Debt

Margaret Atwood has an interesting op-ed in the NYTimes on the subject of debt.

Coincidentally, the students in my Colonial American history course just read a bit from Ben Franklin's Poor Richard's Almanac (1757) in which he explains his aversion to debt. I couldn't help but think about it in the context of our growing national debt and its relation to America's increased concern about the rise of China. I'm still trying to figure out how else it might apply now that the American taxpayer has become the creditor to several of our major banks. Anyway, here's what Ben has to say (with his emphasis, not mine) --

“What Madness must it be to run in Debt for these Superfluities!... [T]hink what you do when you run in Debt; You give another Power over your Liberty. If you cannot pay at the Time, you will be ashamed to see your Creditor; you will be in Fear when you speak to him; you will make poor pitiful sneaking Excuses, and by Degrees come to lose your Veracity, and sink into base downright lying; for, as Poor Richard says…Lying rides upon Debt’s Back. Whereas a freeborn Englishman ought not to be ashamed or afraid to see or speak to any Man living. But Poverty often deprives a Man of all Spirit and Virtue….

The Borrower is a Slave to the Lender, and the Debtor to the Creditor, disdain the Chain, preserve your Freedom; and maintain your Independency: Be industrious and free; be frugal and free….

This Doctrine, my Friends, is Reason and Wisdom; but after all, do not depend too much upon your own Industry, and Frugality, and Prudence, though excellent Things, for they may all be blasted without the Blessing of Heaven; and therefore ask that Blessing humbly, and be not uncharitable to those that at present seem to want it, but comfort and help them.”