There are a host of activities that require a certain amount of information that you repeat often. Buying office supplies, traveling, moving house, preparing your tax returns, and so forth.

State-led rescues are fraught with moralhazard: what investor wouldn't take on that “liarloan”, knowing that the taxpayer is ready to jump in and help when itall goes wrong?

Unlike a private insurer, it would not have to make provision for future liabilities; it could simply stick the bill to future taxpayers.