Charles Dickens Quotes
A person who can't pay gets another person who can't pay to guarantee that he can pay. Like a person with two wooden legs getting another person with two wooden legs to guarantee that he has got two natural legs. It don't make either of them able to do a walking-match.
Dickens, Charles. Little Dorrit. London: Bradbury and Evans, 1857, p. 81.
At the time there was a worldwide recession and although the United States economy was not in very good shape, it was better than the other democracies and those nations with better economies then were authoritarian governments where investors did not trust their currencies. As a result, many wealthy people and businesses throughout the world were willing to lend money to the United States as a safe haven.
Debts accumulated by the allies in World War I was still outstanding a decade later. When it was proposed that the United States help reduce this debt, President Coolidge remarked:
[Most Americans do not realize that not wall bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC). That insurance covers only a basic amount ($250,000 at the time of the quotation was written, but nothing over the basic amount. There is no federal insurance for all the stock brokerage accounts. There is private insurance that will generally protect against the failure of a particular brokerage company failure, but that would not help in an industry wide failure]
Charles John Huffam Dickens FRSA was an English writer and social critic. He created some of the world's best-known fictional characters and is regarded by many as the greatest novelist of the Victorian era. His works enjoyed unprecedented popularity during his lifetime and, by the 20th century, critics and scholars had recognised him as a literary genius. His novels and short stories are widely read today.
