That is not the kind of debt that should be cancelled. But does not banks have this fractional reserve lending? So is there not much debt out there that we could manage without then?
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Global debt saturation. So why not just cancel most debt?
- Thread starter Johan293
- Start date
That is not the kind of debt that should be cancelled. But does not banks have this fractional reserve lending? So is there not much debt out there that we could manage without then?
What are you even talking about? Why is my debt to you different than a debt that the US owes China? Please think before you write.
That is not the kind of debt that should be cancelled. But does not banks have this fractional reserve lending? So is there not much debt out there that we could manage without then?
Please study some basic economics and the history of financial markets. Your suggestions make absolutely no sense whatsoever.
I could but that would take years. Perhaps you can explain where/if i get this wrong.
Simple, debt is debt is debt. No difference. Debt is extended for one single reason. The faith that it is being repaid. Without that nobody will extend debt. Which part is hard to comprehend here?
I could but that would take years. Perhaps you can explain where/if i get this wrong.
What are you even talking about? Why is my debt to you different than a debt that the US owes China? Please think before you write.
I am just asking some questions. If you have problems with that take your medicine before answering.
You are asking stupid questions without thinking. That's the problem.
I am just asking some questions. If you have problems with that take your medicine before answering.
Nobody made that point (so far). The point was that your suggested link to an aging population is nonsense and that erasing debt destroys faith in the basic concept of debt. No investor will ever invest in debt again unless there are mechanisms in place that place powers in an investor's toolset to enforce the repayment of debt. Anyone who ever invests again a penny in Argentina should be crucified or deserves to lose every single last penny. That includes fund managers who manage pension accounts and bought Argentinian sovereign debt. Rewarding bad actors reinforces bad principles and destroys the faith that is necessary for debt to exist in the first place.
If monetizing debt causes inflation so easily, why hasn't it happened in Japan?
Sure, let's start with you first then we will all follow suit. I owe you 100,000 dollars. Forgive me my debt and I will forgive the debt others owe me.
That is not the kind of debt that should be cancelled. But does not banks have this fractional reserve lending? So is there not much debt out there that we could manage without then?
debt is debt is debt. No difference.
That exchange hints to the reason why the type of debt cancellation the OP is suggesting CAN NOT work. debt is debt is debt. No difference is not entirely true... There is PRIVATE debt, and there is PUBLIC debt. OP wants PUBLIC debt cancelled.
Public debt includes government agencies and programs, in addition to certain non-governmental entities with government oversight, many of which are mandated by law, to purchase government (public) debt. So what happens to pensions (and pensioners) for instance? Note, I did not say social security(USA) or any other government provided "safety net" or assistance. But if those debt behemoths are not included than what would be the point? Selective public debt cancellation, yea, that'll work to reduce the debt. LOL. Selective or complete, don't forget the ripple effect of all the debt derivatives, worldwide, and those affects and peoples.
Private debt IS completely different... I owe you 100K. Forgive my debt, and I will forgive others. MUCH different.
On a side note... I'm pretty sure usury(interest) is taboo in the Muslim world. Usury has roots in the bible and I seem to recall, the monks. Could interest be forgiven? Could interest paid be applied to principal? I am not an expert on the subject, but I know just enough to be dangerous...
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What is public debt? It's debt issued by an entity that represents you and me and securitizes our tax payments. Why do you make a difference? If your government goes bankrupt and nobody trusts your government anymore and won't lend money anymore then not just your government becomes bad credit but you become bad credit. Your infrastructure will be depleted, your education and healthcare won't be subsedized anymore. What do you think happens the second a good credit decides to renege on its obligations? Trust will be destroyed for good. Not the slickest American Jews in the world will be able to spin a story to get the Europeans or Japanese or Chinese to ever lend money again.
That exchange hints to the reason why the type of debt cancellation the OP is suggesting CAN NOT work. debt is debt is debt. No difference is not entirely true... There is PRIVATE debt, and there is PUBLIC debt. OP wants PUBLIC debt cancelled.
Public debt includes government agencies and programs, in addition to certain non-governmental entities with government oversight, many of which are mandated by law, to purchase government (public) debt. So what happens to pensions (and pensioners) for instance? Note, I did not say social security(USA) or any other government provided "safety net" or assistance. But if those debt behemoths are not included than what would be the point? Selective public debt cancellation, yea, that'll work to reduce the debt. LOL. Selective or complete, don't forget the ripple effect of all the debt derivatives, worldwide, and those affects and peoples.
Private debt IS completely different... I owe you 100K. Forgive my debt, and I will forgive others. MUCH different.
On a side note... I'm pretty sure usury(interest) is taboo in the Muslim world. Usury has roots in the bible and I seem to recall, the monks. Could interest be forgiven? Could interest paid be applied to principal? I am not an expert on the subject, but I know just enough to be dangerous...