Friday, August 28, 2009

Modern Borrowing

If you let someone borrow something, you must accept the risk that they will not willingly return to you as much value as they borrowed.  Modern society allows this mistake to run rampant by providing the illusion that you can force someone to return that value.  It's an illusion because the cost of forcing them to return the value quite high.  The illusion and it's ugly consequences persist because these costs are spread so thinly across everyone.

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