Having once lived almost exclusively on the charity of others, I have personally been terrified of the prospect that I would lose everything, and have nothing of value for myself. It was this fear, sparked by reasons not entirely grounded in sanity, which led me to keep every promise I ever make. If I put the words "I promise" on something, you can know in your heart that it is golden, and if I gave you my word you can take it to the bank. The logic being that if I lose everything else, I will still have my word, and it will still be worth something.
To relevance; this "friend" of yours, in no uncertain terms, has communicated to you that he has nothing of value to offer you. At best he will let you down when you need him, and at worst he will actively betray you when you need him. Unless you have some morbid fascination for him, I suggest cutting ties with him in the amount of time you deem appropriate.