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