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So junk bonds now just materialise out of nowhere in banks’ books and nobody got money from the bank in the first place? That seems slightly unusual…


Of course it takes two to tango; but if I give you $50 knowing full well that you're never going to repay it, who "deserves" to be punished? Even more so when I know that my $50 will actually be used to buy (weapons|etc) from my friend.

In this unjust world, as it happens, "I" was bailed out by the taxpayer community that stepped in and made me whole; however, it's clear that you still can't repay them like you couldn't repay me. What are they supposed to do? One option is enslaving your family for a long time (austerity); another is to just let go and forget about the money, you just won't do business with them anymore (which is what is happening, with the previous Greek elite being slowly kicked out); another still is knocking on my friend's door. Note how this last option is always absent from public discourse. In any case, now I'm free to pontificate on how bad you are and how I shouldn't have given you money in the first place because you're a lazy scumbag, although of course I knew this from day 1. Is that fair?




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