>> And getting rid of it would cause massive pain, real and metaphorical. I don't doubt the premise, I doubt the scale of the result. >> I cant think of a rev

>> And getting rid of it would cause massive pain, real and metaphorical. I don't doubt the premise, I doubt the scale of the result. >> I cant think of a revolutionary financial system that I'm confident This might be true, but it is in no way revolutionary. Defaulting is a very normal routine in every capitalist system. That's why there is always a 'risk' involved when considering investments. After a big default, there would still be the necessity to trade, exchange, and hedge the risks of deals like that. All of this would be valued, given a price- and a risk tag and so on [business as usual -- except the weeds have been rooted out]... What will be lost is "money" invested in "values" that werent values to begin with. >> And if its evolutionary, why would you chuck out what we've got? If it really is evolutionary, you should give evolution a chance and not intervene at the first sight of trouble. If a gambler has made a bet on the wrong horse, and keeps betting on the wrong horse, with money you provided, wouldn't you be concerned? Instead of funneling even more money to the gambler, you might be incentiviced to find other options.