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Have you wax economist Michael Hudson? One of his central theses is that we need debt forgiveness, as debt is piling up beyond the capacity for people to pay it
by Synaesthesia 7y ago
Have you wax economist Michael Hudson? One of his central theses is that we need debt forgiveness, as debt is piling up beyond the capacity for people to pay it. Debt grows exponentially, and it acts as a hindrance to the economy, while enriching the banking, finance and real estate sectors.
- Mountain_Skies 7y agoDebt forgiveness might be more palatable if it is accompanied by changes to the system that allowed an unsustainable amount of debt to be generated in the first place.
- jdsully 7y agoA recurring debt forgiveness schedule would do just that. If all debts expired after 10 years lenders would be much more cautious.
- Mountain_Skies 7y agoDon't many debts already have a statute of limitations? IIRC, the statute of limitations on credit card debt can be as short as three years depending on the state. I know that's not exactly the same as debt forgiveness but after seven years, the debt even falls off one's credit report, making it essentially worthless to the debt owner. Obviously things like student loans aren't so easily dismissed but there does seem to be a disjointed system of debt forgiveness already for certain types of debt.
- nearbuy 7y agoDoes that work with something like credit cards, where your old debt is paid off but you constantly have more new debt?