Its not at all simple as that ... Taking on debt in your currency means you won't be able to access international markets, and international market are not jus

Its not at all simple as that ... Taking on debt in your currency means you won't be able to access international markets, and international market are not just going to allow you to sell bonds in your currency without an extremely steep interest payment, some players won't even invest due to the enormous risk they would be taking. Your point 3,4 makes it seem you are unaware of how money or wealth works - would you like it if every three years the govt just striped you of your ownership of your house ? All debt is someone else's saving, introducing a ”sabbat year” on the debt side also reflects on the ownership side - it would not be possible to own anything long term. Your point 4 would mean companies like Amazon, FB, Google would literally be impossible to create. Its very hard to distinguish between good and bad debt ( its the reason analysts are paid so well ). I agree with your last two points.