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Updated: May 17, 2025
The government doesn't borrow from savers through the marketplace but internationally, often from multilaterals. Outlandish default rates result in vertiginously high real interest rates. Inter-corporate lending, barter, and cash transactions substitute for bank credit, corporate bonds, or equity flotations. As a result, the private sector's financial leverage is minuscule.
When Calhoun took his Med ship out of overdrive near that sector's planet Weald, he was vaguely aware of the risks. But the crisis came home to him with a crash the moment he radioed in for landing coordinates. "Contamination! Full mobilization! Red alert! Death to blueskins!" Such were the nature of his greetings.
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