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The Santa Fe Institute
Stanislaw Ulam Lecture #2: "Debt and its Discontents"


Tuesday, September 26, 2017 7:30PM
Lensic Performing Arts Center

The Santa Fe Institute<br>
Stanislaw Ulam Lecture #2: "Debt and its Discontents"
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The Santa Fe Institute presents Stanislaw Ulam Lecture #2: "Debts and Discontents" with John Geanakoplos

In this second of two Stanislaw Ulam Memorial Lectures, John Geanakoplos discusses The Leverage Cycle and Forgiveness 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.

What happened in 2007-2016? Are debt crises the result of panic, or systemic failure that can be controlled by regulation? Is there a mathematics of debt crises? Why is forgiving debt so hard? Why is it so important? When is it appropriate? Geanakoplos describes the leverage cycle, and uses it to explain the mortgage debt crisis of 2007-2008, the Greek and European debt problem today, and student debt tomorrow.

The 2017 SFI Community Lecture Series is generously underwritten by Thornburg Investment Management.

Tickets to this event are FREE!
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