As posted to Brad DeLong's blog:
The tight money rentier state will always appeal to the sensibilities of the most vicious wealthy, as well as those who don't bother to think things through. But as the deflationary spiral continues, all business is wiped out, all employment is wiped out, everyone but the super rich dies off, and ultimately there is no production from which to pay any interest.
At least until the Revolution comes. The resulting falangist dictatoriat will be made to look, as usual, like Communism, which by then will seem preferable to the other thing.
But that won't work either, it's just another step on the way down to total collapse of civilization, and a mass die off of humanity amidst a scorching and salty planet.
The only sustainable model in the long run is equality, which is incompatible with property, interest, etc. The only question is, how much is destroyed until we get there. It may at first be an equality of nothing, or pretty close.
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