3 ms·

All public debt is held by private individuals. Agreeing to cancel debt means seizing assets at a global scale.

• dragonwriter 7y ago
  > All public debt is held by private individuals. No, it's not. Public debt is all debt held by entities other than the issuing government, which includes lots of debt held by things that aren't “private individuals”, including foreign governments. > Agreeing to cancel debt means seizing assets at a global scale. No, it just means causing the realization of a risk whose perceived likelihood was already priced into the asset.
  • conanbatt 7y ago
    Countries don't have debt: people have debt. It's a grave mistake to believe you can forego the debt of all countries and that it wouldn't affect any single individual. Its more than a grave mistake, its the exact opposite of reality. On the other hand of any debt there is a creditor that has an asset in their balance sheet, and it has to be a human being, however obscured by beaureacracy. > No, it just means causing the realization of a risk whose perceived likelihood was already priced into the asset. And debt has collateral, to get ready to sell governments by parts to the creditors that will demand them.