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|User Info||Are defaults really deflationary?; entered at 2012-04-15 08:07:37|
I believe Karl uses the term "self-liquidating business credit" for part of this. It too is credit and yes it to can cause defaults/problems but, they tend to be minor in size and are usually backed with a purchased item that can be recovered.|
Our financialized economy has credit sprayed all over the place and much of it is backed by an inability to pay. So, the extend and pretend games keep rolling.