Quotes About Creditors

Modern creditors avert public cancellation of debts (and making banks a public utility) by pretending that lending provides mutual benefit in which the borrower gains – consumer goods now rather than later, or money to run a business or buy an asset that earns enough to pay back the creditor with interest and still leave a profit for the debtor.

Cancelling debts was politically easiest when governments or public institutions (temples, palaces or civic authorities) were the major creditors, because they were cancelling debts owed to themselves. This is an argument for why governments should be the main suppliers of money and credit as a public utility.

despite "the ease with which US corporations can walk away from their creditors is breathtaking," no such leeway or adjustment exists when it comes to nations and their governments. The intent is to subordinate government power to Wall Street and London bankers.

East thus avoided the economic polarization between creditors and debtors that ended up imposing bondage on most of classical antiquity.

The creditors' objective is to replace the customary right of citizens to self-support by its opposite principle: the right of creditors to foreclose on the property and means of livelihood pledged as collateral (or to buy it at distress prices), and to make these transfers irreversible.

If debts are not written down, they will expand and become a lever for creditors to pry away land and income from the indebted economy at large. That is why debt cancellations to save rural economies from insolvency were deemed sacred from Sumer and Babylonia through the Bible.

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.

A return to classical bank policy would deem loans fraudulent and annul debts when creditors do not lend with any reasonable calculation of how the debt can be paid in the normal course of economic life. Loans made without such a calculation should be considered predatory. The natural check on such behavior is to permit mortgage debtors to walk away from their homes, free of the debts attached to them, letting title revert to the banks that over-lent.

I kept up the bluff, hoping that I might eventually hit upon some workable plan to pay all of my creditors in full.

Will not your creditors suddenly arise and those who disturb you awaken? Then you will become their prey.