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Add to that that a vast pool of capital, much of it backed with claims on real assets, was betrayed into hopelessly unproductive uses and the present system starts to come into focus.  What is needed is an intelligent and highly selective repudiation of such debt.  Let the losses, where appropriate, be recouped from the personal assets and estates of the perpetrators.  The biggest obstacle to this is lack of will.  When a better understanding of what has happened begins to spread I suspect that the will will appear.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Jan 10th, 2009 at 11:07:19 PM EST
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