The New York Times Magazine offers an interesting essay on the personal and social effects of the new bankruptcy law. Here is an excerpt:
"For a nation whose very founding can be viewed as an attempt to free itself from financial burdens thrust upon it by a distant ruler; for a government that is deeply in the red because of its own spendthrift ways; and for a political leadership whose emissaries have been pressuring other countries to forgive Iraqi debt, such a reform raises questions, to put it mildly."
It’s worth reading. You’ll be seeing the results Walter Kirn describes in a home near you soon.
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