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DanielLC comments on Stupid Questions April 2015 - Less Wrong
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Suppose the mechanism is that they're electing people that care about the country. Would this mechanism work? Would you and the other leaders consistently pay back loans?
If the mechanism didn't work, then the precommitment wouldn't be credible, and the people making the loans would have known that there is no credible precommitment.
And thus the country will fall. Since the leaders care about the country, they'd rather pay back some loans than let it fall, so the mechanism will work, right?