By Steve Fraser
January 29, 2013 | Shakespeare’s
Polonius offered this classic advice to his son: “neither a borrower
nor a lender be.” Many of our nation’s Founding Fathers emphatically
saw it otherwise. They often lived by the maxim: always a borrower,
never a lender be. As tobacco and rice planters, slave traders, and
merchants, as well as land and currency speculators, they depended upon
long lines of credit to finance their livelihoods and splendid ways of
life. So, too, in those days, did shopkeepers, tradesmen, artisans, and
farmers, as well as casual laborers and sailors. Without debt, the
seedlings of a commercial economy could never have grown to maturity.
Ben
Franklin, however, was wary on the subject. “Rather go to bed
supperless than rise in debt” was his warning, and even now his
cautionary words carry great moral weight. We worry about debt, yet we
can’t live without it.
Debt remains, as it long has been, the Dr.
Jekyll and Mr. Hyde of capitalism. For a small minority, it’s a
blessing; for others a curse. For some the moral burden of carrying
debt is a heavy one, and no one lets them forget it. For privileged
others, debt bears no moral baggage at all, presents itself as an
opportunity to prosper, and if things go wrong can be dumped without a
qualm.