Debt Quotes - Page 19

• Jesus Christ, who had all the power in the world, saw us enslaved by the very things we thought would free us ... He laid aside the infinities and immensities of His being and, at the cost of His life, paid the debt for our sins, purchasing us the only place our hearts can rest, in His Father's house. Knowing He did this will transform us from the inside out.

  Timothy Keller

  Jesus, Father, Heart

  Timothy Keller (2008). “The Prodigal God: Recovering the Heart of the Christian Faith”, p.33, Penguin

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• One thing is certain. At some point global investors will lose confidence in our (U.S.) easy dollars and debt-financed prosperity, and then the chickens will come home to roost.

  David Stockman

  Home, Dollars, Prosperity

  David Stockman (2013). “The Triumph of Politics: Why the Reagan Revolution Failed”, p.398, PublicAffairs

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• The ingenious slogan that the public debt does not matter because 'we owe it to ourselves' is clearly absurd.

  Murray Rothbard

  Doe, Matter, Absurd

  Murray N. Rothbard (2009). “Man, Economy, and State, Scholar's Edition”, p.1027, Ludwig von Mises Institute

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• We may casually talk of all sorts of new programs and 'stimulus,' but the vast trillion-dollar collective national debt and rising annual deficits will insidiously hamstring almost everything we plan to do.

  Victor Davis Hanson

  Dollars, Rising, May

  "Divine Debt Trumps All" by Victor Davis Hanson, www.realclearpolitics.com. August 20, 2009.

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• Politicians in their hubris who believe they can ignore debt or wish it away are sorely disappointed - as we see now with the plummeting approval ratings of both the administration and Congress.

  Victor Davis Hanson

  Believe, Approval Rating, Wish

  "Divine Debt Trumps All" by Victor Davis Hanson, www.realclearpolitics.com. August 20, 2009.

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• The financial history of the last century shows a steady increase in the amount of public indebtedness. Nobody believes that the states will eternally drag the burden of these interest payments. It is obvious that sooner or later all these debts will be liquidated in some way or other, but certainly not by payment of interest and principal according to the terms of the contract.

  Ludwig von Mises

  Believe, Way, Lasts

  Ludwig von Mises (2016). “Human Action”, p.282, Lulu Press, Inc

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• Monetary reform, if it is to be genuine and successful, must sever money and banking from politics. That's why a modern gold standard must have: no central bank; no fixed rations between gold and silver; no bail-outs; no suspension of gold payments or other bank frauds; no monetization of debt; and no inflation of the money supply, all of which have proved so disastrous in the past.

  Lawrence Reed

  Successful, Past, Gold

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• In a speech at the just-concluded G20 summit in London, President Obama urged Americans not to let their fears crimp their spending. It would be unwise, he argued, for Americans to let the fear of job loss, lack of savings, unpaid bills, credit card debt or student loans deter them from making major purchases. According to the president, 'we must spend now as an investment for the future'....instead of saving for the future, we must spend for the future.

  Peter Schiff

  Jobs, Loss, President

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• In a world dependent on international trade and commerce, and staggering under a heavy load of international debt, no policy is more destructive than protectionism. It cuts off markets, eliminates trade, causes unemployment in the export industries all over the world, depresses the prices of export commodities, especially farm products of the United States. It is the crowning folly of government intervention.

  Hans F. Sennholz

  Depressing, Cutting, Government

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• Obama and his Democrats need to be placed on the defensive. They are the primary drivers of this spending; they are the obstructers of entitlement reform and the national debt continues to burn while they fiddle.

  David Limbaugh

  Reform, Needs, Entitlement

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• None of the problems that caused the crises in Europe and America have been resolved. They have been delayed and expanded by more debt and more money printing and will lead to more and worse crises.

  Bill Bonner

  Europe And America, Problem, Printing

  "Investment Legends: 'Dollar Collapse Inevitable'". Interview with Jeff Clark, www.caseyresearch.com. March 23, 2011.

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• Since there is no orderly way to liquidate the federal debt, we must brace for a payment crisis.

  Hans F. Sennholz

  Way, Braces, Payment

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• When Obama's economic advisers - a greater group of schlemiels would be hard to find - warn that failure to raise the limit will trigger default and horrific consequences for the global economy, Republicans should reply that if this is so, tell it to your president and get him to approve the spending cuts along with the debt-limit increase.

  Dick Morris

  Cutting, President, Groups

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• If there is one common theme to the vast range of crises...it is that excessive debt accumulation, whether it be by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom.

  Carmen Reinhart

  Government, Risk, Corporations

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• Perhaps more than anything else, failure to recognize the precariousness and fickleness of confidence - especially in cases in which large short-term debts need to be rolled over continuously - is the key factor that gives rise to the this-time-is-different syndrome. Highly indebted governments, banks, or corporations can seem to be merrily rolling along for an extended period, when bang! - confidence collapses, lenders disappear, and a crisis hits.

  Carmen Reinhart

  Keys, Government, Giving

  "This Time Is Different: Eight Centuries of Financial Folly". Book by Carmen M. Reinhart, Kenneth S. Rogoff, 2009.

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• If rather than setting the minimum balance as the lowest possible amount, so we keep people in debt for as long as possible, we raise the minimum payment and encourage people to pay off their credit cards, we're going to make less money, but we're going to have costumers that are more solvent.

  Richard Thaler

  Long, People, Balance

  "Big Think Interview With Richard Thaler". bigthink.com. June 19, 2009.

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• Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.

  Richard Thaler

  Retirement, Credit, Cash

  Source: bigthink.com

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• Like to have a catalyst - reduces dependence on the market: Distressed debt inherently has a catalyst - maturity.

  Seth Klarman

  Maturity, Catalyst, Dependence

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• The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.

  Seth Klarman

  Government, Unattractive, Program

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• Of course I'm troubled by huge consumer debt levels - we've pushed consumer credit very hard in the US. Eventually, if it keeps growing, it will stop growing. As Herb Stein said, "If something cannot go on forever, it will stop." When it stops, it may be unpleasant. Other than Herb Stein's quote, I have no comment. But the things that trouble you are troubling me.

  Charlie Munger

  Forever, Credit, Goes On

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• The share price must be less than book value. Preferably it will be less than net working capital less long term debt.

  Peter Cundill

  Book, Long, Share

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• Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if required.

  Peter Cundill

  Long, Balance, Rooms

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• Contentment may be the most powerful Financial Principle. You can give more, avoid debt, and live better.

  Dave Ramsey

  Powerful, Giving, Contentment

  Twitter post from Feb 4, 2015

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• Our real debt ceiling isn't decided by Washington; it's decided by Beijing.

  David Burge

  Real, Ceilings, Beijing

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• It will be a great day when taxpayers keep the money they earned and DC has to hold a bake sale to to raise the debt limit.

  David Burge

  Great Day, Limits, Taxpayers

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