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You can't have an exponential debt system without occasional jubilees. It's like designing a hot water system without a safety pressure valve!
Or a tenement building with no fire escape.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty
by melo (melometa4(at)gmail.com) on Thu Nov 6th, 2014 at 09:55:52 PM EST
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Well, obviously we can and have. But then we can't prevent debt crises.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Nov 7th, 2014 at 12:56:20 AM EST
[ Parent ]
We could regulate too-risky loans, and thus convince investors to choose more salubrious channels for making profits than say the USA car loan bubble (which apparently is one of the next ones to pop).

The whole moral hazard thing is way out of whack, even an amateur economist can see that unless he's well paid not to.

In which case he wouldn't be an amateur any longer, but a Serious Person.

'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Mon Nov 10th, 2014 at 03:40:40 PM EST
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