A sudden and unanticipated repudiation of a private debt, so long as no one expects it to be repeated or extended to other debts in the future, has only a distribution effect: The debtor gains by the exact same amount that the creditor loses, with no net wealth effect.
If you want to change selection, open document below and click on "Move attachment"
- (no access) - Why A US Default is Likely Hummel, p7
|status||not read|| ||reprioritisations|
|last reprioritisation on|| ||suggested re-reading day|
|started reading on|| ||finished reading on|