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. Bu

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!