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why cannot a sovereign state issue Units of National Equity carrying a dividend, rather than debt?

That concedes the point - the crucial point - debt of a private company is backed by the inhabitants of the country where that company is physically located.

There is a (weak) case to be made the inhabitants of the country are obligated for the debt their government contracted.  There is no case for having them being obligated for a private company.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre

by ATinNM on Mon Aug 17th, 2009 at 11:28:19 AM EST
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