I see you cite to Michael Hudson. He fleshed out his work on ancient debt in "Forgive Them Their Debts: Lending, Foreclosure, and Redemption from Bronze Age Finance to the Jubilee Year" (2018) for you or anyone who is interested.
The theme is that beyond mathematical demonstrations of how compound interest always results in debt crisis, you need wise leaders in charge to control banking. So to your question about anyone canceling student debt any time soon, the answer is no.
Thank you, so much. I teach and this is the topic I hear about all the time. I tell students how complicated it is and historical...and the need for wise leaders.
I think it is very telling that the oldest records are debt-based.
About Hudson's book: "Included is an astounding list of historic ancient debt crises and debt cancellations (many with their associated letters and accounting records) that chronicle the ensuing peace and prosperity – or the chaos and destruction when debt cancellations were not implemented. The list of good kings and emperors, bad kings and emperors (and their heirs), and the names of predatory creditor and oligarch interests is a long-needed reckoning of the historical record."
There is an entire library that can be written on the Obama Administration's handling of the GM bankruptcy. It turned two centuries of bankruptcy practice on its head. Bankruptcy is supposed to protect creditors first, which is essential to the business of loaning money. Interrupt that, and commerce grinds to a halt.
As I was cruising around debt worlds (all because I wanted to add that nifty cuneiform) I ran into SO much about fiscal disaster of the Obama years but it's more complicated than I could handle. I think the Debt 5000 is helpful for non-fiscally literate people.
Protecting debtors is essential to holding society together, especially in the classic case of agriculture, so there has to be a balance. In complex commercial cases where you have sophisticated actors who presumably understand the risks they are taking, the resolution is closer to contract law than ancient debtor/creditor ideas. You don't have the same dynamic as between a landlord or bank and tenant.
I'd put student loans closer to the bank/farmer relation and worry less about discouraging lending.
I see you cite to Michael Hudson. He fleshed out his work on ancient debt in "Forgive Them Their Debts: Lending, Foreclosure, and Redemption from Bronze Age Finance to the Jubilee Year" (2018) for you or anyone who is interested.
The theme is that beyond mathematical demonstrations of how compound interest always results in debt crisis, you need wise leaders in charge to control banking. So to your question about anyone canceling student debt any time soon, the answer is no.
Thank you, so much. I teach and this is the topic I hear about all the time. I tell students how complicated it is and historical...and the need for wise leaders.
I think it is very telling that the oldest records are debt-based.
About Hudson's book: "Included is an astounding list of historic ancient debt crises and debt cancellations (many with their associated letters and accounting records) that chronicle the ensuing peace and prosperity – or the chaos and destruction when debt cancellations were not implemented. The list of good kings and emperors, bad kings and emperors (and their heirs), and the names of predatory creditor and oligarch interests is a long-needed reckoning of the historical record."
Here is the Amazon link
https://www.amazon.com/forgive-them-their-debts-Foreclosure-ebook/dp/B07QGFZ7DW
There is an entire library that can be written on the Obama Administration's handling of the GM bankruptcy. It turned two centuries of bankruptcy practice on its head. Bankruptcy is supposed to protect creditors first, which is essential to the business of loaning money. Interrupt that, and commerce grinds to a halt.
As I was cruising around debt worlds (all because I wanted to add that nifty cuneiform) I ran into SO much about fiscal disaster of the Obama years but it's more complicated than I could handle. I think the Debt 5000 is helpful for non-fiscally literate people.
Protecting debtors is essential to holding society together, especially in the classic case of agriculture, so there has to be a balance. In complex commercial cases where you have sophisticated actors who presumably understand the risks they are taking, the resolution is closer to contract law than ancient debtor/creditor ideas. You don't have the same dynamic as between a landlord or bank and tenant.
I'd put student loans closer to the bank/farmer relation and worry less about discouraging lending.