This proposal is equivalent to just having society never forgive debts.
Nope, the second type is just a bond with an embedded option to not pay if you can convince the politicians you shouldn’t. I expect it to be very expensive :-/
As to never forgive debts, well, there is a reason for bankruptcy laws. Blood out of stone, and all that.
Nope, the second type is just a bond with an embedded option to not pay if you can convince the politicians you shouldn’t. I expect it to be very expensive :-/
As to never forgive debts, well, there is a reason for bankruptcy laws. Blood out of stone, and all that.