The Culture of Debt: How a Once-Proud Society Mortgaged Its Future


Culture of Debt

By James V. McTevia

“Contemporary society’s punch-drunk capacity to avoid fiscal reality by robbing future generations is an awesome thing.”

As the foremost pioneer of what has become a growth industry in America – turnaround management and the liquidation of failed companies – James V. McTevia knows all too well whereof he speaks – he has seen the ravages of debt addiction in every form, from every angle.

In 1993, McTevia published his all-too-prophetic book BANKRUPT: A Society Living in the Future, sounding the warning of what has now come to pass.

In his brilliantly written, unstintingly candid new book, THE CULTURE OF DEBT, McTevia writes, “…news media have been consumed almost every day by a version of the fiscal story no one wanted to talk about in 1993. Late in 2008 our society’s runaway train of debt, unfunded entitlements, and endless promises of still more goodies tore around a curve leaning – from engine to caboose – within an inch of tipping into a bottomless fiscal gorge. Many or most of the world’s economies stood a good chance of being dragged onto the same debris heap. In short, the message of BANKRUPT has proved accurate.”

McTevia has turned around scores of businesses in North America with sound financial strategies that minimized pain and losses. But for every successful turnaround, McTevia has had to give hundreds of people the news that their jobs are gone and had to tell owners their once-thriving business is defunct. Regrettably, as a liquidator of failed companies, McTevia presides over one of the few thriving industries in a deeply troubled economy.

“Debt-addicted individuals and institutions,” McTevia writes, “given half a chance or less, will keep borrowing money and live further into the future than even science fiction could predict. It appears possible the most power¬ful nation on Earth will find ways to loot the future all the way into our great-great-grand¬children’s bank accounts before we come to our senses – voluntarily or otherwise – about discipline and the ultimate need to repay what we borrow.”

Is there a way out? Yes, but is there the will, McTevia asks. “The way out of financial crisis and the path to fiscal sanity is simple and obvious. It is no secret. People and governments – especially governments – nonetheless pay no attention.”

In plain, straight talk, McTevia analyzes how and why America got itself into such fiscal peril – and what it must do to regain the fu¬ture for its grandchildren.

“One decade into the 21st Century, many millions of Americans are not poor, but are impoverished of spirit. They are not stupid, but are uncommonly ignorant. Are they ‘living in some future financial utopia,’ rather than in the real world, as Jim McTevia thoroughly nails it? No doubt.” —From the Afterword by David Littmann

ISBN: 978-0-9845651-0-8• Paperback with flaps • 6 x 9 • 240 Pages