Some of you may remember the lyrics of the Billie Holiday blues song, God Bless the Child:
“Them that’s got shall get,
“Them that’s not shall lose,
“So the Bible says and it still is news.”
Those lyrics refer to Proverbs 22:7 which warns that, “The rich rule over the poor, and the borrower is servant to the lender.” Them that’s got (the rich) shall get (rule); them that’s not (the poor) shall be ruled, even oppressed—and/or act as “servants” (even slaves) to the rich (those able to lend money).
Given that Proverbs was written almost 3,000 years ago, you can’t argue that the debtor’s dangerous relationship as “servant” or “slave” to the lender is really “news”.
The “news,” if any, is humanity’s persistent addiction to the “high” we call credit and aversion to the subsequent “depression” we call debt.
We know that debt can be dangerous and even self-destructive. Nevertheless, if you want to catch a man or a nation, bait your trap with credit.