Excellent point. For whatever reason, I hadn't explicitly formed that minor premise: "somebody has to credit the debt". That seems like a pretty big minor premise to the syllogism to me. Of course, there are lots of reasons you might loan to someone who has little chance of paying you back _if_ you've got the extra cash to do so. Control/power is the obvious reason.
Thanks. ERIC P. CHARLES wrote circa 10-10-07 12:50 PM: > Glen, > He is correct, with one unspoken addition: You can't go broke if you can print > your own money AND the creditor will accept it. > > If you have a bookie who accepts RopellaBucks and pays in green backs, you > will > be good forever! If Greece can borrow dollars and pay in their own currency, > same deal. > > I'm not sure how international borrowing works, but eventually someone will > stop accepting your currency if it has devalued too much. At some point after > that, other people will stop trading for it too, so you won't even be able to > convert your RopellaBucks into usable currency. Then, in the long run, you > might be even more screwed than the semi-screwed you are in the short run from > being stuck on the Euro, with no ability to escalate printing. -- glen e. p. ropella, 971-222-9095, http://agent-based-modeling.com ============================================================ FRIAM Applied Complexity Group listserv Meets Fridays 9a-11:30 at cafe at St. John's College lectures, archives, unsubscribe, maps at http://www.friam.org
