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It is absolutely impossible to settle the debts to pensioners, teachers, and others. The country hasn't got enough money to do so.

The real danger with debt is what happens if lots of people decide, or are forced, to pay it off at the same time.

Everyone in our society has had to make a contribution towards dealing with the debts.

The creditor hath a better memory than the debtor.

Let every man, every corporation, and especially let every village, town, and city, every county and State, get out of debt and keep out of debt. It is the debtor that is ruined by hard times.

You know, when the cost of capital goes down, when credit becomes cheap, people start taking greater and greater risks.

And that's the one thing that people do not understand is that we have very low interest rates and if those go back to historical levels or even go back to scary thoughts that they're back in the late '70s, early '80s, then that's going to really be hard to actually pay off those debts. It's going to be a - it's going to be a very big problem.

There is scarcely anything that drags a person down like debt.

People get into debt head over heels because banks make it so easy to do so. Then the banks come along and act like these people who can't or won't pay their bills are the dregs of society.

In a world awash in debt, power shifts to creditors.