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John Quiggin

I am especially struck by Point 4, given that the current system is only a few dcades old and has performed poorly for most of that time.

Eric Schliesser

Yes, it is really quite amazing. But in fairness to Holmstrom, he thinks symmetrical ignorance and information insensitivity characterize debt since ancient times.

Dan Davies

Yes, the current system didn't replace one which was *more* transparent, or one in which market discipline worked.

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Here's a link to my past blogging (and discussions involving me) at: New APPS.


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