"Debt" means that someone deferred their consumption in the past, and gave their claim on production to you, so that you will repay them with increased claim on

"Debt" means that someone deferred their consumption in the past, and gave their claim on production to you, so that you will repay them with increased claim on production in future. What you propose here amounts to the following: renege on the past claim to past debtors, and tell them that not only you won't give them extra production, but in fact the claim on production that they voluntarily decided to defer and give to you, is now gone forever. At the same time, since you cannot actually borrow resources from the future, any more than you can irrigate your plants today with next month's rain, what your "borrowing for the future" means is that you'll ask people to voluntarily defer their consumption, and instead pass on their claim on production to you, with you promising them to repay them with an increased claim on production in future. Let's hope that your new debtors don't feel discouraged by you just reneging on that promise to others, and believe that this time it will be different!