maxparrish
Veteran Member
- Joined
- Aug 30, 2005
- Messages
- 2,262
- Location
- SF Bay Area
- Basic Beliefs
- Libertarian-Conservative, Agnostic.
What I find interesting is that the niece was virtually unknown to her aunt, yet the amount she was asking to borrow, for a dress, was equal to $247.52 in todays terms. http://www.davemanuel.com/inflation-calculator.php
Now I don't know about you folks, but even one of my immediate siblings would need a pretty good reason for asking big sister for $247.52 cents. I have helped all of my brothers at various times and in considerably larger amounts for items of tangible value. A dress does not fit that criteria for me, personally, although I am aware that articles of clothing of the rich and famous may auction for ridiculous prices.
From my perspective, the aunt took considerable time and effort to try and educate her niece about the manner in which debt enslaves us and limits our future options. To become indebted for something as frivolous as a piece of clothing at such a young age does not set the tone for future personal finance management. Rand remains a controversial figure but she did understand some interesting aspects of the psychology of economics.
It's heartening to read a response that is not "Rand owes...Rand is greedy...Rand is heartless...blah blah blah). Rand is not only addressing the psychology of economics, but the importance of leading an ethical life with character.
Rand's view that you should keep your promises, that you if you borrow from another you should make sure it is for a good reason, and that you should pay back your debts - something that is rather old-fashioned to forum's modern altruists.