William K. Black and others have been making the point that when a lender makes a loan knowing that it cannot be paid back or without knowing how it will be paid back, this is fraudulent conveyance in many jurisdictions, including the State of New York, and that a fraudulent loan is not enforceable. I would be interested in equivalent statutes in European countries. But such statutes will only be enforced when the power of the financial sector has been severely weakened. But the crisis is not going to be resolved, at least in any manner that is an improvement on the current situation, until the rule of law has been restored and finance again has to be concerned with what is lawful behavior and what is not.

"It is not necessary to have hope in order to persevere."