[lbo-talk] Debt

Michael Smith mjs at smithbowen.net
Wed May 2 20:53:41 PDT 2012


On Thu, 3 May 2012 00:33:40 +0000 (UTC) 123hop at comcast.net wrote:


> Modern
> capitalism is the only system in which debt can be written off as in
> Chapter 7 bankruptcy.

Still pictures don't tell the whole story. Consider the direction of motion. Chapter 7 is becoming steadily more difficult.

Relatively lenient bankruptcy law seems to have been one of those local quirks of the postwar Golden Age. There are some survivals of it; but the trend is clear; we need to re-establish debt slavery.


> Under other systems, you
> had to sell you family or yourself to pay off debt

In the Roman world, yes. Not in the Middle Ages.

-- --

Michael J. Smith mjs at smithbowen.net

http://stopmebeforeivoteagain.org http://fakesprogress.blogspot.com http://cars-suck.org

When one does a foolish thing, it is right to do it handsomely.



More information about the lbo-talk mailing list