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>we don't have periodic jubilees for debt forgiveness for human people. How would that even work? Why would you ever repay debt if you could just wait for it t

>we don't have periodic jubilees for debt forgiveness for human people. How would that even work? Why would you ever repay debt if you could just wait for it to be forgiven?

quickthrower2 3y ago
Also you would need to technically zero out all positive bank accounts, since they are debt owed to people by the bank.
- detourdog 3y ago
  This might not be a banking system. This might be part of a social system. A civil society used to have more value than a functioning banking system. There were also ideas that the corner of the ones crop fields couldn't be harvested. These corners should be for people with nothing and the bests of the land.
  - quickthrower2 3y ago
    Yes. I think before modern money, cancelling out debts would be simpler (just throw some runes in the sea, or whatever), and they didn't even have mortgages. But now everything is debt and everything is financialized, including the debt itself. I reckon cancelling debt would be great for the rich who are probably leveraged to the hilt to avoid selling anything, to avoid taxes. It would be decent for the middle class who keep their houses debt free. And bad for poor people, who just get this months payday loan wiped out, so they can afford that car repair, and still need to pay rent. House prices would double, due to serviceability increases, so they have less chance of owning!
BitwiseFool 3y ago
And on the flip side, why would you ever loan money to someone if you knew you would be forced to forgive some portion of it?
detourdog 3y ago
It's a really old idea that if you haven't gotten your value back by x period of years give up the value is gone. It could be that it's older cultures that operated this way. The idea is that a loan turns into slavery at some point and that is unacceptable. There is also the aspect that if you could go this long without the loan being repaid you have enough already.

>we don't have periodic jubilees for debt forgiveness for human people. How would that even work? Why would you ever repay debt if you could just wait for it to be forgiven?

quickthrower2 3y ago

Also you would need to technically zero out all positive bank accounts, since they are debt owed to people by the bank.

detourdog 3y ago
This might not be a banking system. This might be part of a social system. A civil society used to have more value than a functioning banking system. There were also ideas that the corner of the ones crop fields couldn't be harvested. These corners should be for people with nothing and the bests of the land.
- quickthrower2 3y ago
  Yes. I think before modern money, cancelling out debts would be simpler (just throw some runes in the sea, or whatever), and they didn't even have mortgages. But now everything is debt and everything is financialized, including the debt itself. I reckon cancelling debt would be great for the rich who are probably leveraged to the hilt to avoid selling anything, to avoid taxes. It would be decent for the middle class who keep their houses debt free. And bad for poor people, who just get this months payday loan wiped out, so they can afford that car repair, and still need to pay rent. House prices would double, due to serviceability increases, so they have less chance of owning!

BitwiseFool 3y ago

And on the flip side, why would you ever loan money to someone if you knew you would be forced to forgive some portion of it?

detourdog 3y ago

It's a really old idea that if you haven't gotten your value back by x period of years give up the value is gone. It could be that it's older cultures that operated this way. The idea is that a loan turns into slavery at some point and that is unacceptable. There is also the aspect that if you could go this long without the loan being repaid you have enough already.