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It is not theft by any legal or everyday definition I have ever heard. Even if it were illegal, the crime would not be called theft. Are there any types of debt
by b1daly 14y ago
It is not theft by any legal or everyday definition I have ever heard. Even if it were illegal, the crime would not be called theft. Are there any types of debt in the US in which a default is considered considered illegal?
Among the many differences between a loan and a theft, is that the transaction is entered into by the choice of both parties. Whether it is a true free choice is another question, as is the issue of fraud in creation or discharge of the obligation.
- tsotha 14y ago>It is not theft by any legal or everyday definition I have ever heard. Even if it were illegal, the crime would not be called theft. I wasn't talking about legality. Clearly what Iceland did was legal. It's still theft if you can pay the money back and you don't. >Are there any types of debt in the US in which a default is considered considered illegal? As a matter of fact, yes. Student loans are not dischargeable in bankruptcy. >Among the many differences between a loan and a theft, is that the transaction is entered into by the choice of both parties. Whether it is a true free choice is another question, as is the issue of fraud in creation or discharge of the obligation. Which all amounts to rationalization in this case. This isn't a case of someone being forced to take on debt by a loan shark.