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We're not supposed to be worrying about moral hazard anymore?

If the state as a risk-neutral, long-horizon investor can make a positive social return and help thaw private credit markets, then, yes, moral hazard is less of a concern.

But it is never too early to start reflecting on the deep, systemic causes of this crisis such as colonial-era dated first-come, first-serve policies under the larger umbrella of Tragedy of the Commons-prone dogma.

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