Payback: Debt and the Shadow Side of Wealth

From Anne, recived via e-mail, posted with permission:

"I listened to these lectures (delivered in M.A.'s distinctive dry and drawly voice) and was struck by the depth of her research and her story-teller's way of laying out the horrors of indebtedness on many levels. All my life I have been struck by people's willingness to borrow, especially for things with no lasting value, things that can't be sold to pay off a debt in the event of a catastrophe that cuts off one's income. I have been appalled by the culture of greed, endless consumption and disposability that we have been living in for decades...always wondered what would halt it. People just got used to borrowing, lulled by advertising and reassured by ever-rising incomes. I used to feel so sad for the poor, who weren't part of this "prosperity" but if forced to borrow for necessities, had to deal with loan sharks, gangs etc. or else lose the little they had.

From my fear and mistrust of debt, I always taught my children never to borrow and to always pay their bills on time, leaving no balance. They do that and are grateful for having that philosophy.

Although I know you as a poet, it didn't surprise me in the least to read a review by you of this book. It's an issue of conscience and humanism. You captured her content and style so well.

Anne

Re: # 3 Atwood had surprised me with depth of her views and by bringing such a fresh and educative angle into this topic and that inspired me to write this review. Thanks for your comments.

You have brought a good point about the need to differentiate between the commercial practices talked about in Quran in the historical context and the practices of today's economy, but of course that is another topic. Atwood have alluded to it in a more cultural context.

As mentioned in #4, Atwood had used debt as a motif for spiritual transaction. The para from her work that I have referred in the article is quite revealing. I read it couple of times to enjoy its scope; specially see this sentence, "In fact, the whole theology of Christianity rests on the notion of spiritual debts and what must be done to repay them, and how you might get out of paying by having someone else pay instead.�

I liked the term you have coined / used - the 'market dictatorship'. This is a huge topic, but the brief comment to add to your take is that the answer is in creating the balance. However, the challenge is how to do it.

Re: # 2 There are two types of verses that cite commercial transactions in Quran. One which use it as a metaphor for spiritual transactions and the other which actually refer to good / bad practices in daily commercial dealings. Atwood in her work has referred to the motif of debt in the former sense.

Of course, her frame of reference was Christianity. While making this comment, I realized that even great writers in West are little exposed to the traditions of other religions, in particular of Islam. That is why we need to work on building the bridges of understanding. That is the only way to move forward from present mess of polarization. Seed of all big changes are sowed in the minds first.

Thanks for your interest and appreciation.

Good articulation of ideas. Mutaal has touched a subject that needs to be dealt with more, in the present times...keep it up.

Ref # 2
Debt, that the verses in Quran talk about has a different meaning than the "debt" of today. Today's debt, constantly flows through the viens of the economy of present times, and an intelligent analysis is needed to differentiate between these two. Just being simplistic adds to our problems of understanding.
Debt is important in the present day society, but it has to be regulated, like there is a need to regulate the economy to prevent the formation of monopolies. The problem of the present times is that we are made to believe that "market" is sacred..that market decides the shape and form the society takes...this is totally a wrong concept and we are being held hostage to "market dictatorship", that is akin to "religious dictatorship" and communist dictatorship" or "dictatorship of the proletariat".

Great Article. Quran has so many verses dealing with debt mainly because debt plays such a central role in economy. However execessive debt or excessive harsh terms of debt can lead to crises which we are seeing today.

The footnote reads on:

Margaret Atwood's lectures were broadcast on CBC Radio and are available as podcast at http://www.cbc.ca/ideas/massey/massey2008.html.
The book was published by House of Anansi Press. Its adaptation as a documentary film is being planned.