Nice article. Economics is still a mystery to both the experts and common people. I hope the monetariest wizards know what they are doing, but we should not be surprised that they don't.

A debt forgiveness is a good idea. I don't feel sorry for those institutitons who lent money to shady debtors. But there needs to be some mechanisms to minimize the opportunity for excessive (or perhaps better said "useless") borrowing in the future.