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I see no case where Icelandic taxpayers should have to pay anything.

I couldn't agree more: the Icesave debt is pretty "odious" debt.

But whether debt is rightly due or not - and Hudson refers to Latvia's troubles as well - why cannot a sovereign state issue Units of National Equity carrying a dividend, rather than debt?

Other than the fact that this debt is the convention, of course.

I'd be interested on your thoughts in respect of that point, since we have recently seen both Nicholas Taleb (in the FT) and Willem Buiter (in his FT blog) recognising the point that since global debt is unsustainable, it is in a new approach to equity that the solution to the Credit Crunch must lie.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Mon Aug 17th, 2009 at 06:22:59 AM EST
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