Debt is Better

Merchant of Venice

Merchant of Venice

Greed is an unquenchable desire for more. It transcends all boundaries and race. Greed is jealous when others have more. It is an intense craving that will not hesitate to destroy those in its way. It will do anything – lie, cheat, or kill, just to get that little more. Never be deceived that if a person has more, greed diminishes. On the contrary, the urge to have dramatically increased. The richest 1% holds 46% of the world’s wealth. The 85 richest people are as wealthy as the poorest half of the world. The only conclusion for these horrendous statistics can only be attributed to the power of greed. 

Greed is the intent to get beyond what you already have. It desires that which is not already theirs. Debt, on the other, is to get what is not already yours with a promissory note that the acquisition will be repaid in due time. When greed has debt as its accomplice, it creates the perfect environment for “success”. The desire of the heart is no longer out of reach, but can now legally acquired. Debt makes greed real. Hence, “debt is better”. As long as this argument holds true, then the lenders (banksters) are truly gods. They make dreams come true.

Unfortunately, this argument is flawed as debt is not free but comes with a promise to repay. As in Shakespeare’s “Merchant of Venice”, that innocuous promise may end up with repaying with the debtor’s life. Banksters will also demand a pound of flesh and a pint of  blood from debt defaulters. There will be no free loader. So, is “debt better?

Paradoxically, debt is indeed better, but only better for some. Banks are supposed to be creditors of those whom they have disbursed loans. But the roles of banks have morphed from creditor to debtor. Banks are permitted to owe so much that they became “too big to fail”. Once that status has been reached, “debt is wonderful”. The Federal Reserve will not allow banks to fail. It offers almost a guarantee that the Fed will give the banks money to sustain their failures. When that fails, the Fed has a better scheme to use depositors’ funds to “bail-in” defaulting banks. With the double guarantee, how can banks fail? Therefore, the more debt the banks have, all the better.

Another group of debtors is also immune from debt default – sovereign nations. Countries can print money. When the debt burden gets too heavy and debt cannot be repaid, it is a matter of declaring insolvency and just walk away from debt. If that fails, then start a war. This is no new strategy. Wikipedia listed a long list of countries that have defaulted. So if you think that debt is bad, think again. Just remember if you are in one of the favoured category immune from debt. If you are “too big to fail”, you become “too big to jail”. If you are not, debt will destroy every ounce of your remaining life.

Psalm 37:21
The wicked borroweth, and payeth not again: but the righteous sheweth mercy, and giveth.


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