We still have debt forgiveness. It's called chapter 11 and bankruptcy. We still a wave of these every few years or so. The Asian financial crisis, dot com bust,

We still have debt forgiveness. It's called chapter 11 and bankruptcy. We still a wave of these every few years or so. The Asian financial crisis, dot com bust, GFC, and the latest wave of commodity producers going bust, are all prime examples of mass forgiveness of debts.