Debt Is Slavery

Here are some of the quotes from Money and Wealth: What You Should’ve Learned as a Teen, Book 2.

“Live within your means, never be in debt…when you get in debt you become a slave. Therefore I say to you never involve yourself in debt, and become no man’s surety.” Andrew Jackson to his ward, 1833

“The trifling economy of paper, as a cheaper medium, or its convenience of transmission, weighs nothing in opposition to the advantages of the precious metals; that it is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted.” Thomas Jefferson, letter to John W. Eppes, Nov. 6, 1813

“All the perplexities, confusion and distress in America arises, not from the defects in their constitution or confederation, not from want of honor or virtue, so much as from downright ignorance of the nature of coin, credit, and circulation.” John Quincy Adams, letter to Thomas Jefferson, August 28, 1787

“He that sells upon Credit, expects to lose 5 per Cent. by bad Debts; therefore he charges, on all he sells upon Credit, an Advance that shall make up that Deficiency.” Benjamin Franklin, Poor Richard’s Almanack, 1737

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