Another rock on which business breaks is debt. Debt is nowadays an industry. Luring people into debt is an industry. The advantages of debt have become almost a philosophy. Possibly it is true that many people, if not most, would bestir themselves very little were it not for the pressure of debt obligations. If so, they are not free men and will not work from free motives. The debt motive is, basically, a slave motive.

When business goes into debt it owes a divided allegiance. The scavengers of finance, when they wish to put a business out of the running or secure it for themselves, always begin with the debt method. Once on that road, the business has two masters to serve, the public and the speculative financier. It will scrimp the one to serve the other, and the public will be hurt, for debt leaves no choice of allegiance.

Today and Tomorrow - Henry Ford 1926

Continue ......