JOE, Catastrophic Earthquake, Haiti discussed on Odd Lots
Horrible state. That hades the now tracy i. I think that's a good place to leave it for me unless you have anything further that works for me. Yeah i think you both laid it out the issue on wonderfully so. Thank you so much for coming on pots and walking us through how Two hundred bureau debt could still be relevant to today. Thanks for having us. Thank you so much. Thank you that really appreciate it. So joe. this is as you can probably tell a topic that i find endlessly fascinating partly because i think it says something wider about financial debt and. I don't think we think about this often enough. But debt is almost exclusively about morality and fairness in the sense that in order for to exist. Someone has to borrow and another person has to lend and someone ends up owing someone something so yeah and so there are so many judgments and norms that. Go into how. That story is told of who owes what to whom and why. And i don't think we step back and sort of consider those norms enough and the judgements. That are shaping how debt actually functions in how we think about it. Yeah you know the other thing. I completely agree. You know the other thing. that's interesting. is you know. Finance in general is like a kind of I i sometimes think finances a time machine because you're essentially you You know you can. You can have cash right now that would otherwise say like if you borrow money you can have cash right now. That would otherwise take several years worth of work. So you know you're sort transferring. Its transferring a value transferring of money across time and ugo and me to discuss. This is like. I said an extremely long version of that. And so you know it's one thing it's like we could all wrap our heads very concretely. House say debt that was taken out ten years ago may affect today. But there's no particular reason to think that a debt that's two hundred years old that people have forgotten about the people around the world don't even know about or had never thought about before might still be Relevant today it into kind of an extreme outlier but fundamentally is you say it's all part of the same question. But i guess that's what makes this particular case Extremely interesting and edme you to point it out. Sort of like worth holding into two odious debt literature. Totally and the other thing that i was thinking. And we've been talking a lot about this On all bots for the past year now but whether or not the extraordinary circumstances of twenty twenty and twenty twenty. One spark a wider reckoning on some of these complicated issues and i think we've spoken about attitudes towards debt shifting in the context of modern monetary theory and m. t. And i do wonder if given the terrible humanitarian situation unfolding. In haiti you have obeyed. You have the president getting assassinated. Now you have another catastrophic earthquake. I do wonder if If you could see a big shift in in the narrative around something like colonial era debt well this interesting because me to made this point that even prior. So you know it's like okay. Why is this an important thing to classify as odious debt. And as he put it out. Yes there is the legal dimension. But there's also the activists dimensioned there's the ngo dimension there's to kill the debt movement and.