!= != != != != != != != != != != != != != !=

Bingo: Steve Clemons gives it a name.

The rationale for the secrecy—that disclosure would precipitate lack-of-faith events that could be disastrous—is entirely valid; but the proposed solutions are not.

The popular “debate” so far has oscillated around whether recent crises involve liquidity or solvency issues; in fact, the underlying issue is whether the problems are prudential or fiduciary. Secrecy doesn’t just fail to solve either problem: it exacerbates both.

The solution isn’t how best to prop up an empire of debt; rather, it is how best to forgive debt.