1. Most countries have either: non-recourse loan or: personal bankruptcy. One can replace part of the function of another. China has neither. That is why I am pointing the finger at China.
2. The fact that U.S. still has the most technological innovation says something about the reward of risk-taking. U.S. allows individuals to take risks, with all its side effects, but the reward is more than adequate.
I hope I'm not arguing with the wrong person here. I wish I weren't arguing at all.
