That didn’t take long.
I was hoping our British friends Frances and “Unlearning” would participate, and maybe they would have, but Billikin got there first. Congratulations to him or her.
It seems these things are all tied together, and boil down to the same thing, because the liquidity trap also means that the time for a jubilee has come: you can’t have a situation where everyone is a claimant and no one is a claimee, yet this is what the liquidity trap is.
The claimants have to be told ‘no’. And that’s what a debt jubilee does. It is not entirely fair, but there is no other possible solution.
There’s a great deal more to say about all this, of course. But not right now.