Nick Norton

“Surveys showed that an overwhelming majority of Americans felt that the banks should not be rescued, whatever the economic consequences, but that ordinary citizens stuck with bad mortgages should be bailed out. In the United States this is quite extraordinary. Since colonial days, Americans have been the population least sympathetic to debtors. In a way this is odd, since America was settled largely by absconding debtors, but it’s a country where the idea that morality is a matter of paying one’s debts runs deeper than almost any other.”
― David Graeber, Debt: The First 5,000 Years

“as is becoming increasingly clear to those who have attempted these types of minor corrections, willpower, tips, and vague resolutions are not sufficient by themselves to tame the ability of new technologies to invade your cognitive landscape—the addictiveness of their design and the strength of the cultural pressures supporting them are too strong for an ad hoc approach to succeed. In my work on this topic, I’ve become convinced that what you need instead is a full-fledged philosophy of technology use, rooted in your deep values, that provides clear answers to the questions of what tools you should use and how you should use them and, equally important, enables you to confidently ignore everything else.”
― Cal Newport, Digital Minimalism: Choosing a Focused Life in a Noisy World

“We have reached the point where even some of the central institutions have been forced to admit, however quietly, that this is indeed the case. In America, the Federal Reserve floated a plan for mass mortgage relief in the summer of 2012, only to discover the political class was simply unwilling to consider it. For a while, even the IMF, under Dominique Strauss-Kahn, began trying to reposition itself as the conscience of global capitalism, issuing warnings that if the economy continues on the present course, some kind of crash is inevitable, and the next time, no bailout is likely to be forthcoming: the public simply will not stand for it, and as a result, everything really will come apart. “IMF Warns Second Bailout Would ‘Threaten Democracy,’ ” reads one headline.16 (Of course by “democracy” they mean “capitalism.”) Surely it means something that even those who feel they are responsible for keeping the current global economic system running, who just a few years ago acted as if they could simply assume the current system would be around forever, are now seeing apocalypse everywhere.”
― David Graeber, Debt: The First 5,000 Years

“What, precisely, does it mean to say that our sense of morality and justice is reduced to the language of a business deal? What does it mean when we reduce moral obligations to debts? What changes when the one turns into the other? And how do we speak about them when our language has been so shaped by the market? On one level the difference between an obligation and a debt is simple and obvious. A debt is the obligation to pay a certain sum of money. As a result, a debt, unlike any other form of obligation, can be precisely quantified. This allows debts to become simple, cold, and impersonal—which, in turn, allows them to be transferable. If one owes a favor, or one’s life, to another human being, it is owed to that person specifically. But if one owes forty thousand dollars at 12-percent interest, it doesn’t really matter who the creditor is; neither does either of the two parties have to think much about what the other party needs, wants, is capable of doing—as they certainly would if what was owed was a favor, or respect, or gratitude. One does not need to calculate the human effects; one need only calculate principal, balances, penalties, and rates of interest. If you end up having to abandon your home and wander in other provinces, if your daughter ends up in a mining camp working as a prostitute, well, that’s unfortunate, but incidental to the creditor. Money is money, and a deal’s a deal. From this perspective, the crucial factor, and a topic that will be explored at length in these pages, is money’s capacity to turn morality into a matter of impersonal arithmetic—and by doing so, to justify things that would otherwise seem outrageous or obscene. The factor of violence, which I have been emphasizing up until now, may appear secondary. The difference between a “debt” and a mere moral obligation is not the presence or absence of men with weapons who can enforce that obligation by seizing the debtor’s possessions or threatening to break his legs. It is simply that a creditor has the means to specify, numerically, exactly how much the debtor owes.”
― David Graeber, Debt: The First 5,000 Years