Soleron said:
We were very close to this when Greece had their election. They got scared and narrowly chose pro-bailout. If they'd gone anti-bailout I think it would have triggered a cascading default of this kind. Don't think the economy could be worse off than now if that happened, but I believe it would have helped confidence lots to have the debt gone. |
Given the nature of fiat money, i'm wondering if, as far as sovereign debt goes, that might not be the worst idea. It would then allow countries to focus on something more important than interest payments.
It would pose more problems if jubilee was run on a domestic level, because it would essentially kill all long-term investments since it would discourage reckless lending and provide no guarantee of return in anything but the short term.
Monster Hunter: pissing me off since 2010.
