Re:The EU Is on the Verge of Collapse–An Interview with Geor...
by forgetsusername on Saturday January 23, 2016 @08:49AM
(#10958379)
>banks which had lent lots of money without oversight
If you sign a legally binding document that you will repay a loan, plus interest, or your assets are on the line, what "oversight" do you need? Wouldn't the world be a better place if people paid money back as contracted, rather than ripping off (and somehow blaming) the lender? If you don't like the terms, don't accept them. "But we need money!" isn't an excuse.
Re:The EU Is on the Verge of Collapse–An Interview with Geor...
by Aeolos on Sunday January 24, 2016 @09:44AM
(#10962615)
No, it wouldn't. Categorically.
If everyone repaid debts, then lending money wouldn't require interest. Interest expresses the danger that money may not be repaid as, for example, during bankruptcy proceedings.
Debt forgiveness has existed since the dawn of money. See [1] for more information.
[1] http://www.amazon.com/Debt-The-First-000-Years/dp/1612191290
Moreover, lots of Greek debt (IIRC) was originally to banks which had lent lots of money without oversight; almost knowing that someone (the EU states) would take over the debt if need be... Of course Greece had borrowed recklessly on their end as well.
But I think the analogy and contrast to how US states work is really good. Want a single currency across multiple areas with differing economic performance? OK, but then better have mechanisms for supporting equal footing.