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Stiglitz on letting banks fail

By: Cactus Flower in ALEA | Recommend this post (0)
Thu, 11 Aug 11 12:06 AM | 19 view(s)
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Msg. 05602 of 54959
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http://finance.yahoo.com/blogs/daily-ticker/stiglitz-considerable-risk-banks-today-because-little-changed-151748128.html

His position is to let them fail, pass through conservatorship and end up in the hands of debt holders.

That makes decent sense to me as it would expunge the overhanging debts and convert them to equity. Part of the problem we have is that the various debts remain at full value and hence they persist as an overhanging encumbrance on the economy. Convert them to equity and they will establish their true value.

But what happens if countries fail?

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