in this article.
The Greek Finance Minister looks like he’s been up for three days being brow-beat by the muscle end of the
Of course the Finance Minister must say that Greece will do “whatever it takes” to pay their “debts” to the banksters. Starve their women and children to death. Make them homeless first. Invade another country and loot it. Lie, kill, cheat and steal. I think that about covers the downside of “whatever it takes”.
In a debt based monetary system the prospect of default, especially “sovereign” default, is a mortal threat. The response is bound to be threatened violence, albeit this is vaguely done in these international contexts.
Still, one often hears the term “moral hazard” applied to any proposal for debt forgiveness. We now confront the moral hazard of refusing to consider debt forgiveness, but no one uses the term.
Yet this was a moral hazard that was quite well known to regular people not so long ago.