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Do Bondholders Really Help or Harm Governments?
You would get governments operating much more like firms, except firms that don't have to compete very much against other firms. I think on average, they help them. But giving the monopoly powers is far too much for any of the kind of government systems we care about. Habet a government just run by the land holders, right? Would that lead to an optimum encam again,. Thesame problem, which is that if it's completely ruled by them, those who are weakest in the bargaining situation might just get a wiped out completely.