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The Santa Fe Institute
Stanislaw Ulam Memorial Series, "Debt and its Discontents" with John Geanakoplos


Monday, September 25, 2017 7:30PM
Lensic Performing Arts Center

The Santa Fe Institute<br>
Stanislaw Ulam Memorial Series, "Debt and its Discontents" with John Geanakoplos
Tickets are not available online at this time. Please contact our box office at (505) 988-1234 for up-to-the-minute availability information.








The Santa Fe Institute presents Stanislaw Ulam Memorial Series, "Debt and its Discontents" with John Geanakoplos

In this first lecture, part of the SFI Stanislaw Ulam Memorial Lecture Series, John Geanakoplos will discuss Trust and Panic as they relate to debt.

Debt, default, and forgiveness have been at the heart of almost every major financial boom, bust, and recovery. Without debt, growth is nearly impossible. Yet too much debt is catastrophic. Why is it that out of all economic variables, debt causes the most trouble? In these lectures John Geanakoplos describes debt in history, in literature, and in economic theory, including his own theory of the leverage cycle, culminating in an explanation of the American mortgage crisis of 2007-2010 and the European sovereign debt crisis of 2010-2016.

Philosophers like Plato and Nietzsche, and writers like Dickens and Shakespeare, have given a central role to debt in shaping our understanding of morality and justice. Debtors prison, bankruptcy law, and central banks are all government creations to manage credit. In this lecture Geanakoplos presents a history of debt and default, punishment and collateral, money and bonds, central banks and bank runs, and of economic booms and busts, to illustrate a pattern he calls the Leverage Cycle.

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