--- title: "Meaning & Key Takeaway of: Debtors will seek to cancel their debts…" description: "\"Debtors will seek to cancel their debts. Creditors will try to collect, and the more they succeed, the more they will impoverish the economy.\" — Michae..." image: "https://sms4smile.com/quotes/i/e8f/michael-hudson-2134_creditors_debtors-will-seek-to-cancel-their-debts_2014739.png" --- # Debtors will seek to cancel their debts. Creditors will… ![“Debtors will seek to cancel their debts. Creditors will try to collect, and the more they succeed, the more they will impoverish the economy.” quote by Michael Hudson](https://sms4smile.com/quotes/i/e8f/michael-hudson-2134_creditors_debtors-will-seek-to-cancel-their-debts_2014739.png) [Download](https://sms4smile.com/quotes/i/e8f/michael-hudson-2134_creditors_debtors-will-seek-to-cancel-their-debts_2014739.png) [Open image](https://sms4smile.com/quotes/i/e8f/michael-hudson-2134_creditors_debtors-will-seek-to-cancel-their-debts_2014739.png) > “Debtors will seek to cancel their debts. Creditors will try to collect, and the more they succeed, the more they will impoverish the economy.” [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Debt cycles can erode economic health; aggressive collection worsens inequality. **In simple terms:** Debt harms the economy. Key Takeaway Beware predatory lending. Themes economics debt inequality Mood critical concerned Type economic policy When to use this quote - banking - policy making - personal finance Key Concepts financial stability social justice Questions to Reflect On - What policies could balance creditor rights and economic health? - How can individuals protect themselves from debt traps? A Different Perspective Debt reduction alone won’t fix systemic issues. ★ ★ ★ ★ ★ No ratings yet [Cancel Debts](https://sms4smile.com/quotes/about/cancel-debts-3469801/) [Creditors](https://sms4smile.com/quotes/about/creditors/) [Creditors Try](https://sms4smile.com/quotes/about/creditors-try-3617615/) [Debtors Seek](https://sms4smile.com/quotes/about/debtors-seek-3617617/) [Debts Creditors](https://sms4smile.com/quotes/about/debts-creditors-3617616/) [Economy](https://sms4smile.com/quotes/about/economy/) [Succeed](https://sms4smile.com/quotes/about/succeed/) [Trying](https://sms4smile.com/quotes/about/trying/) ## Related quotes > [The time has come to end this charade. The debts are unaffordable. If they won't cancel the debts I would suggest obstruction; you do…](https://sms4smile.com/quotes/jeffrey-sachs/the-time-has-come-to-end-this-charade-the-debts-are-unaffordable-if/) [Jeffrey Sachs](https://sms4smile.com/quotes/author/jeffrey-sachs/) > [The debts are unaffordable. If they won't cancel the debts I would suggest obstruction; you do it yourselves.](https://sms4smile.com/quotes/jeffrey-sachs/the-debts-are-unaffordable-if-they-won-t-cancel-the-debts-i-would/) [Jeffrey Sachs](https://sms4smile.com/quotes/author/jeffrey-sachs/) > [The bank's product is debt, because the banks want to make sure that they can get paid for the debt. But ultimately the only…](https://sms4smile.com/quotes/michael-hudson/the-bank-s-product-is-debt-because-the-banks-want-to-make-sure-that/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [When there's deflation, it means that although most markets are shrinking and people have less to spend, the 1% that hold the 99% in…](https://sms4smile.com/quotes/michael-hudson/when-there-s-deflation-it-means-that-although-most-markets-are/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Running into debt isn't so bad. It's running into creditors that hurts](https://sms4smile.com/quotes/anonymous/running-into-debt-isn-t-so-bad-it-s-running-into-creditors-that-hurts/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [Not everyone is a debtor who wishes to be; not everyone who wishes makes creditors.](https://sms4smile.com/quotes/francois-rabelais/not-everyone-is-a-debtor-who-wishes-to-be-not-everyone-who-wishes/) [Francois Rabelais](https://sms4smile.com/quotes/author/francois-rabelais/) > [“IMF is really designed to protect creditors not debtors.”](https://sms4smile.com/quotes/david-graeber/imf-is-really-designed-to-protect-creditors-not-debtors/) [David Graeber](https://sms4smile.com/quotes/author/david-graeber/) > [Congress is responsible for everything and unable to do anything, hated by the public creditors, insulted by the soldiers and unsupported by the citizens.](https://sms4smile.com/quotes/benjamin-hawkins/congress-is-responsible-for-everything-and-unable-to-do-anything/) [Benjamin Hawkins](https://sms4smile.com/quotes/author/benjamin-hawkins/) > [The aim of New Deals is to exterminate the class of creditors and thrust all men into that of debtors. It is like trying…](https://sms4smile.com/quotes/h-l-mencken/the-aim-of-new-deals-is-to-exterminate-the-class-of-creditors-and/) [H. L. Mencken](https://sms4smile.com/quotes/author/h-l-mencken/) > [Ah, fortune and fame shall follow me ... and I shall dwell in the world of the chosen for a few moments of fleeting…](https://sms4smile.com/quotes/hunter-s-thompson/ah-fortune-and-fame-shall-follow-me-and-i-shall-dwell-in-the-world-of/) [Hunter S. Thompson](https://sms4smile.com/quotes/author/hunter-s-thompson/) > [The creditor whose appearance gladdens the heart of a debtor may hold his head in sunbeams and his foot on storms.](https://sms4smile.com/quotes/johann-kaspar-lavater/the-creditor-whose-appearance-gladdens-the-heart-of-a-debtor-may-hold/) [Johann Kaspar Lavater](https://sms4smile.com/quotes/author/johann-kaspar-lavater/) > [The man who avoids debt doesn't have to worry about avoiding his creditors.](https://sms4smile.com/quotes/evan-esar/the-man-who-avoids-debt-doesn-t-have-to-worry-about-avoiding-his/) [Evan Esar](https://sms4smile.com/quotes/author/evan-esar/) > [Africa is poor because its investors and its creditors are unspeakably rich.](https://sms4smile.com/quotes/naomi-klein/africa-is-poor-because-its-investors-and-its-creditors-are/) [Naomi Klein](https://sms4smile.com/quotes/author/naomi-klein/) > [Faith is like private capital, stored in one's own house. It is like a public savings bank or loan office, from which individuals receive…](https://sms4smile.com/quotes/johann-wolfgang-von-goethe/faith-is-like-private-capital-stored-in-one-s-own-house-it-is-like-a/) [Johann Wolfgang von Goethe](https://sms4smile.com/quotes/author/johann-wolfgang-von-goethe/) > [Much of what Germany and France have done in the rescue of Greece has also helped German and French banks, who for a long…](https://sms4smile.com/quotes/mario-monti/much-of-what-germany-and-france-have-done-in-the-rescue-of-greece-has/) [Mario Monti](https://sms4smile.com/quotes/author/mario-monti/) ## More by Michael Hudson > [Europe is creating the flight of refugees that's tearing it apart politically, and leading rightwing nationalist parties to gain power to withdraw from the…](https://sms4smile.com/quotes/michael-hudson/europe-is-creating-the-flight-of-refugees-that-s-tearing-it-apart/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [This is not really currency that circulates. It's like the old joke about expensive vintage wine. Wine prices will go up and once in…](https://sms4smile.com/quotes/michael-hudson/this-is-not-really-currency-that-circulates-it-s-like-the-old-joke/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.](https://sms4smile.com/quotes/michael-hudson/nobody-prefers-to-earn-income-any-more-because-that-s-taxable-rich/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Nothing could be better for the economy than to get rid of fracking.](https://sms4smile.com/quotes/michael-hudson/nothing-could-be-better-for-the-economy-than-to-get-rid-of-fracking/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [If you end internet neutrality and permit mergers of the big information technology corporations, that's a form of rent seeking. It's part of today's…](https://sms4smile.com/quotes/michael-hudson/if-you-end-internet-neutrality-and-permit-mergers-of-the-big/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Deflation means a slowdown of income growth. Markets shrink, new capital investment and employment also taper off, so wages decline. That is what's happening…](https://sms4smile.com/quotes/michael-hudson/deflation-means-a-slowdown-of-income-growth-markets-shrink-new/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [What's bad for the frackers usually is good for the rest of the world.](https://sms4smile.com/quotes/michael-hudson/what-s-bad-for-the-frackers-usually-is-good-for-the-rest-of-the-world/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [You could say that the vote to withdraw from Europe is, it's really a vote of the British middle class, the working class, to…](https://sms4smile.com/quotes/michael-hudson/you-could-say-that-the-vote-to-withdraw-from-europe-is-it-s-really-a/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Actually, high housing prices don't help the economy. They raise the cost of living.](https://sms4smile.com/quotes/michael-hudson/actually-high-housing-prices-don-t-help-the-economy-they-raise-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [When economists speak of money, they neglect that all money and credit is debt. That is the essence of bookkeeping and accounting. There are…](https://sms4smile.com/quotes/michael-hudson/when-economists-speak-of-money-they-neglect-that-all-money-and-credit/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [The United States and Europe are in a state of debt deflation, where people and businesses have to pay banks instead of spending their…](https://sms4smile.com/quotes/michael-hudson/the-united-states-and-europe-are-in-a-state-of-debt-deflation-where/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [On the flat tax, the more you compress the tax rates, the more you untax where the income is really made, at the top…](https://sms4smile.com/quotes/michael-hudson/on-the-flat-tax-the-more-you-compress-the-tax-rates-the-more-you/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Income is sucked upward to the creditors, who then foreclose on the assets of debtors. This shrinks tax revenue, forcing public budgets into deficit.…](https://sms4smile.com/quotes/michael-hudson/income-is-sucked-upward-to-the-creditors-who-then-foreclose-on-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [Debtor countries may postpone the inevitable by borrowing from the IMF or U.S. Treasury to buy out bondholders. This saves the latter from taking…](https://sms4smile.com/quotes/michael-hudson/debtor-countries-may-postpone-the-inevitable-by-borrowing-from-the/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) > [No price is too high to pay to try to make the financial system go on a little bit longer. But ultimately it can't…](https://sms4smile.com/quotes/michael-hudson/no-price-is-too-high-to-pay-to-try-to-make-the-financial-system-go-on/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) [Explore all 184 Michael Hudson quotes ](https://sms4smile.com/quotes/author/michael-hudson/) ## More Creditors quotes > [Much of what Germany and France have done in the rescue of Greece has also helped German and French banks, who for a long…](https://sms4smile.com/quotes/mario-monti/much-of-what-germany-and-france-have-done-in-the-rescue-of-greece-has/) [Mario Monti](https://sms4smile.com/quotes/author/mario-monti/) > [Faith is like private capital, stored in one's own house. It is like a public savings bank or loan office, from which individuals receive…](https://sms4smile.com/quotes/johann-wolfgang-von-goethe/faith-is-like-private-capital-stored-in-one-s-own-house-it-is-like-a/) [Johann Wolfgang von Goethe](https://sms4smile.com/quotes/author/johann-wolfgang-von-goethe/) > [Africa is poor because its investors and its creditors are unspeakably rich.](https://sms4smile.com/quotes/naomi-klein/africa-is-poor-because-its-investors-and-its-creditors-are/) [Naomi Klein](https://sms4smile.com/quotes/author/naomi-klein/) > [The man who avoids debt doesn't have to worry about avoiding his creditors.](https://sms4smile.com/quotes/evan-esar/the-man-who-avoids-debt-doesn-t-have-to-worry-about-avoiding-his/) [Evan Esar](https://sms4smile.com/quotes/author/evan-esar/) > [The creditor whose appearance gladdens the heart of a debtor may hold his head in sunbeams and his foot on storms.](https://sms4smile.com/quotes/johann-kaspar-lavater/the-creditor-whose-appearance-gladdens-the-heart-of-a-debtor-may-hold/) [Johann Kaspar Lavater](https://sms4smile.com/quotes/author/johann-kaspar-lavater/) > [Ah, fortune and fame shall follow me ... and I shall dwell in the world of the chosen for a few moments of fleeting…](https://sms4smile.com/quotes/hunter-s-thompson/ah-fortune-and-fame-shall-follow-me-and-i-shall-dwell-in-the-world-of/) [Hunter S. Thompson](https://sms4smile.com/quotes/author/hunter-s-thompson/) > [The aim of New Deals is to exterminate the class of creditors and thrust all men into that of debtors. It is like trying…](https://sms4smile.com/quotes/h-l-mencken/the-aim-of-new-deals-is-to-exterminate-the-class-of-creditors-and/) [H. L. Mencken](https://sms4smile.com/quotes/author/h-l-mencken/) > [Congress is responsible for everything and unable to do anything, hated by the public creditors, insulted by the soldiers and unsupported by the citizens.](https://sms4smile.com/quotes/benjamin-hawkins/congress-is-responsible-for-everything-and-unable-to-do-anything/) [Benjamin Hawkins](https://sms4smile.com/quotes/author/benjamin-hawkins/) > [“IMF is really designed to protect creditors not debtors.”](https://sms4smile.com/quotes/david-graeber/imf-is-really-designed-to-protect-creditors-not-debtors/) [David Graeber](https://sms4smile.com/quotes/author/david-graeber/) > [Not everyone is a debtor who wishes to be; not everyone who wishes makes creditors.](https://sms4smile.com/quotes/francois-rabelais/not-everyone-is-a-debtor-who-wishes-to-be-not-everyone-who-wishes/) [Francois Rabelais](https://sms4smile.com/quotes/author/francois-rabelais/) > [Running into debt isn't so bad. It's running into creditors that hurts](https://sms4smile.com/quotes/anonymous/running-into-debt-isn-t-so-bad-it-s-running-into-creditors-that-hurts/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [The stomach begs and clamors, and listens to no precepts. And yet it is not an obdurate creditor; for it is dismissed with small…](https://sms4smile.com/quotes/seneca-the-younger/the-stomach-begs-and-clamors-and-listens-to-no-precepts-and-yet-it-is/) [Seneca the Younger](https://sms4smile.com/quotes/author/seneca-the-younger/) > [Creditors have better memories than debtors.](https://sms4smile.com/quotes/benjamin-franklin/creditors-have-better-memories-than-debtors/) [Benjamin Franklin](https://sms4smile.com/quotes/author/benjamin-franklin/) > [Every American born today owes $43,000 to the federal government the day she or he is born. And we are transferring a tremendous amount…](https://sms4smile.com/quotes/mark-kirk/every-american-born-today-owes-43-000-to-the-federal-government-the/) [Mark Kirk](https://sms4smile.com/quotes/author/mark-kirk/) > [ I sympathize the first, the direct and single-minded attack \[Red Revolution\]. I believe it to have been necessary and inevitable in Russia. It may… ](https://sms4smile.com/quotes/stuart-chase/i-sympathize-the-first-the-direct-and-single-minded-attack-red/) [Stuart Chase](https://sms4smile.com/quotes/author/stuart-chase/) [Browse all 122 Creditors quotes ](https://sms4smile.com/quotes/about/creditors/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "Debtors will seek to cancel their debts. 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