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Every borrower of money has to come to terms with the lender, or there will be no money.
by CurtHagenlocher 11y ago
Every borrower of money has to come to terms with the lender, or there will be no money.
- parasubvert 11y agoNever had this been true in history. Bankruptcy and debt forgiveness have happened regularly through history. And if those don't happen, usually revolution or war is a consequence.
- MagnumOpus 11y agoIt is true, though. Bankruptcy (or its polite cousin "debt forgiveness") happens when the money tap gets turned off. If you want the tap to keep running, you have to be able to compromise with the guys at the source and at least pretend to care about repaying it.
- parasubvert 11y agoI agree with this in individual cases. But we are talking about an economic union among states where the biggest state is quick to socialize banking losses among the poorer states, and makes it a morality play about "Those dirty Southerners". That's a pattern that doesn't end well unless someone is smart enough to hit the partial reset button.