What would happen if all debt in the world was cancelled?
by admin ~ April 8th, 2007 . Filed under: Other - Politics & Government .
DS asked:
Suppose the world’s governments decided that all personal and public debt owed to financial institutions was written off as of right now?
Suppose the world’s governments decided that all personal and public debt owed to financial institutions was written off as of right now?
(In the UK, we mostly own all the banks anyway)
What would be the consequence?
Neville Bruer
April 10th, 2007 at 10:20 pm
China wont allow the US debt to just be eliminated.
As a society, we need to learn the lessons of our time, considering we have failed to learn from history.
The only way to fix this (for the US) would be to read and understand Constitutional law, create sound money, and live within our means…those are hard lessons for some to learn. To be sovereign individuals, we must face our mistakes, fix them correctly, or else we just take the “easy way out” and repeat this senario again in 30-50 years.
It is not good to teach a society not to accept the consequences of our own actions.
April 11th, 2007 at 4:34 pm
Well for starters, I’d be having plastic surgery to have the smile removed from my face
April 14th, 2007 at 3:25 am
Every financial institution in the world would immediately collapse.
There would be massive unemployment throughout the world, and bankruptcies would soar.
It wouldn’t be a good idea, even if it were possible.
April 14th, 2007 at 10:50 am
Utopia. No more money, means figuring out ways to fix the world without profiting.
What incentive is there for a pharmaceutical company to find a cure for cancer or aids, when they can make medicines to prolong peoples lives and make more money off of them instead? This problem would be gone and we could finally have some real progress as humanity, rather than as a system.
April 14th, 2007 at 12:03 pm
The people holdin’ the notes would be real pissed off.
April 17th, 2007 at 11:13 am
LOL! World wide economic collapse!
The yen would be worth less than the paper its printed on.
April 19th, 2007 at 9:34 pm
Pigs would fly.