- and fiscal stimulus.

Following Hyman Minsky, some argue that the debts assumed at the height of the bubble simply cannot be repaid - that they are based on the assumption of rising asset prices, rather than stable asset prices: the so-called "Ponzi units". Such debts cannot be repaid in a stable price environment, much less a deflationary environment, and instead must either be defaulted on, forgiven, or restructured.

Widespread debt relief either requires government action or individual

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