[Ed. Note: Great story about debtors’ prison. ~ Kerry.]
by The Banker
Every once in a while I read a finance article that sticks in my head and never goes away. An article about the historical intersection of debt and the United States from the New Yorker from four years ago by Jill Lepore is just one of these.
The USA of IOU
Jill Lepore’s article explains that in many ways the United States was founded of the debtors, by the debtors, for the debtors.
We know from English literature that the United States represented a fresh start for insolvents from the lower and upper classes, which makes sense when we learn that both Dickens’ father went to debtor’s prison and Trollope’s father fled England to avoid it.