The Demise of America July 2014

[Cinjin]

4. Have you ever heard of the radical idea of debt forgiveness? Basically, the world starting from scratch?

Then there are the issues of personal and business debt. How would these be handled? What about debts not owed to banks (trading accounts for example)? What about mortgages? How to you handle company stocks (which are a debt in essence)....

In summary - its a great idea in principle - but a fucking nightmare to implement. We may not have a choice but whilst we do I can't imagine this would be a popular option - even for debtor countries once all the ramifications become clear.

One theory I heard was that if worldwide debt forgiveness was to work it would have to be universal. Rather, it could ONLY be universal. The entire world, every invoice, every mortgage, every overdue account, absolutely every debt that is owed would have to be erased. The idea is that whatever item/property/etc you currently own (regardless the debt owed on it) is now yours free and clear. The companies/banks that are owed are also free and clear of all their debt. The investors who are owed money are also clear of their personal debts. On and on it goes so that no person or company is left holding the bag. The wealthy would not lose what they've garnered in life, the poor would not be made to pay anything. It would simply mean that the day after the "reset" every working government and individual in the entire world is free to create the biggest economic boom the world has ever seen. Imagine an entire globe full of people who actually had money to spend on the goods and services they wanted, and with no remaining debt, wages and prices could be set at the standards of the 19th century. It wouldn't matter if we made a gallon of milk a nickle because compensation could be set to match.

Of course, some people would say that no one would go to work if no one had debt, but I don't believe that for a single second. I think the great majority of the world would feel such a great relief that it would damn near be inspiring. I think not only would people go to work, but they would become driven with a new sense of hope and empowerment.

It'll never happen of course. We have far too many powerful people who will not give up their control and their endless river of blood money.
Doesn't mean it couldn't work though. IMO