An intriguing idea I came across on another forum:

Forgive all debts

What do you guys think if they were just to forgive everyone's debts. No mortgage, no car payment, and no credit cards to pay for. I think that could really help our economy. Think about all the cars that people could go out and buy, therefore helping our infrastructure. People that need work done on their house could now afford to do so.

There have been many cultures in the past that have done this. What do you guys think about this. Crticisim is welcome. What are the problems with doing this? What are some of the advantages?

Even the bible has an opinion on this
The forgiving of 'debts', public and private was commanded in the Bible. It is called the Fifty Year Jubilee. For His documention, you will locate it in Leviticus 25 vrs 10-17. But hey, since when has mankind done anything God's way?

Who'll pay off this debt?

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Leave the Euro - peg our currency to the Zimbabwean Dollar but with existing interest rates and all debts would be wiped out before Xmas.

Meanwhile back on Planet Cowen ...

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There are times when you are simply required to be impolite. There are times when condescension is called for!
- Aaron Sorkin writing as President Bartlet to Obama, NYT 21/09/2008

You can't build a smart economy based on dumb decisions.
- Richard Bruton 18/12/2008

Would this mean that bank's could keep all the money that they've borrowed from depositors?
Folk might not go for this plan (to put it mildly).


.

Are the banks not in enough trouble??

Forgive my mortgage, I sell up and move to Argentina! Not going to help our economy.

re. picking up the economy, buying cars, houses etc....isn't that what the loans where for in the first place?!

Not that I'm against anything from the bible, if you are listening Big Man.

Nobody. The fact is we are in a deflationary spiral of debt default. Corporate, sovereign, municipal, mortage, asset backed and credit card debt can not be repaid as the incomes to service them is dropping like a stone. Be it Ireland or California government revenues are collapsing. The state incomes are being squeezed out of people by force of law but just imagine the falls in corporate revenues.

This has a way to go before everyone grasps what the implications are. One thing is sure though, the welfare state as we know it is finished.

Rhonda, lets see the global agenda go for broke tomorrow in DC.

"Think about all the cars that people could go out and buy, therefore helping our infastructure."

How do they help our infastrure? Buying cars is a bad thing, if you dont really need it.

Not realistic. The State is already up to its eyeballs in potential liabilities with the state guarantee scheme, so it can't afford to guarantee all debts. If you mean the State should just invalidate all debts fullstop rather than taking them on, then that is a recipe for economic collapse since the banks and many businesses would go bust.

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You don't pay it off - you wipe the slate clean

The people to whom the debts are owed are the people who got us into this mess.

F**k them!

It was never real money in the first place.


Start with a blank piece of paper and build a new system.

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"Always do right. This will gratify some people and astonish the rest." Mark Twain

“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoléon Bonaparte

All small personnal debts should be written off. Bo11ocks to clearing the loans of the rich and the corporations.