Saturday, February 23, 2013

Debt (making connections)

        Within Graeber's article, he describes Debt as a state of owing money.  Debt is thought of to have two sides; paying back the money that is owed is a sign of morality and anyone that lends money is evil. Even the language of debt makes it seem like the person is evil and creates them to be the victim.  "But debt is not just  victor's justice; it can also be a way of  punishing winners who weren't supposed to win."

        Graeber describes during a mosquito eradication program, there needed to be testing and spraying so mosquito's could not breed and spread disease.  The program did not have enough funds so the government cut the program and over 10,000 people died.  This does not seem to be very moralistic.  They did not want to owe to the IMF so they cut the program and allowed so many individuals including children to suffer. Are they evil to cut the program or are they the victim because they couldn't afford to owe them? This is morally confusing because in my opinion, they are both the victim and evil.  If they had the money to owe to the IMF then the eradication program would have been successful and many lives would be saved but on the other hand, they allowed 10,000 lives to be lost.

        Many individuals in the United States are currently in debt and the debt is building because of interest.  Interest is what makes it difficult for people to pull themselves out of debt.  I, myself nor my family has ever had to experience the stress of debt but I could only imagine what people are going through.  I never attained a credit card because I was afraid I wouldn't be able to make a payment in time and interest would grow.  I use my debit card and only spend the money I have.  At one point I did withdraw over the amount I had in my account so I owed the bank a fee.  That stressed me out because I did not have that money to pay them.  I ended up having to loan money from a family member.  It wasn't much but it was still stressful.  In that sense I was in debt, but not to a drastic point where I would have to pay interest.  It wasn't difficult to pull myself out of debt because there was not any interest building and I only borrowed money from family and not a bank.

       

         

1 comment:

  1. What do you think he meant that debt is a way to punish people?
    I think he uses the lack of financing for the mosquito program to show that governments who have debt are often forced to impose austerity programs on their own citizens. They often cut programs like social services, education and health in order to repay the loans. Does he suggest that the IMF is the problem here or the government itself?

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