Small banks that lend to consumers are fine.

Debtor countries may postpone the inevitable by borrowing from the IMF or U.S. Treasury to buy out bondholders. This saves the latter from taking a loss - leaving the debtor country with debts that are even harder to annul, because they are to foreign governments and international institutions.

You have the economic vocabulary turning into vocabulary of deception.

Money is not a factor of production. But in order to have access to credit, in order to get money, in order to get an education, you have to pay the banks.

Needless to say, banks and bondholders do not want to promote any arguments explaining the limits to how much can be paid without pushing economies into depression.

Almost all of the demand for oil that suddenly pushed prices up was speculative demand. People began to speculate not only in stocks and bonds and real estate, but also in commodities. The market went up for old tankers, which were used simply to store oil in. A lot of the oil was simply being stored for trading, not used.

Either you can save the economy, or you can save the One Percent from losing a single penny.