Friday Night Party Music


What if we just got all the world debt, every country’s debt, and chucked it into one big bank account/fund/black hole, called it squares, and just, whatever that bank account?

Reset.

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    • minicapt
    • April 30th, 2012

    Because it’s akin to hiring a chap to dig a series of holes, and then hiring a second to fill them back in. You’ve created economic activity without production. In this case, calling it squares is unpossible, as each debtor will have a different debt sum to throw in, with the presumption that ‘equality of outcome’ will be equally desired. Bankruptcy is the system designed to handle this problem; unfortunately, it mandates a losers end-set.

    Cheers

    • Yeah. It wasn’t really a serious idea. There’s no way it’d work. And from what I’ve heard, a lot of companies are seriously cashed up. All this debt is mainly personal and/or government cases. Personal debt is one thing – most people can’t pay in cash for a new house – but this government debt is something else these days with no solution in sight. All the manufacturing has moved to Asia, we have massive amounts of welfare (incl. free healthcare), and I’m guessing regulation is too stifling, and taxation too high to offer enough incentive (esp. when so much of that taxation goes to welfare).

      Is there a magic wand? Methinks not in all actuality.

        • minicapt
        • April 30th, 2012

        There is, but it involves losers:
        http://en.wikipedia.org/wiki/Sovereign_default

        Cheers

    • minicapt
    • April 30th, 2012

    As an example:
    http://en.wikipedia.org/wiki/Depression_of_1920–21

    Cheers

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