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Posted: 1/20/2015 1:22:26 AM EDT
[#1]
Quote HistoryQuoted:
Give me a weeks notice.  This please. I haven't had any debt in a while, I guess I wasted too much time being financially responsible. |
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Posted: 1/20/2015 1:23:47 AM EDT
[#2]
Quote HistoryQuoted:
A Pixies song would probably start playing. 
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Posted: 1/20/2015 1:23:59 AM EDT
[#3]
So if people owe you millions you want that canceled?
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Posted: 1/20/2015 1:45:25 AM EDT
[#4]
So you are asking what would happen if we made the expected payoff for uncertain future cash flows to zero? Who would invest knowing default is certain?
Lending is a fundamental underpinning of the economy. Without it, business (the economy) cannot function. This is no different than printing money (central bank) to pay off debt, or inflate your way out of debt. Inflation would soar, because now, since there are no debt payments, there are more $$$'s chasing the same number of goods. Interest rates would skyrocket. It would be total collapse. We'd literally be back to bartering. The only thing you'd be able to hear is the sound of the entire economy coming to a massive grinding halt. |
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Posted: 1/20/2015 1:47:58 AM EDT
[#5]
i'd cut up my credit card. sadly I have a balance on it still.
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Posted: 1/20/2015 1:48:57 AM EDT
[#6]
Amazon would explode.
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Posted: 1/20/2015 1:50:23 AM EDT
[#7]
Quote HistoryQuoted:
Amazon would explode. Literally, and on fire, and sadly marshmellows and hotdogs would be so expensive. |
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Posted: 1/20/2015 1:51:50 AM EDT
[#8]
Trolling for Liberal of the year
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Posted: 1/20/2015 1:53:32 AM EDT
[#9]
Who would loan money after that? The credit market would gone, and it'd be difficult to find new lenders. Those with money would be buying up all sorts of good stuff instead of loaning on it.
That lady that lives in a $500K house that owes $490K on it? Sure, she gets it for free now, but I bet she'd sell it for $50K cash once the credit markets are gone and there is a severe shortage of cash (because the credit markets are gone). |
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Posted: 1/20/2015 1:54:28 AM EDT
[#10]
Imagine no possessions
Posted Via AR15.Com Mobile |
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Posted: 1/20/2015 1:59:31 AM EDT
[#11]
FPNI
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Posted: 1/20/2015 2:01:02 AM EDT
[#12]
Quote HistoryQuoted:
Agreed 100% and came in to post this. Nothing would change, it may actually get worse with some people expecting another fresh start down the road. Quote HistoryQuoted:
Quoted:
Inside of 5 years, maybe a little longer, those who currently have massive debt would again. Those that don't have debt wouldn't again. The problem isn't debt or wages or income disparity. The problem is attitudes around money, financial responsibility and to a degree, work ethic. Erasing debt doesn't change who the person is. Agreed 100% and came in to post this. Nothing would change, it may actually get worse with some people expecting another fresh start down the road. No. No one would be willing to lend. Housing prices would crash. Most anyone involved in construction would be unemployed. Economic growth would grind to a halt as financing would be unavailable. Products would disappear off the shelves as store owners would not be able to float their inventory leading to mass shortages. Most automakers would have massive layoffs. Insurance companies might do ok, but that's about it in this scenario. Credit and the promise to pay drives the economy and there would be none. |
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Posted: 1/20/2015 2:11:45 AM EDT
[#13]
Quote HistoryQuoted:
Inside of 5 years, maybe a little longer, those who currently have massive debt would again. Those that don't have debt wouldn't again. The problem isn't debt or wages or income disparity. The problem is attitudes around money, financial responsibility and to a degree, work ethic. Erasing debt doesn't change who the person is. This wouldn't happen because no one would ever lend again |
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Posted: 1/20/2015 8:33:55 AM EDT
[#14]
Quote HistoryQuoted:
Get a preview of tomorrows speech or something? Just curious what would happen 
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Posted: 1/25/2015 3:53:55 AM EDT
[#15]
Human sacrifice, cats and dogs living together, mass hysteria!
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Posted: 1/25/2015 4:38:03 AM EDT
[#16]
Quoted:
Anything you are paying on all of a sudden is yours. No debt for anyone. Would the world economy collapse? What could go wrong? Economists chime in. (Short answers will be fine.  )10 years from now the same people would be back in debt. |
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Posted: 1/25/2015 4:44:06 AM EDT
[#17]
Quote HistoryQuoted:
10 years from now the same people would be back in debt. Quote HistoryQuoted:
Quoted:
Anything you are paying on all of a sudden is yours. No debt for anyone. Would the world economy collapse? What could go wrong? Economists chime in. (Short answers will be fine. )10 years from now the same people would be back in debt. This plus it would destroy the economy. Accounts receivable worldwide would now be zero with no corresponding reduction in credits for the same entity.............thus, the economy would collapse and destruction of many companies would ensue via bankruptcies. Accounts payable worldwide would now be zero with no corresponding reduction in debits for the same entity............thus the economy would collapse due to overstated values for shit companies. Useless libtards would be happy for a short time though..........until they racked up insurmountable debt again because they are stupid and incapable of living within their means or are lazy fucktards who won't put in a fair days work. |
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Posted: 1/25/2015 5:24:34 AM EDT
[#18]
Quote HistoryQuoted:
This plus it would destroy the economy. Accounts receivable worldwide would now be zero with no corresponding reduction in credits for the same entity.............thus, the economy would collapse and destruction of many companies would ensue via bankruptcies. Accounts payable worldwide would now be zero with no corresponding reduction in debits for the same entity............thus the economy would collapse due to overstated values for shit companies. Useless libtards would be happy for a short time though..........until they racked up insurmountable debt again because they are stupid and incapable of living within their means or are lazy fucktards who won't put in a fair days work. Quote HistoryQuoted:
Quoted:
Quoted:
Anything you are paying on all of a sudden is yours. No debt for anyone. Would the world economy collapse? What could go wrong? Economists chime in. (Short answers will be fine. )10 years from now the same people would be back in debt. This plus it would destroy the economy. Accounts receivable worldwide would now be zero with no corresponding reduction in credits for the same entity.............thus, the economy would collapse and destruction of many companies would ensue via bankruptcies. Accounts payable worldwide would now be zero with no corresponding reduction in debits for the same entity............thus the economy would collapse due to overstated values for shit companies. Useless libtards would be happy for a short time though..........until they racked up insurmountable debt again because they are stupid and incapable of living within their means or are lazy fucktards who won't put in a fair days work. I'm no accountant, but wouldn't you just debit/credit equity for the difference. Since most companies are leveraged (long term debt) and negotiate better terms with suppliers than they give customers, seems like they would actually be better off from a strictly balance sheet perspective (obviously excluding banks) --- except for the whole world wide lending coming to a halt thing 
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Posted: 1/25/2015 5:40:38 AM EDT
[#19]
Quote HistoryQuoted:
I'm no accountant, but wouldn't you just debit/credit equity for the difference. Since most companies are leveraged (long term debt) and negotiate better terms with suppliers than they give customers, seems like they would actually be better off from a strictly balance sheet perspective (obviously excluding banks) --- except for the whole world wide lending coming to a halt thing
Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Anything you are paying on all of a sudden is yours. No debt for anyone. Would the world economy collapse? What could go wrong? Economists chime in. (Short answers will be fine. )10 years from now the same people would be back in debt. This plus it would destroy the economy. Accounts receivable worldwide would now be zero with no corresponding reduction in credits for the same entity.............thus, the economy would collapse and destruction of many companies would ensue via bankruptcies. Accounts payable worldwide would now be zero with no corresponding reduction in debits for the same entity............thus the economy would collapse due to overstated values for shit companies. Useless libtards would be happy for a short time though..........until they racked up insurmountable debt again because they are stupid and incapable of living within their means or are lazy fucktards who won't put in a fair days work. I'm no accountant, but wouldn't you just debit/credit equity for the difference. Since most companies are leveraged (long term debt) and negotiate better terms with suppliers than they give customers, seems like they would actually be better off from a strictly balance sheet perspective (obviously excluding banks) --- except for the whole world wide lending coming to a halt thing
Lending wouldn't come to a halt. It would continue regardless and all that would happen is that there would be an inflationary rise as the stupid people who's debt had just been cleared started spending again, and borrowing to do so, and the disposable incomes of others had suddenly increased and the cash-flow bonanza would start. Even if (hypothetically) lending and borrowing money was somehow stopped, the stupid libtards would quickly realise that this would hit the people who have less money the hardest as things like mortgages and borrowing for cars and such would be stopped. Before you know it most people would be renting and a small proportion wold be getting rich very quickly. This would create the new "fiscal inequality" for the retarded leftists to go on about, which would be wage disparity. The fact that some mouth breathing burger flipper is earning less than a brain surgeon would have these idiots apoplectic with rage and they would then be demanding wage equality regardless of skill. Before you know it.....Communism. Which would also fail. Socialism and communism suffocate drive and ambition and are nothing more than a race to the bottom of the social evolutionary scale. |
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Posted: 1/25/2015 6:22:11 AM EDT
[#20]
Quote HistoryQuoted:
............. I'm no accountant, but wouldn't you just debit/credit equity for the difference. Since most companies are leveraged (long term debt) and negotiate better terms with suppliers than they give customers, seems like they would actually be better off from a strictly balance sheet perspective (obviously excluding banks) --- except for the whole world wide lending coming to a halt thing
Yes, but for those losing accounts receivables their equity would be REDUCED to account for the reduced assets. For those companies losing accounts payables their equity would be INCREASED to account for the reduced payables. As you can see, as is the case for fucktard useless individuals, we would be rewarding those companies with more debt than receivables. Those companies with excess debt would be rewarded and those companies with excess assets would be penalized. Another reward for the useless and less talented, etc. Which, of course, would make a libtard happy. (I'm not saying you are but you get what I mean about libtards.) |
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Posted: 1/25/2015 6:28:03 AM EDT
[#21]
Quote HistoryQuoted:
....................... Socialism and communism suffocate drive and ambition and are nothing more than a race to the bottom of the social evolutionary scale. This............end of thread. |
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Posted: 1/25/2015 8:48:10 AM EDT
[#22]
Quote HistoryQuoted:
So you are asking what would happen if we made the expected payoff for uncertain future cash flows to zero? Who would invest knowing default is certain? Lending is a fundamental underpinning of the economy. Without it, business (the economy) cannot function. This is no different than printing money (central bank) to pay off debt, or inflate your way out of debt. Inflation would soar, because now, since there are no debt payments, there are more $$$'s chasing the same number of goods. Interest rates would skyrocket. It would be total collapse. We'd literally be back to bartering. The only thing you'd be able to hear is the sound of the entire economy coming to a massive grinding halt. Bingo...Andrew Jackson as President paid off the national debt in 1836 I believe.......how did that turn out.... |
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Posted: 1/25/2015 8:59:21 AM EDT
[#23]
The middle class would rack up more debt with a vengeance, expecting it to be a new standard operating procedure. The FSA would protest about the injustice of it all and demand mo' money since their debt would be less.
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Posted: 1/25/2015 9:01:56 AM EDT
[#24]
Quote HistoryQuoted:
It would fix itself within 10 years. If by fix itself you mean be right back like it is now then I agree. |
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Posted: 1/25/2015 9:03:08 AM EDT
[#25]
Q: how is money created?
A: it is lent into existence. It would make the Great Depression look cheeky and fun by comparison. |
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Posted: 1/25/2015 9:04:38 AM EDT
[#26]
Quote HistoryQuoted:
With no debt wouldn't the demand for goods and services cause inflation? Impossible, there would be no currency as we know it to buy anything with. |
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Posted: 1/25/2015 9:38:16 AM EDT
[#27]
All the world's lenders would say FU?
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Posted: 1/25/2015 9:45:50 AM EDT
[#28]
Quote HistoryQuoted:
It would probably rack back up twice as fast ^ this. Sadly. Many people never learn from their financial mistakes. . |
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Posted: 1/25/2015 9:46:29 AM EDT
[#29]
Quote HistoryQuoted:
It would fix itself within 10 years. THIS My dad used to tell me that if you gave everyone in the world an equal amount of money, in 10 years, the rich would be rich again and the broke would be broke again. |
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Posted: 1/25/2015 9:49:26 AM EDT
[#30]
Give it a few years and we'd right back where we are now.
Smart people are smart, stupid people are stupid. |
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Posted: 1/25/2015 10:00:50 AM EDT
[#31]
Why stop there? Let just make everything FREE
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Posted: 1/25/2015 10:02:12 AM EDT
[#32]
Within 6 weeks 90% of them would be back into debt up to their eyeballs.
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Posted: 1/25/2015 10:13:37 AM EDT
[#33]
Most old people would be penniless. |
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Posted: 1/25/2015 10:14:10 AM EDT
[#34]
Let me know a couple of months before you do it. I've got several million dollars worth of stuff I'd like to buy but would prefer not to pay for.
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Posted: 1/25/2015 10:15:50 AM EDT
[#35]
Quote HistoryQuoted:
Rack up more debt by buying night vision duh. No shit, right?! |
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Posted: 1/25/2015 10:22:05 AM EDT
[#36]
Quote HistoryQuoted:
A lot of rich fucks would suddenly be broke. Well that didn't take long. 
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Posted: 1/25/2015 10:30:42 AM EDT
[#37]
There would still be debt. It would just be transferred from the borrowers to the lenders, unexpectedly and overnight.
And since there would be no way to even borrow more money to cover the loss, the lenders would be screwed. Big time. If the lights still came on the next day, "Layaway" would become the new "financing". |
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