Quote:
Originally Posted by Tyrone Slothrop
I wasn't thinking of foreign holders and I wasn't thinking of rentiers. I was thinking about domestic entities that lend money as a business and hold a lot of loans. You know, like a bank. Your plan is that they just all go bankrupt?
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I was trying to start with lenders of last resort and move backwards. Sovereigns are where forgiveness has to start. Particularly because this is going to slam developing nations more than the developed.
I don't pretend to have complete answer. But as someone with a huge appreciation for the elegance of the old Judaic laws on debt (which stopped debt from becoming extreme and cured inequality before it could be an issue), well, maybe it's wise to revisit some of the wisdom of our elders?
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