The old-fashioned idea is that responsibility falls upon those who borrow and lend. Money was not borrowed by campesinos, assembly plant workers, or slum-dwellers. The mass of the population gained little from borrowing, indeed often suffered grievously from its effects.
The whole borrowing clothes thing is very unnatural for me. I don't feel comfortable with that. If you like something, I'd just give it to you rather than sharing it.
We believed it was better to pay as you go than it was to pay your bills by borrowing and laying up debts for another day. To pay as you go, that policy is a safer business policy and a saner business policy, and we thought it was a saner national policy.
Chinese productivity is the highest in the world but the way they do it is by borrowing the technology from abroad, either by joint ventures or other means.
But because we in the United States finance our current account deficit by borrowing in our own currency, we can move to a more competitive dollar without the adverse effects that followed currency declines in other countries.
It is admitted on all sides that we must equalize the revenue and expenditures. The scheme of borrowing to make up an increasing deficit must, in the end, if continued, prove ruinous.