This may be a completely unrelated question but.... Jubilee. Lets talk about it. What would be the ramifications? Can we even unwind things within a lifetime

This may be a completely unrelated question but.... Jubilee. Lets talk about it. What would be the ramifications? Can we even unwind things within a lifetime? If we unwound them, how absolutely hosed would everyone end up, if hard assets remained in the possession of their current holders? Like if somehow, a magical delete button was hit, all outstanding obligations wiped out (maybe except stocks/shares?), and everyone just had to deal with picking things up and starting from tabula rasa? Do we even have the language to describe what that would look like? If we can do it, what would be the timeframe/process? If we couldn't, period... What does THAT mean? Like, really mean, in the "everyone gets locked in a room until we settle on what to do* sense? Because the ask of "how do we keep people from taking advantage of PPP loans" strikes me as something on the scale of being able to essentially unwind the entire system in a realistic, practicable timeframe.