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Posted: 6/27/2017 3:58:57 AM EDT
[#1]
poorest
the rest? mad max... |
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Posted: 6/27/2017 4:00:32 AM EDT
[#2]
Quoted:
From the poorest to the richest would the world be okay? I dont want to hear, the poor would be in debt in six months. Could a world economy work with a reset? Everything stops and you own what you physically have. After a massive deleveraging in the crash the American public owes more now than they did in 2009. How do you think it would end? Not to mention the people you would wipe out. |
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Posted: 6/27/2017 4:00:55 AM EDT
[#3]
obama will pay our bills. The poor irresponsible types, from individuals to nations will never change.
Look at lottery winners... |
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Posted: 6/27/2017 4:01:06 AM EDT
[#4]
Quoted:
From the poorest to the richest would the world be okay? I dont want to hear, the poor would be in debt in six months. Could a world economy work with a reset? Everything stops and you own what you physically have. ETA not all of them are poor though |
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Posted: 6/27/2017 4:02:10 AM EDT
[#5]
No. A deposit in a bank is debt. You have loaned the bank that money. Wipe out debt, all deposits gone. So are bonds. You have loaned those companies money when you buy one. And on and on. You're talking a complete collapse of the world economy.
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Posted: 6/27/2017 4:08:37 AM EDT
[#6]
I'm almost of the opinion that something like that needs to happen.
At this point, there is more debt(liability) than there are assets, which seems preposterous. Which leads to the Conclusion: "The Numbers are Made Up, and the Rules don't Matter". Of course, like someone else said, all your money in the bank would be gone, as well as your fiat currency. |
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Posted: 6/27/2017 4:13:31 AM EDT
[#7]
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Posted: 6/27/2017 4:13:34 AM EDT
[#8]
Somebody give me a heads up before this happens so I can max my cards out first?
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Posted: 6/27/2017 4:15:49 AM EDT
[#9]
Quote HistoryQuoted:
No. A deposit in a bank is debt. You have loaned the bank that money. Wipe out debt, all deposits gone. So are bonds. You have loaned those companies money when you buy one. And on and on. You're talking a complete collapse of the world economy. Would the world be more simple? The Sentinelese wouldn't notice the difference. |
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Posted: 6/27/2017 4:16:08 AM EDT
[#10]
What happens to any money that's owed to me? It just goes away? Lol no thanks. Remember for every debt there's someone who loaned that money, or fronted that product, or won that bet. They're not going to be happy about not getting paid..
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Posted: 6/27/2017 4:17:50 AM EDT
[#11]
Quote HistoryQuoted:
What happens to any money that's owed to me? It just goes away? Lol no thanks. Remember for every debt there's someone who loaned that money, or fronted that product, or won that bet. They're not going to be happy about not getting paid.. |
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Posted: 6/27/2017 4:18:34 AM EDT
[#12]
I'll just leave this here. https://youtu.be/ICsPQnGJEpY
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Posted: 6/27/2017 4:22:36 AM EDT
[#13]
Quote HistoryQuoted:
No one owes anything. If you want to buy something there is no credit. Just buy it or not. Would the world be more simple? The Sentinelese wouldn't notice the difference. |
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Posted: 6/27/2017 4:25:02 AM EDT
[#14]
In thoery you would still show up to work tomorrow, wouldnt you?
The farmer would still far. The guy working at the tractor company would still show up to build tractors. The guy in the oil rigg would still pump oil, the teacher would still teach and the actor woudl still show up to film the latest action flick. But money is debt. At least today it is. And if all debt goes away bankers lose a shit ton of money, so even if in theory the world can keep on working just as fine as the day before, there's a good chance the eilte would crash the economy like a mad baby crushes its toys. |
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Posted: 6/27/2017 4:25:58 AM EDT
[#15]
Quote HistoryQuoted:
That largely depends on what they owe others doesn't it? |
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Posted: 6/27/2017 4:26:18 AM EDT
[#16]
.
Total collapse/chaos as others have noted. You can't change the rules once so many are committed one way or the other. However, I do see promise in the old Hebrew law of all debts being expunged every 7 years. Of course you must say starting from today, past commitments are valid. Then if you lend to some one you better darn sure you do your home work on the lendee or be prepared to say bye bye to your capitol......... . |
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Posted: 6/27/2017 4:30:40 AM EDT
[#17]
Quote HistoryQuoted:
. Total collapse/chaos as others have noted. You can't change the rules once so many are committed one way or the other. However, I do see promise in the old Hebrew law of all debts being expunged every 7 years. Of course you must say starting from today, past commitments are valid. Then if you lend to some one you better darn sure you do your home work on the lendee or be prepared to say bye bye to your capitol......... . |
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Posted: 6/27/2017 4:31:11 AM EDT
[#18]
It would have an effect on future loans being paid out. Once you set the example that loans can just be erased and the people who gave out those loans need to just deal with it, they'll just stop handing out loans.
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Posted: 6/27/2017 4:31:11 AM EDT
[#19]
Every debt is some one else's asset. My 401K is money I loaned to domestic and foreign companies. I would be wiped out, and have zero income. Then businesses that borrow operating money would not be able to borrow because any lenders left would know they would lose anything the lent.
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Posted: 6/27/2017 4:34:47 AM EDT
[#20]
Quote HistoryQuoted:
No one owes anything. If you want to buy something there is no credit. Just buy it or not. Would the world be more simple? The Sentinelese wouldn't notice the difference. Quote HistoryQuoted:
Quoted:
No. A deposit in a bank is debt. You have loaned the bank that money. Wipe out debt, all deposits gone. So are bonds. You have loaned those companies money when you buy one. And on and on. You're talking a complete collapse of the world economy. Would the world be more simple? The Sentinelese wouldn't notice the difference. |
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Posted: 6/27/2017 4:35:28 AM EDT
[#21]
Quote HistoryQuoted:
I'll just leave this here. https://youtu.be/ICsPQnGJEpY Quote HistoryQuoted:
I'll just leave this here. https://youtu.be/ICsPQnGJEpY Bill Gates is rich because he “created more" than some countries. 
Its as if implicitly assuming a fixed amount of wealth in the world and if someone has more someone must have less… |
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Posted: 6/27/2017 4:36:16 AM EDT
[#22]
Quote HistoryQuoted:
Not at all. A debt is a debt, meant to be paid. If you don't want to pay it, don't borrow it. Simple concept for grownups. Not as simple I guess, for people owing $200k on worthless degrees and still living with mom and dad, but yeah they still owe it too. A small number of people owe me small amounts of cash, and I have a small amount of money in the bank (compared to GD millionaires). I'd still jump at the chance to have that erased. Because I owe more than I'm owed. The current system is designed to create free-range debt slaves. It is nearly impossible to live in the US without debt. The only people getting screwed in OP's scenario is the Soros and Gates of the World. ETA: I'd be more in favor of ending Fiat Currency, Fractional Reserve Banking, and Central Banks. |
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Posted: 6/27/2017 4:46:47 AM EDT
[#23]
Quote HistoryQuoted:
I'd be more in favor of ending Fiat Currency, Fractional Reserve Banking, and Central Banks. |
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Posted: 6/27/2017 4:47:18 AM EDT
[#24]
No debt for anyone world wide. What you have in your possesion is yours.
Not tankers in the oceans, not futures in oil, what you physically own. |
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Posted: 6/27/2017 4:53:25 AM EDT
[#25]
Quote HistoryQuoted:
yeah, good luck with that. The elite will throw the entire world into a nuclear war before allowing that. Fuck it, they can find some nice island somwhere to live liek kings still while everyone slaughters one another and blow enough steam. |
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Posted: 6/27/2017 4:58:24 AM EDT
[#26]
Quote HistoryQuoted:
No debt for anyone world wide. What you have in your possesion is yours. Not tankers in the oceans, not futures in oil, what you physically own. |
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Posted: 6/27/2017 5:08:26 AM EDT
[#27]
Quote HistoryQuoted:
That would be difficult to square with how we live. For instance we would have to stop building homes out of wood, and your children would live with you until you died. |
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Posted: 6/27/2017 5:51:12 AM EDT
[#28]
Quote HistoryQuoted:
No. A deposit in a bank is debt. You have loaned the bank that money. Wipe out debt, all deposits gone. So are bonds. You have loaned those companies money when you buy one. And on and on. You're talking a complete collapse of the world economy. I highly recommend watching "Money as Debt":  Money as Debt - Full Documentary |
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Posted: 6/27/2017 5:58:45 AM EDT
[#29]
Erase debt? Negative. Instead we should aggressively enforce personal responsibility. The last housing bubble and recession were a prime example of debt without consequence. You don't have a right to own a home, go to college and etc. People should be held to stricter application standards with car home education loans and credit cards. If you default because you suck then maybe we should have debtor prisons where these guys work off the loan.
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Posted: 6/27/2017 6:33:01 AM EDT
[#30]
You could wipe out the rich's wealth, the poor's debt, even the slate, and in a few years the same people would be poor again and the rich would get their money back because the rich work harder than the poor do.
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Posted: 6/27/2017 6:37:24 AM EDT
[#31]
Quote HistoryQuoted:
No debt for anyone world wide. What you have in your possesion is yours. Not tankers in the oceans, not futures in oil, what you physically own. |
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Posted: 6/27/2017 6:38:38 AM EDT
[#32]
Socialist utopian bullshit.
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Posted: 6/27/2017 6:40:57 AM EDT
[#33]
in order to wipe out all debt you would have to change our monetary system...
the very nature of what we use as "money" is debt. |
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Posted: 6/27/2017 6:40:57 AM EDT
[#34]
Quoted:
From the poorest to the richest would the world be okay? I dont want to hear, the poor would be in debt in six months. Could a world economy work with a reset? Everything stops and you own what you physically have. No it couldn't |
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Posted: 6/27/2017 6:42:21 AM EDT
[#35]
Quote HistoryQuoted:
The last housing bubble and recession were a prime example of debt without consequence. You don't have a right to own a home, go to college and etc. People should be held to stricter application standards with car home education loans and credit cards. If you default because you suck then maybe we should have debtor prisons where these guys work off the loan. Everyone here likes to shit on the borrowers, but creditors made shitty loans and assumed either unrealistic returns or passed the risk on to govenrnment i.e. us. |
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Posted: 6/27/2017 6:43:16 AM EDT
[#36]
It means nobody woud want to ever loan money again afterwards because it could happen again, and this would stifle investment and economic growth.
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Posted: 6/27/2017 6:44:41 AM EDT
[#37]
All businesses would effectively cease to function, all banks would collapse, nations would lose all buying power and ability to pay anyone. Those in the military would be shafted pretty hard.
It would suck. A lot. For everyone, especially the poor. |
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Posted: 6/27/2017 6:54:16 AM EDT
[#38]
Quote HistoryQuoted:
Yes. In the modern banking society, if you eliminate debt then everyone's savings are gone. No stocks, 401K, Index funds, bonds. In addition, all bank deposits are gone because all money deposited in bank accounts has been loaned out 100 times. So if you eliminate debt, most people would be absolutely destroyed financially. If you had a farm paid off and could produce food and had gold, then you'd not be financially destroyed, but since the rest of society would be, it wouldn't really matter. I highly recommend watching "Money as Debt":  https://www.youtube.com/watch?v=4AC6RSau7r8 |
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Posted: 6/27/2017 7:01:12 AM EDT
[#39]
Quote HistoryQuoted:
Somebody give me a heads up before this happens so I can max my cards out first? |
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Posted: 6/27/2017 7:02:32 AM EDT
[#40]
Think how fast people would re-accrue debt.
Not only the stupid fucking morons who live on debt, but also the people who take care in managing their money. When you establish the precedent that being responsible is harmful to your future, what is the point in being responsible? It actually becomes a responsible decision to be irresponsible. I live within my means. I have no debt other than a mortgage. If a few trillion dollars in debt just vanishes, you can be damn sure I will borrow whatever I can get my hands on, because within five years they will either have to forgive it all again or just let it crash and burn. Either way those are the new rules. |
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Posted: 6/27/2017 7:02:50 AM EDT
[#41]
Quote HistoryQuoted:
It would take much less than 6 months. There a huge swaths of people that produce less than they consume ETA not all of them are poor though Quote HistoryQuoted:
Quoted:
From the poorest to the richest would the world be okay? I dont want to hear, the poor would be in debt in six months. Could a world economy work with a reset? Everything stops and you own what you physically have. ETA not all of them are poor though People don't appreciate what's"given" to them, it only makes them want more. |
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Posted: 6/27/2017 7:04:05 AM EDT
[#42]
Yes, it would allow the world another 50 years to fuck everything up. The billionaires would become millionaires, and there would be no opportunity to let the poor zombie troops of the left replay the French Revolution.
Middle class wins. Not gonna happen. We will crash and recover after much pain and suffering as usual. |
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Posted: 6/27/2017 7:04:14 AM EDT
[#43]
Quote HistoryQuoted:
A Swing and a Miss. I owe 0 dollars on education, 75k on a house, and 20k on a truck, and have a 800+ credit score. A small number of people owe me small amounts of cash, and I have a small amount of money in the bank (compared to GD millionaires). I'd still jump at the chance to have that erased. Because I owe more than I'm owed. The current system is designed to create free-range debt slaves. It is nearly impossible to live in the US without debt. The only people getting screwed in OP's scenario is the Soros and Gates of the World. ETA: I'd be more in favor of ending Fiat Currency, Fractional Reserve Banking, and Central Banks. Quote HistoryQuoted:
Quoted:
Not at all. A debt is a debt, meant to be paid. If you don't want to pay it, don't borrow it. Simple concept for grownups. Not as simple I guess, for people owing $200k on worthless degrees and still living with mom and dad, but yeah they still owe it too. A small number of people owe me small amounts of cash, and I have a small amount of money in the bank (compared to GD millionaires). I'd still jump at the chance to have that erased. Because I owe more than I'm owed. The current system is designed to create free-range debt slaves. It is nearly impossible to live in the US without debt. The only people getting screwed in OP's scenario is the Soros and Gates of the World. ETA: I'd be more in favor of ending Fiat Currency, Fractional Reserve Banking, and Central Banks. You'd blow up the system of which you have very, very little understanding. So people don't loan anyone money, then what? Borrowing $150k for a house at 1% above the inflation rate is a pretty sweet deal. Nope, pay cash, fuck matching cash flows of income and expenses, lump sum everything. I don't really even take on much debt, but it just makes sense to match expenses according to cash flows. |
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Posted: 6/27/2017 7:05:26 AM EDT
[#44]
Quote HistoryQuoted:
Erase debt? Negative. Instead we should aggressively enforce personal responsibility. The last housing bubble and recession were a prime example of debt without consequence. You don't have a right to own a home, go to college and etc. People should be held to stricter application standards with car home education loans and credit cards. If you default because you suck then maybe we should have debtor prisons where these guys work off the loan. |
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Posted: 6/27/2017 7:07:08 AM EDT
[#45]
Quote HistoryQuoted:
No. A deposit in a bank is debt. You have loaned the bank that money. Wipe out debt, all deposits gone. So are bonds. You have loaned those companies money when you buy one. And on and on. You're talking a complete collapse of the world economy. |
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Posted: 6/27/2017 7:13:35 AM EDT
[#46]
There is a distinction between debt like a loan for a business and debt-based currency.
The former is normal and healthy as long as risk is priced accordingly, the latter is a sophisticated system of enslavement by central banking cartels, who are private and above the law, of course. Truth is stranger than any possible fiction when it comes to our financial system. At a certain point it's humorous how many people are enslaved to currency that is devalued and robbing them of real wealth. Oh but wages keep up with prices of goods and services. Uh huh |
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Posted: 6/27/2017 7:15:54 AM EDT
[#47]
Quote HistoryQuoted:
No one owes anything. If you want to buy something there is no credit. Just buy it or not. Would the world be more simple? The Sentinelese wouldn't notice the difference. Quote HistoryQuoted:
Quoted:
No. A deposit in a bank is debt. You have loaned the bank that money. Wipe out debt, all deposits gone. So are bonds. You have loaned those companies money when you buy one. And on and on. You're talking a complete collapse of the world economy. Would the world be more simple? The Sentinelese wouldn't notice the difference. The property market would be decimated. The automotive industry would take a really bad hit. Sure, you can buy cheap second hand cars for relatively small amounts... but those second hand cars all started off as brand new ones. How many people (who previously could easily handle their car repayments) would be in a position to go out and pay cash for a brand new car, let alone a house? Less new cars = less secondhand cars = more expensive due to the basic principle of supply and demand. You couldn't even wipe out existing debt and start again. The companies who provide that fluidity would have crashed and burned, and any company insane enough to start up in the credit business would have even more insane conditions to limit their exposure to the next genius who decides to reset debt. Also, if you have a mortgage, what will happen to the house in your scenario? The bank doesn't just loan you the money, it has a legal interest in the property which it relinquishes when payment is complete. Don't forget about this bit when you wave your magic wand or it could get very messy. Also, services such as water, gas, electric, phones, etc. They all work on the basis of credit, unless you want to fit payment meters into every house. Also, if you want to get technical (and I appreciate this differs from jurisdiction to jurisdiction) then "no debt" also means "no restaurants", "no hotels", "nothing that involves the provision of services prior to payment". Also, also, also, etc. |
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Posted: 6/27/2017 7:17:15 AM EDT
[#48]
So what about us who have no debt?
I don't even have so much as a car payment, I would never agree to let others off who can't live within their means. I understand sometimes shit happens where you must borrow, but I don't believe that is the norm. I imagine that if we wiped out debt worldwide or even nationwide, you'd see a lot of brand new $50k SUVs rolling around. |
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Posted: 6/27/2017 7:17:48 AM EDT
[#49]
Quote HistoryQuoted:
In thoery you would still show up to work tomorrow, wouldnt you? The farmer would still far. The guy working at the tractor company would still show up to build tractors. The guy in the oil rigg would still pump oil, the teacher would still teach and the actor woudl still show up to film the latest action flick. |
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Posted: 6/27/2017 7:23:32 AM EDT
[#50]
Quoted:
I dont want to hear, the poor would be in debt in six months. 95% of people would be in debt again in six months. How's that? |
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