf is still at the door of Tara." There was a different tone in his voice. She looked up to meet his dark eyes and caught an expression which startled and puzzled her at first, and then made her suddenly smile, a sweet and charming smile which was seldom on her face these days. What a perverse wretch he was, but how nice he could be at times! She knew now that the real reason for his call was not to tease her but to make sure she had gotten the money for which she had been so desperate. She knew now that he had hurried to her as soon as he was released, without the slightest appearance of hurry, to lend her the money if she still needed it. And yet he would torment and insult her and deny that such was his intent, should she accuse him. He was quite beyond all comprehension. Did he really care about her, more than he was willing to admit? Or did he have some other motive? Probably the latter, she thought. But who could tell? He did such strange things sometimes. "No," she said, "the wolf isn't at the door any longer. I--I got the money." "But not without a struggle, I'll warrant. Did you manage to restrain yourself until you got the wedding ring on your finger?" She tried not to smile at his accurate summing up of her conduct but she could not help dimpling.

When you lend someone money, you are in the position of power. But when you want to take your money back, you are powerless. Similarly, when you do the hardwork, you are in power. But when you want result of your hardwork, you are on the mercy of the universe. The result is not in your hand. The Paramatma - the supreme soul - is on the both side: He is in seeker as well as giver, employee as well as employer, lender as well as debtor. Closer you are to knowing the Paramatma, more powerful you feel in getting the result that you want.

Not pursuing your “own pleasure” on the Sabbath requires self-discipline. You may have to deny yourself of something you might like. If you choose to delight yourself in the Lord, you will not permit yourself to treat it as any other day. Routine and recreational activities can be done some other time. Think of this: In paying tithing, we return one-tenth of our increase to the Lord. In keeping the Sabbath holy, we reserve one day in seven as His. So it is our privilege to consecrate both money and time to Him who lends us life each day.

The housing market is going to crash again. Maybe not tomorrow, but it's going to crash again. We know that. Yet we still lend money. When people lose everything, we tell them it was their responsibility, that those are the rules of the game, that it was their own fault they were so greedy. But of course that isn't true. Most people aren't greedy, most people are just . . . like you said when we were talking about the picture: they're just looking for something to cling on to. Something to fight for. They want somewhere to live, somewhere to raise their children, live their lives.

You reflect that he is worth twenty thousand dollars, and you incur no risk by endorsing his note; you like to accommodate him, and you lend your name without taking the precaution of getting security. Shortly after, he shows you the note with your endorsement canceled, and tells you, probably truly, "that he made the profit that he expected by the operation," you reflect that you have done a good action, and the thought makes you feel happy. By and by, the same thing occurs again and you do it again; you have already fixed the impression in your mind that it is perfectly safe to indorse his notes without security.

The options also were a way of shifting enormous risk from Renaissance to the banks. Because the lenders technically owned the underlying securities in the basket-options transactions, the most Medallion could lose in the event of a sudden collapse was the premium it had paid for the options and the collateral held by the banks. That amounted to several hundred million dollars. By contrast, the banks faced billions of dollars of potential losses if Medallion were to experience deep troubles. In the words of a banker involved in the lending arrangement, the options allowed Medallion to “ring-fence” its stock portfolios, protecting other parts of the firm, including Laufer’s still-thriving futures trading, and ensuring Renaissance’s survival in the event something unforeseen took place. One staffer was so shocked by the terms of the financing that he shifted most of his life savings into Medallion, realizing the most he could lose was about 20 percent of his money.

Watch out for being “overly helpful.” Don’t allow yourself to get tricked into doing tasks, lending money, giving up personal information, and doing other things for someone you do not know very well. In fact, get comfortable with setting reasonable boundaries, even with people you have known a long time—you may not know their full story.

When the central bank manipulates the interest rate lower than the market clearing price by directing banks to create more money by lending, they are at once reducing the amount of savings available in society and increasing the quantity demanded by borrowers while also directing the borrowed capital toward projects which cannot be completed.

What is the attraction of central bankers to issuing their own digital currencies? The answer lies in wider access to second-layer money. Recall that the Federal Reserve issues two types of money, wholesale reserves for private sector banks and retail cash for people. In order to provide monetary stimulus, the Fed issues reserves and hopes that private sector banks will use those reserves to circulate third-layer deposits into the economy by lending money. With a CBDC, the Fed could issue second-layer money directly to people in the form of digital helicopter money; the phrase “helicopter money” comes from Milton Friedman, who in 1969 provided the imagery of dropping cash out of a helicopter in order to stimulate economic demand.

In the meanwhile, just see how profitable the fruits of non-violence are in this life. You stay pure while someone else, someone like me and my Rajput clan, does the sinning and the killing. While you religiously refrain yourself from bloodying your hands, you lend vast sums of money to finance the mightiest armies at minuscule decimal point percentages which add up to monstrous sums of interest.

White movie stars attracted by Harry Belafonte and Sidney Poitier were lending their names to the struggle, and their sincerity stood up against the most suspicious scrutiny. One evening at Belafonte's house, Shelley Winters explained why she was glad to contribute her money and her time to the SCLC. "It's not that I love Reverend King or all black people or even Harry Belafonte. I have a daughter. She's white and she's young now, but when she grows up and finds that most of the people in the world are black or brown or yellow, and have been oppressed for centuries by people who look like her, she's going to ask me what I did about it. I want to be able to say, 'The best I could.'" I was still suspicious of most white liberals, but Shelley Winters sounded practical and I trusted her immediately. After all, she was a mother just like me, looking after her child.

To be loved by a pure young girl, to be the first to reveal to her the strange mystery of love, is indeed a great happiness, but it is the simplest thing in the world. To take captive a heart which has had no experience of attack, is to enter an unfortified and ungarrisoned city. Education, family feeling, the sense of duty, the family, are strong sentinels, but there are no sentinels so vigilant as not to be deceived by a girl of sixteen to whom nature, by the voice of the man she loves, gives the first counsels of love, all the more ardent because they seem so pure. The more a girl believes in goodness, the more easily will she give way, if not to her lover, at least to love, for being without mistrust she is without force, and to win her love is a triumph that can be gained by any young man of five-and-twenty. See how young girls are watched and guarded! The walls of convents are not high enough, mothers have no locks strong enough, religion has no duties constant enough, to shut these charming birds in their cages, cages not even strewn with flowers. Then how surely must they desire the world which is hidden from them, how surely must they find it tempting, how surely must they listen to the first voice which comes to tell its secrets through their bars, and bless the hand which is the first to raise a corner of the mysterious veil! But to be really loved by a courtesan: that is a victory of infinitely greater difficulty. With them the body has worn out the soul, the senses have burned up the heart, dissipation has blunted the feelings. They have long known the words that we say to them, the means we use; they have sold the love that they inspire. They love by profession, and not by instinct. They are guarded better by their calculations than a virgin by her mother and her convent; and they have invented the word caprice for that unbartered love which they allow themselves from time to time, for a rest, for an excuse, for a consolation, like usurers, who cheat a thousand, and think they have bought their own redemption by once lending a sovereign to a poor devil who is dying of hunger without asking for interest or a receipt. Then, when God allows love to a courtesan, that love, which at first seems like a pardon, becomes for her almost without penitence. When a creature who has all her past to reproach herself with is taken all at once by a profound, sincere, irresistible love, of which she had never felt herself capable; when she has confessed her love, how absolutely the man whom she loves dominates her! How strong he feels with his cruel right to say: You do no more for love than you have done for money. They know not what proof to give. A child, says the fable, having often amused himself by crying "Help! a wolf!" in order to disturb the labourers in the field, was one day devoured by a Wolf, because those whom he had so often deceived no longer believed in his cries for help. It is the same with these unhappy women when they love seriously. They have lied so often that no one will believe them, and in the midst of their remorse they are devoured by their love.

In Bangladesh, if a woman, even a rich woman, wants to borrow money from a bank, the manager will ask her, ‘Did you discuss this with your husband?’ And if she answers, ‘Yes,’ the manager will say, ‘Is he supportive of your proposal?’ If the answer is still, ‘Yes,’ he will say, ‘Would you please bring your husband along so that we can discuss it with him?’ But no manager would ever ask a prospective male borrower whether he has discussed the idea of a loan

The real force that pushed history to breakneck velocity […] was not the share market. Share markets were simply not liquid enough to bankroll Edison-sized ambitions. At the turn of the 20th century […] neither the banks nor the share markets could raise the kind of money needed to build all those power stations, grids, factories and distribution networks. To get those vast projects off the ground, what was required was an equivalently-sized network of credit. Hand-in-hand, shareholding and technology led to the creation of shareholder-owned mega banks, willing to lend to the new mega firms by generating a new kind of mega debt. This took the form of vast overdraft facilities for the Thomas Edisons and the Henry Fords of the world. Of course, the money they were lent did not actually exist… yet. Rather, it was as if they were borrowing the future profits of their mega firms in order to fund those mega firms’ construction.

You may well ask: when the bubble finally burst, why did we not let the bankers crash and burn? Why weren't they held accountable for their absurd debts? For two reasons. First because the payment system - the simple means of transferring money from one account to another and on which every transaction relies - is monopolised by the very same bankers who were making the bets. Imagine having gifted your arteries and veins to a gambler. The moment he loses big at the casino, he can blackmail you for anything you have simply by threatening to cut off your circulation. Second, because the financiers' gambles contained deep inside the title deeds to the houses of the majority. A full-scale financial market collapse could therefore lead to mass homelessness and a complete breakdown in the social contract. Don't be surprised that the high and mighty financiers of Wall Street would bother financialising the modest homes of poor people. Having borrowed as much as they could off banks and rich clients in order to place their crazy bets, they craved more since the more they bet, the more they made. So they created more debt from scratch to use as raw materials for more bets. How? By lending to impecunious blue collar worker who dreamed of the security of one day owning their own home. What if these little people could not actually afford their mortgage in the medium term? In contrast to bankers of old, the Jills and the Jacks who actually leant them the money did not care if the repayments were made because they never intended to collect. Instead, having granted the mortgage, they put it into their computerised grinder, chopped it up literally into tiny pieces of debt and repackaged them into one of their labyrinthine derivatives which they would then sell at a profit. By the time the poor homeowner had defaulted and their home was repossessed, the financier who granted the loan in the first place had long since moved on.

We don’t worry about who manages the bank or what they do with our money. Even if we hear on the news that our bank has started to lend large sums of money to piano-playing cats, which we think is a bad idea, we would not feel the need to show up at the bank the next morning to ask for all of our money back. If you had lent your money to an individual and they in turn lent your money to piano-playing cats, you would demand your money back immediately. But because you deposit your money into a bank account insured by the federal government, you feel no need to keep a watchful eye on what your bank does with the money. Insurance removes the incentive for customers to police a bank. It can also remove the incentive for banks to police themselves because they do not bear the full or even the most serious consequences of their actions. Removing the natural tendencies of the market to notice and punish bad choices creates a moral hazard that may result in well-funded cats and other undetected market risks.

Or again, in a plethoric condition of the corn and wine market these fruits of the soil will be so depreciated in value that the particular husbandries cease to be remunerative, and many a farmer will give up his tillage of the soil and betake himself to the business of a merchant, or of a shopkeeper, to banking or money-lending. But the converse is the case in the working of silver; there the larger the quantity of ore discovered and the greater the amount of silver extracted, the greater the number of persons ready to engage in the operation.

So far as variations in the objective exchange-value of money are foreseen, they influence the terms of credit transactions. If a future fall in the purchasing power of the monetary unit has to be reckoned with, lenders must be prepared for the fact that the sum of money which a debtor repays at the conclusion of the transaction will have a smaller purchasing power than the sum originally lent. Lenders, in fact, would do better not to lend at all, but to buy other goods with their money. The contrary is true for debtors. If they buy commodities with the money they have borrowed and sell them again after a time, they will retain a surplus over and above the sum that they have to pay back. The credit transaction results in a gain for them. Consequently it is not difficult to understand that, so long as continued depreciation is to be reckoned with, those who lend money demand higher rates of interest and those who borrow money are willing to pay the higher rates. If, on the other hand, it is expected that the value of money will increase, then the rate of interest will be lower than it would otherwise have been.

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.

The godfather’s name is Saul Alinsky. His most famous students are Barack Obama and Hillary Clinton. Hardly anyone recognizes this, but Alinsky and the Alinsky method is the hidden force behind the 2008 economic meltdown. The meltdown was the worst economic crisis since the Great Depression; it was the main cause of median wealth in the United States in the subsequent three years declining nearly 40 percent. While the meltdown is routinely attributed to Wall Street “greed,” its real cause was government and activist pressure on banks and banking agencies—like Fannie Mae and Freddie Mac—to change their lending and loan guarantee practices. Yes, the 2008 crash was actually the result of an Alinskyite scam—actually a series of Alinskyite scams, carried out over many years. Basically the Alinskyites were trying to steal money from the banks and, in the process, force the banks to make loans to people that they had no intention of making loans to. The banks acquiesced, and eventually the whole scheme came crashing down. It was toppled not by greed but by the sober reality that when you loan money to millions of people who cannot afford to pay, those people are very likely to default on those loans. That’s how Alinskyites almost destroyed the U.S. economy a few years ago. If Alinsky had never lived, none of this would have happened.

Greece’s economic problems weren’t new. For decades, the country had been plagued by low productivity, a bloated and inefficient public sector, massive tax avoidance, and unsustainable pension obligations. Despite that, throughout the 2000s, international capital markets had been happy to finance Greece’s steadily escalating deficits, much the same way that they’d been happy to finance a heap of subprime mortgages across the United States. In the wake of the Wall Street crisis, the mood grew less generous. When a new Greek government announced that its latest budget deficit far exceeded previous estimates, European bank stocks plunged and international lenders balked at lending Greece more money. The country suddenly teetered on the brink of default.

Still, it became a big challenge to train our bank workers to overcome opposition from political and religious leaders without endangering their safety and that of the women they were serving. We tried a variety of techniques, and after a few years we learned that our staff members should quietly go about their business in one tiny corner of the village. If just a handful of desperate women make a leap of faith and join Grameen, everything changes. They get their money, start to earn additional income, and nothing terrible happens to them. Others begin to show interest. We find that borrowing groups form quickly after the initial period of resistance. When the ice finally breaks, women who originally said no to us begin to say, “Why not? I need money, too. In fact, I need the money more desperately than those who already joined. And I can make better use of it!” Gradually people come to accept us, and opposition dies off. But in every new village, it is a battle to begin. After

I have had so many Dwellings, Nat, that I know these Streets as well as a strowling Beggar: I was born in this Nest of Death and Contagion and now, as they say, I have learned to feather it. When first I was with Sir Chris. I found lodgings in Phenix Street off Hogg Lane, close by St Giles and Tottenham Fields, and then in later times I was lodged at the corner of Queen Street and Thames Street, next to the Blew Posts in Cheapside. (It is still there, said Nat stirring up from his Seat, I have passed it!) In the time before the Fire, Nat, most of the buildings in London were made of timber and plaister, and stones were so cheap that a man might have a cart-load of them for six-pence or seven-pence; but now, like the Aegyptians, we are all for Stone. (And Nat broke in, I am for Stone!) The common sort of People gawp at the prodigious Rate of Building and exclaim to each other London is now another City or that House was not there Yesterday or the Situacion of the Streets is quite Changd (I contemn them when they say such things! Nat adds). But this Capital City of the World of Affliction is still the Capitol of Darknesse, or the Dungeon of Man's Desires: still in the Centre are no proper Streets nor Houses but a Wilderness of dirty rotten Sheds, allways tumbling or takeing Fire, with winding crooked passages, lakes of Mire and rills of stinking Mud, as befits the smokey grove of Moloch. (I have heard of that Gentleman, says Nat all a quiver). It is true that in what we call the Out-parts there are numberless ranges of new Buildings: in my old Black-Eagle Street, Nat, tenements have been rais'd and where my Mother and Father stared without understanding at their Destroyer (Death! he cryed) new-built Chambers swarm with life. But what a Chaos and Confusion is there: meer fields of Grass give way to crooked Passages and quiet Lanes to smoking Factors, and these new Houses, commonly built by the London workmen, are often burning and frequently tumbling down (I saw one, says he, I saw one tumbling!). Thus London grows more Monstrous, Straggling and out of all Shape: in this Hive of Noise and Ignorance, Nat, we are tyed to the World as to a sensible Carcasse and as we cross the stinking Body we call out What News? or What's a clock? And thus do I pass my Days a stranger to mankind. I'll not be a Stander-by, but you will not see me pass among them in the World. (You will disquiet your self, Master, says Nat coming towards me). And what a World is it, of Tricking and Bartering, Buying and Selling, Borrowing and Lending, Paying and Receiving; when I walk among the Piss and Sir-reverence of the Streets I hear, Money makes the old Wife trot, Money makes the Mare to go (and Nat adds, What Words won't do, Gold will). What is their God but shineing Dirt and to sing its Devotions come the Westminster-Hall-whores, the Charing-cross whores, the Whitehall whores, the Channel-row whores, the Strand whores, the Fleet Street whores, the Temple-bar whores; and they are followed in the same Catch by the Riband weavers, the Silver-lace makers, the Upholsterers, the Cabinet-makers, Watermen, Carmen, Porters, Plaisterers, Lightemen, Footmen, Shopkeepers, Journey-men... and my Voice grew faint through the Curtain of my Pain.

Melinda Pratt rides city bus number twelve to her cello lesson, wearing her mother's jean jacket and only one sock. Hallo, world, says Minna. Minna often addresses the world, sometimes silently, sometimes out loud. Bus number twelve is her favorite place for watching, inside and out. The bus passes cars and bicycles and people walking dogs. It passes store windows, and every so often Minna sees her face reflection, two dark eyes in a face as pale as a winter dawn. There are fourteen people on the bus today. Minna stands up to count them. She likes to count people, telephone poles, hats, umbrellas, and, lately, earrings. One girl, sitting directly in front of Minna, has seven earrings, five in one ear. She has wisps of dyed green hair that lie like forsythia buds against her neck. There are, Minna knows, a king, a past president of the United States, and a beauty queen on the bus. Minna can tell by looking. The king yawns and scratches his ear with his little finger. Scratches, not picks. The beauty queen sleeps, her mouth open, her hair the color of tomatoes not yet ripe. The past preside of the United States reads Teen Love and Body Builder's Annual. Next to Minna, leaning against the seat, is her cello in its zippered canvas case. Next to her cello is her younger brother, McGrew, who is humming. McGrew always hums. Sometimes he hums sentences, though most often it comes out like singing. McGrew's teachers do not enjoy McGrew answering questions in hums or song. Neither does the school principal, Mr. Ripley. McGrew spends lots of time sitting on the bench outside Mr. Ripley's office, humming. Today McGrew is humming the newspaper. First the headlines, then the sports section, then the comics. McGrew only laughs at the headlines. Minna smiles at her brother. He is small and stocky and compact like a suitcase. Minna loves him. McGrew always tells the truth, even when he shouldn't. He is kind. And he lends Minna money from the coffee jar he keeps beneath his mattress. Minna looks out the bus window and thinks about her life. Her one life. She likes artichokes and blue fingernail polish and Mozart played too fast. She loves baseball, and the month of March because no one else much likes March, and every shade of brown she has ever seen. But this is only one life. Someday, she knows, she will have another life. A better one. McGrew knows this, too. McGrew is ten years old. He knows nearly everything. He knows, for instance, that his older sister, Minna Pratt, age eleven, is sitting patiently next to her cello waiting to be a woman.

Equity financing, on the other hand, is unappealing to cooperators because it may mean relinquishing control to outside investors, which is a distinctly capitalist practice. Investors are not likely to buy non-voting shares; they will probably require representation on the board of directors because otherwise their money could potentially be expropriated. “For example, if the directors of the firm were workers, they might embezzle equity funds, refrain from paying dividends in order to raise wages, or dissipate resources on projects of dubious value.”105 In any case, the very idea of even partial outside ownership is contrary to the cooperative ethos. A general reason for traditional institutions’ reluctance to lend to cooperatives, and indeed for the rarity of cooperatives whether related to the difficulty of securing capital or not, is simply that a society’s history, culture, and ideologies might be hostile to the “co-op” idea. Needless to say, this is the case in most industrialized countries, especially the United States. The very notion of a workers’ cooperative might be viscerally unappealing and mysterious to bank officials, as it is to people of many walks of life. Stereotypes about inefficiency, unprofitability, inexperience, incompetence, and anti-capitalism might dispose officials to reject out of hand appeals for financial assistance from co-ops. Similarly, such cultural preconceptions may be an element in the widespread reluctance on the part of working people to try to start a cooperative. They simply have a “visceral aversion” to, and unfamiliarity with, the idea—which is also surely a function of the rarity of co-ops itself. Their rarity reinforces itself, in that it fosters a general ignorance of co-ops and the perception that they’re risky endeavors. Additionally, insofar as an anti-democratic passivity, a civic fragmentedness, a half-conscious sense of collective disempowerment, and a diffuse interpersonal alienation saturate society, this militates against initiating cooperative projects. It is simply taken for granted among many people that such things cannot be done. And they are assumed to require sophisticated entrepreneurial instincts. In most places, the cooperative idea is not even in the public consciousness; it has barely been heard of. Business propaganda has done its job well.106 But propaganda can be fought with propaganda. In fact, this is one of the most important things that activists can do, this elevation of cooperativism into the public consciousness. The more that people hear about it, know about it, learn of its successes and potentials, the more they’ll be open to it rather than instinctively thinking it’s “foreign,” “socialist,” “idealistic,” or “hippyish.” If successful cooperatives advertise their business form, that in itself performs a useful service for the movement. It cannot be overemphasized that the most important thing is to create a climate in which it is considered normal to try to form a co-op, in which that is seen as a perfectly legitimate and predictable option for a group of intelligent and capable unemployed workers. Lenders themselves will become less skeptical of the business form as it seeps into the culture’s consciousness.

How is money created? An example: You buy a house or take out a mortgage on the excess value of your property. You want 200,000 Dollars. The following happens. The bank’s computer adds these virtual numbers - because that is what they are - to your bank account, and then you have to bleed for the next 30 years, WITH INTEREST. The bank attached a fictional number to your name and for 30 years you need to work to pay the money back. The bank didn’t build your house, nor did it pay for the materials. That was done by people like you and me. They too have to pay, because they also have a mortgage. And when you die, your kids will have to pay taxes on your estate. Often, they have to take out a mortgage of their own to do so[74]. Another example of how banks create money out of nothing: You go to the bank to lend 1,000 Dollars. One year later, you have to pay 1,100 Dollars back, including interest. The additional 100 Dollars come from fellow citizens, for instance in the form of wages or profit sharing. In other words, the extra 100 Dollars come from society. This can only happen when the total amount of money in circulation increases. That increase – inflation – is created when the bank creates more money. In other words: “Interest payments are a direct way to create money.” All the money that exists comes from the bank. This remarkable phenomenon has been described as follows by Mr. Robert Hemphill, Credit Manager of the Federal Reserve Bank in Atlanta: “If all the bank loans were paid, there would not be a dollar in circulation. This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash, or credit. If the banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless situation is almost incredible - but there it is.”[75]

There are two famous quips of Stalin which are both grounded in this logic. When Stalin answered the question "Which deviation is worse, the Rightist or the Leftist one?" by "They are both worse!", the underlying premise is that the Leftist deviation is REALLY ("objectively," as Stalinists liked to put it) not leftist at all, but a concealed Rightist one! When Stalin wrote, in a report on a party congress, that the delegates, with the majority of votes, unanimously approved the CC resolution, the underlying premise is, again, that there was really no minority within the party: those who voted against thereby excluded themselves from the party... In all these cases, the genus repeatedly overlaps (fully coincides) with one of its species. This is also what allows Stalin to read history retroactively, so that things "become clear" retroactively: it was not that Trotsky was first fighting for the revolution with Lenin and Stalin and then, at a certain stage, opted for a different strategy than the one advocated by Stalin; this last opposition (Trotsky/Stalin) "makes it clear" how, "objectively," Trotsky was against revolution all the time back. We find the same procedure in the classificatory impasse the Stalinist ideologists and political activists faced in their struggle for collectivization in the years 1928-1933. In their attempt to account for their effort to crush the peasants' resistance in "scientific" Marxist terms, they divided peasants into three categories (classes): the poor peasants (no land or minimal land, working for others), natural allies of the workers; the autonomous middle peasants, oscillating between the exploited and exploiters; the rich peasants, "kulaks" (employing other workers, lending them money or seeds, etc.), the exploiting "class enemy" which, as such, has to be "liquidated." However, in practice, this classification became more and more blurred and inoperative: in the generalized poverty, clear criteria no longer applied, and other two categories often joined kulaks in their resistance to forced collectivization. An additional category was thus introduced, that of a subkulak, a peasant who, although, with regard to his economic situation, was to poor to be considered a kulak proper, nonetheless shared the kulak "counter-revolutionary" attitude.