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Josh-D. S. Davis

Xaminmo / Omnimax / Max Omni / Mad Scientist / Midnight Shadow / Radiation Master

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Re MeFi post about U2, World Bank, and African Relief
Josh 201604 KWP
OK, so you can't be held legally responsible for your parent's debts.

Now, your parent's estate can be, so if you inherit, they can come after you for the inheritance, but that's about it.

A bank can choose to write off a debt, but if you beg and plead and say, "oh, we're poor, we can't afford to pay this. You should just write it off for us." What would the response be?

So wouldn't you think the same thing applies for a country? A government generally doesn't directly die, it gets supplanted. You don't hold dirt responsible for a debt unless it's a mortgage.

Ok, so why not have a group start a separate government not under control or authority of the original. "sell" your assets and infrastructure to the "new" body. Then "dissolve" the old body down to some minimal structure?

I mean, it works for a corporation, so why not a government?

Or, if you are going to borrow money, use some sort of limited partnership. "Corporation for the repair and maintance of blah country". If the corporation is officed by a person, then when that person dies, the corporation dissolves, but there's noone to go after.

You'd have to be willing to sacrifice the long-term credit of a person, but for the longevity of a whole country. Corps can have a scapegoat, or even a martyr...

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(Deleted comment)
Right, you have to keep the corp alive otherwise they can come after the people in charge when it dissolves. But if you don't dissolve it until the person in charge dies....

Yah, definitely rhetorical. Guido never forgets a debt.

And no, not Iraw. Iraq is too much in the spotlight of current expense to consider forgiving debt. But, I'd say some countries who just can't hack the debt load should go ahead and declare bankruptcy and start over. :)

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