People used mock at one who borrows money, Pledge things till about forty years ago.
Now possessing a credit card is a status symbol.
One who does not have it is looked down, even a shopkeeper looks down at you if you say you do not have a credit card!
I have seen people covering their heads before entering a Pawnshop to pledge.
Now we have advertisements exhorting people to avail Gold Loan!
…..The same pathetic situation with the Nations.
We had Argentina earlier,followed by Ireland, now Greece .
Nations have been humiliated.
All because of spending more than Income!
Economists(!) of the Keynesian variety might use any jargon like restructuring of Finances, Packages…….
What essentially has happened the borrower has been ridiculed, his very independence in peril.
Greece is a case in point.
No point in blaming the lender.
He is merely asking his money back
This is because people madly follow the US, by spending more than what they have,on imagined earnings/projected earnings.
US does not have enough God Reserves in Fort Knox to back up its debts.
Read my Posts on this.
No what does the ancient Language Tamil say of Credit, borrowings?
Maanamizhandhu Madhikettu Pona Dhisai
Ellaarkkum Kallanaai Yezhupirappum Theeyanaai
Nallaarkkum Pollaanaam Naadu”
One who spends more that what he earns, ( gets a loan to meet out his expenses), will lose his dignity, lose his mind and will be considered by all as thief in whatever he goes.
He will be a sinner in all his births and will be called bad even by the Good , despite all his other good Characteristics.
What his mental would be, when he faces the creditors?
Kambar, the Great Tamil Poet, in his Ramayana, answers this.
‘Like a fish that has taken in poison; Like the wax near a hot flame; Like the toad that got caught between the venomous jaws of a snake; When the brave arrows of Lord Rama flew in the war field. Ravana’s feared and panicked as of the victim’s position in the above situations that can be compared to the person in a debt’