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Eric Zencey:
Imagine if the predator population (representing claims on future population of prey) can grow exponentially, because they are (like debt) incorporeal abstractions.  The boom and bust cycles could then easily become large enough in oscillation to threaten not only the dynamic equilibrium implied by the sinusoidal chart, but the continuation of the system as a whole, through the removal of the prey species entirely.
Being incorporeal debt can just as well be repudiated as created.

I don't see credit as all that different from "other dynamics producing 'boom-bust' cycles in the economy".

It'd be nice if the battle were only against the right wingers, not half of the left on top of that — François in Paris

by Carrie (migeru at eurotrib dot com) on Wed Mar 12th, 2008 at 05:37:46 AM EST
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