On Jan 19, 2012, at 4:59 AM, Michael Pollak wrote:
> I think it's closer to the opposite. The reason you had debt jubilees in the age of literal debt-slavery was because you had to precisely because it was a matter of the state's survival. Unchecked, it led inevitably to civil war and abandonment of the land.
But there were many fewer consequences. A debt jubilee now would lead to total financial collapse. U.S. households alone hold $47 trillion in financial assets. Imagine what would happen if even 1/4 of those went poof.
Doug