The Use of Credit

Used to be, we'd use credit for growth. And for special circumstances. Now we use credit for everything. It's too much. That's why there is so much debt.

After World War II we had three or four dollars of credit-in-use for every dollar of spending-money. Sixty years later we have thirty-five or forty dollars of credit-in-use for every dollar of spending-money. So everybody has to run ten times as fast now, just to keep up with the payments.

Other people say debt is the problem. I say the use of credit is the problem.

You say but we need to use credit.

I say, yeah.

You say, so?

I say, debt is the measure of credit in use. If debt is a problem, then credit-use is a problem. You can't have it both ways. You can't complain about debt, and demand increasing credit-use at the same time.

Or maybe you can. I think I know a way....