Odious debt

In the Middle Ages a child could be sent to debtor’s prison if his parents die in debt. In principle this allowed the parent to borrow more (because the punishment for failure to repay was so great), but today the social norms in most countries would view this transfer of debt as thoroughly unacceptable. But of course nations do borrow intertemporally, and the children of one generation may well have to pay off the debt of their parents. (...)

Time to rediscover the simple things.