The joke is that a debt/equity swap is precisely what's needed - just not the conventional sort of equity the smart boys have in mind.
If NAMA were incorporated and used as a framework, rather than an organisation, then a solution is achievable that the pass maths boys could - and would - implement tomorrow...
...how does one get to the pass maths boys, Frank? "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
What's not to like about it from their perspective?
After all, stealing from the taxpayers is a lot easier than proving in a court of law that the guy who sold you a gamy promotion did something that is considered legally blameworthy.
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
Just ask the Chinese and Japanese how important 'face' is. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
