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The Account Essay

1431 words - 6 pages

The following three days passed by without Karl and Carol reaching any definite conclusion or solution about their investment.

On Thursday, they were invited by the Davidson’s to a dinner party celebrating their twenty-second wedding anniversary. It was a small party, attended by around fifteen couples, and by 11PM. the party was in full swing, with the thirty odd guests mingling, drinking and discussing various topical subjects and gossiping, as is always the case in parties like this.

The topic under discussion was about the rise in cost of living especially rents and how difficult it was to save nowadays. Soon this turned itself into a full fledged debate on the country’s current economic position and how hopeless and bleak the future looked ahead if the cost of living and in particular, rents continued to rise.

Susan talked about how her landlord had once again increased their apartment rent, and that too without any justification or warning, whilst Ben chipped in a about how his landlord was trying to evict old tenants from the building, so that he could rent out the apartments to newer tenants at exorbitantly inflated prices. Everyone was chipping into the conversation, putting in their two-bits and narrating horrific tales, that they had heard or in extremely rare cases experienced themselves.

From rents, the topic turned to jails and how the nation’s jail was over-crowded with debtors and how most of these debtors were victims of poor laws or absence of proper laws. A case in point, and one avidly discussed, was the absence of any sort of bankruptcy law in this nation.

In this country there was no such thing as bankruptcy. If by chance you owed money or were in debt, and were unable to pay it back, then unlike other western countries or most Asian ones, you could not approach a bench of law and declare yourself bankrupt thereby seeking help in managing and settling your debts. This country followed the Sharia (Islamic) law, which was fine to a Muslim person, but seemed very wrong to someone outside its faith. The Sharia law, to put it simply, insisted on all debts to be paid in full. If unable to do so then punitive measures, culminating in imprisonment of the debtor, was the right step to take, and was always resorted to, until one could successfully settle the debt.

“This was all very fine to prevent a person from going into debt, but what about the one who did fall into debt,” asked Tom. “How will he pay his debt, if he is in jail?”

“That’s right,” said Steven. “And one also has to consider that these laws that are being thrust upon us are hundreds of years old. Times change and with them laws should also change.”

Steven also pointed out that a bankruptcy law was in the making, as declared in the press, on many an occasion, but it was in the making since more then three years, with no sign of it becoming legal soon. Everyone agreed that jailing a person, because he was genuinely unable to pay his debt was a...

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