European Tribune - Comments - No One Saw it Coming?

No One Saw it Coming? | 43 comments (43 topical, 0 editorial, 0 hidden)

Re: No One Saw it Coming? (none / 0)

Can all household and firm debts be paid off at once, either?

The peak-to-trough part of the business cycle is an outlier. Carnot would have died laughing.

by Migeru (migeru at eurotrib dot com) on Wed Jul 15th, 2009 at 05:31:01 AM EST
[ Parent ]

Re: No One Saw it Coming? (none / 1)

Of course not.

Paying off debt destroys money. But in order to repay it, new credit=debt=money has to be created.

"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky

by ChrisCook (cojockathotmaildotcom) on Wed Jul 15th, 2009 at 05:34:54 AM EST
[ Parent ]

Re: No One Saw it Coming? (none / 0)

Not at one time ... they can of course be paid off over time, to the extent that net private sector assets consist of public debt.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Thu Jul 16th, 2009 at 03:38:48 PM EST
[ Parent ]

No One Saw it Coming? | 43 comments (43 topical, 0 editorial, 0 hidden)

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