Long term we may well need entirely different systems and processes - on the lines advocated by Chris Cook - in any case, so now could be a very bad time to be taking on huge contingent liabilities in return for a business model which no longer works.
Can I point out that no-one appears to have any clue what the long term consequences of what Chris advocates would be?
I do, and I've said it often enough.
Personally, I don't think much of the long-term consequences of the existing system. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
