User Panel
User Panel
User Panel
|
Posted: 6/27/2017 7:28:56 AM EDT
[#1]
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. It's just hard not to want to increase spending on material stuff as you increase earnings. Most people just buy more and more expensive stuff as they increase their income. Being debt free is absolutely possible in the US if you're not enamored with trinkets and such. 
|
|
|
|
Posted: 6/27/2017 7:30:56 AM EDT
[#2]
Quote HistoryQuoted:
So what about us who have no debt? Even if you don't owe anybody any money, people will owe you money. Your employer owes you wages for the last month, except now he doesn't have to pay you. In theory, he couldn't even pay you upfront as you would now owe him an amount of service equal to the amount he has paid you - which puts you back in debt, which is not allowed. Arguably (and interpretations will surely vary on this) your bank owes you the value of your account (as you've effectively loaned it to them to use/invest) except now they don't need to pay it back to you. This system favours (for a given value of "favours") those who are overall debtors rather than overall creditors. You would be screwed, unless you keep all your money physically in your possession. Even then, that physical money might not hold any value in this brave new world. |
|
|
|
Posted: 6/27/2017 7:35:12 AM EDT
[#3]
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. |
|
|
|
Posted: 6/27/2017 7:40:06 AM EDT
[#4]
I don't think that it would work quite the way that you might think that it does.
Lots of unforeseen consequences. I don't think that society would survive insofar that such rules remained in place. |
|
|
|
Posted: 6/27/2017 7:42:33 AM EDT
[#5]
Erase debt, credit, and then fractional reserve banking would become useless and the mask would be off once it has collapsed. Back to money warehouses where the depositor would pay to store wealth, a negative interest rate for example just to hold some amount of dollars, or assets, whatever. That is what is wanted though, to inflate the reserves
|
|
|
|
Posted: 6/27/2017 7:42:48 AM EDT
[#6]
Quote HistoryQuoted:
95% of people would be in debt again in six months. How's that? Quote HistoryQuoted:
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?
|
|
|
|
Posted: 6/27/2017 7:45:36 AM EDT
[#7]
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. If I have a CD with my bank it is a debit on their books. In other words, they owe me X bucks. Wiped out? |
|
|
|
Posted: 6/27/2017 7:52:09 AM EDT
[#8]
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. If I have a CD with my bank it is a debit on their books. In other words, they owe me X bucks. Wiped out? Quoted:
..............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..........  my mouse has da aids!
|
|
|
|
Posted: 6/27/2017 7:52:54 AM EDT
[#9]
Quote HistoryQuoted:
Erase debt, credit, and then fractional reserve banking would become useless and the mask would be off once it has collapsed. Back to money warehouses where the depositor would pay to store wealth, a negative interest rate for example just to hold some amount of dollars, or assets, whatever. That is what is wanted though, to inflate the reserves That's how it is even today if someone wants to store their gold at a depository. Like Anything else, the fee is lower the more the service is utilized. The fees are reasonable, assume less than 1%. Our current system seems like there are no fees, but they are hidden through a negative interest rate, or inflation rate. Since savings accounts yield almost nothing, and their target inflation rate is 2%, it's cheaper to store the gold. The gold costs a % to exchange from fiat, but for long-term savings accounts, keeping it in paper currency is risky business. |
|
|
|
Posted: 6/27/2017 8:02:32 AM EDT
[#10]
In short, yes.
Human beings have existed longer without debt and banks then they have with them. There would be an adjustment period then we do as we always do, move forward. |
|
|
|
Posted: 6/27/2017 8:19:44 AM EDT
[#11]
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. Why would you ask a question when you don't want to hear the answer/truth? Except it would take much less than six months. |
|
|
|
Posted: 6/27/2017 8:21:01 AM EDT
[#12]
Iblol
|
|
|
|
Posted: 6/27/2017 8:24:28 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. Terrible idea. |
|
|
|
Posted: 6/27/2017 8:28:04 AM EDT
[#14]
A debt is a payment to someone else for past labor, goods and services.
Companies, banks and countries could collapse if they were not paid what they were owed. If everyone's debts were cancelled, like mortgages, how many banks would remain solvent. The only way to responsibly get rid of debt is to pay what you f'n owe. |
|
|
|
Posted: 6/27/2017 8:36:56 AM EDT
[#15]
Quote HistoryQuoted:
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". |
|
|
|
Posted: 6/27/2017 8:38:26 AM EDT
[#16]
Jubilee! Yeah!
Pensions are debts, including government ones. Social Security retirement payments are debt. Who would be the biggest winner from OP's scenario? The biggest debtor of course. That's Uncle Sam. The U.S.'s largest creditor is the Social Security trust fund. |
|
|
|
Posted: 6/27/2017 8:41:21 AM EDT
[#17]
Did you just listen to John Lennon Imagine?
That's a sweet thought (no debt) but the world has moved on from that. We will never return to a simpler life until everything collapses and most people are dead. Now that can come in a 100 different ways, but the world is addicted to debt in all it's forms. There is no going back............ever. |
|
|
|
Posted: 6/27/2017 8:42:20 AM EDT
[#18]
The same people would go right back into debt.
|
|
|
|
Posted: 6/27/2017 8:51:30 AM EDT
[#19]
So then no one gets paid. Your employer won't owe you anything and their clients also won't owe them anything. How's that going to workout?
|
|
|
|
Posted: 6/27/2017 8:51:37 AM EDT
[#20]
Well those poor countries would never be able to borrow again. Somebody looses when you "wipe out debt".
By the way does this include our debt? The US would have trouble borrowing again and might have to - shocker - balance our budget. |
|
|
|
Posted: 6/27/2017 8:51:44 AM EDT
[#21]
Would we survive? yes
Would it be pretty? no And yes, you could give all of the money of every 1%er to the poor and within a few months to a year almost all of that wealth would be back in the hands of the 1%ers. The poor are natural spenders, they don't save and they sure as s**t don't invest. The rich provide goods and services the poor consume and get rich from it. Its a pretty simple business model. Honestly anyone with a 6th grade education can comprehend what it takes to be wealthy or at least comfortable financially, yet few are.... |
|
|
|
Posted: 6/27/2017 8:54:46 AM EDT
[#22]
I've been a believer in the idea that we clear the board worldwide for decades. No cares given.
The "central bankers" should be executed. entire families of ashkenazi. call me literally Hitler... I don't care. It's been a scam since 30 BC and earlier. Wipe it Worldwide, from the richest country, to the poorest bum on the corner. Edit: my entire debt is about $4000 counting student loans at 0% interest atm, the rest are credit cards paid at the end of the month in full. I have "cash" in the vbank to zero the CC and 10K in CDs next to me due to mature in 2021 at a great rate. I could be at $0 in five minutes. don't think I'm FSA |
|
|
|
Posted: 6/27/2017 9:01:50 AM EDT
[#23]
Quote HistoryQuoted:
I've been a believer in the idea that we clear the board worldwide for decades. No cares given. The "central bankers" should be executed. entire families of ashkenazi. call me literally Hitler... I don't care. It's been a scam since 30 BC and earlier. Wipe it Worldwide, from the richest country, to the poorest bum on the corner.
|
|
|
|
Posted: 6/27/2017 9:02:48 AM EDT
[#24]
read my edit ;)
|
|
|
|
Posted: 6/27/2017 9:26:52 AM EDT
[#25]
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. Are you going to split it with the rest of the crew? What if someone decides he doesn't want to share his possession? What happens when you run out of gas? You are basically proposing a global version of musical chairs, people will murder each other over it. |
|
|
|
Posted: 6/27/2017 9:34:19 AM EDT
[#26]
People deeply in debt will be right back in debt in 6 months or less
Who cares if you don't want to face reality? This sounds like some half baked stoner commie college professor utopia BS from the OP Arrested adolescence at best. |
|
|
|
Posted: 6/27/2017 9:39:42 AM EDT
[#27]
Quote HistoryQuoted:
I've been a believer in the idea that we clear the board worldwide for decades. No cares given. The "central bankers" should be executed. entire families of ashkenazi. call me literally Hitler... I don't care. It's been a scam since 30 BC and earlier. Wipe it Worldwide, from the richest country, to the poorest bum on the corner. Edit: my entire debt is about $4000 counting student loans at 0% interest atm, the rest are credit cards paid at the end of the month in full. I have "cash" in the vbank to zero the CC and 10K in CDs next to me due to mature in 2021 at a great rate. I could be at $0 in five minutes. don't think I'm FSA A debtless society is what you have on the left, but even they depend on the scraps of the indebted society on the right. 
Realize your plan only sounds good because you have already taken advantage of debt, which you do not want to pay off. You are literally FSA. |
|
|
|
Posted: 6/27/2017 9:42:32 AM EDT
[#28]
Banking would crash
Every stock market would crash Inflation would go Zimbabwe on steroids Sounds like a solid plan, cuz feelz |
|
|
|
Posted: 6/29/2017 10:24:05 AM EDT
[#29]
Quote HistoryQuoted:
That would be illegal under the proposed system. If you are providing a service prior to payment (which is essentially what employment involves) then you are creating a debt scenario. OP says you're not allowed to do that. |
|
|
|
Posted: 6/29/2017 2:55:30 PM EDT
[#30]
Debt is the new currency. If debt vanishes so does currency. Is the world ready for a barter only period?
What would the new currency be and what would it be based on? |
|
|
|
Posted: 6/29/2017 2:57:28 PM EDT
[#31]
Can I get a couple months heads up?
|
|
|
|
Posted: 6/29/2017 3:01:20 PM EDT
[#32]
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. Don't ever come asking me for a loan. |
|
|
|
Posted: 6/29/2017 3:03:19 PM EDT
[#33]
Every 50 years the Israelites would wipe everything out during their year of Jubilee.
|
|
|
|
Posted: 6/29/2017 3:07:21 PM EDT
[#34]
Talk about a bad idea.
About the only winners would be those who hold PM's. |
|
|
|
Posted: 6/29/2017 3:11:57 PM EDT
[#35]
Reading some of the posts in this thread makes my head hurt. Thank God no one in GD is actually in charge of anything.
|
|
|
|
Posted: 6/29/2017 3:15:39 PM EDT
[#36]
By definition, the Rich and Vibrant would not ever be in debt again. No one would .
They'd be a hell of a lot poorer, though, since everybody on the dole would be on their own because their bennies are financed with borrowed money. |
|
|
|
Posted: 6/29/2017 3:24:04 PM EDT
[#37]
Quote HistoryQuoted:
In short, yes. Human beings have existed longer without debt and banks - and living in poverty and with constrained economic development - then they have with them. There would be an adjustment period then we do as we always do, move forward. |
|
|
|
Posted: 6/29/2017 3:32:12 PM EDT
[#38]
Quote HistoryQuoted:
Can I get a couple months heads up? |
|
|
|
Posted: 6/29/2017 3:34:30 PM EDT
[#39]
Many companies would go bankrupt.
|
|
|
|
Posted: 6/29/2017 3:35:22 PM EDT
[#40]
Not sure, but you can use me as a test subject and wipe my debt.
|
|
|
|
Posted: 6/29/2017 3:36:29 PM EDT
[#41]
All of the bonds that are in almost everyone's retirement funds would suddenly become worthless.
That might suck. |
|
|
|
Posted: 6/29/2017 3:42:10 PM EDT
[#42]
The global economy relies on debt. Forgetting erasing debt globally,the US economy would fall on its face if people stopped buying on credit and staring paying theirs off or -gasp- began saving.
|
|
|
|
Posted: 6/29/2017 3:43:35 PM EDT
[#43]
One person's debt is another person's income.
Two sides to a balance sheet. |
|
|
|
Posted: 6/29/2017 3:46:18 PM EDT
[#44]
"We?"
"We" have enough debt that we shouldn't be solving anyone else's debt issues. |
|
|
|
Posted: 6/29/2017 3:49:01 PM EDT
[#45]
Debt is not a bad thing. It enables people (and institutions) to purchase and fund things. Purchasing things oils the wheels of industry and commerce, which in turn creates jobs and prosperity.
Take away debt and we're back to the 18th Century. It's like insurance, which is under assault today by people who don't understand its role. Without insurance we wouldn't have airliners and skyscrapers and cellphones and most of the other commodities we value. Why? Because people wouldn't be willing to take the financial risks associated with construction and manufacturing and shipping and everything connected with them. It's a similar situation with debt, except that people wouldn't be ABLE to purchase or fund those things, so those commodities wouldn't be available. We should be celebrating debt. Responsible debt. |
|
|
|
Posted: 6/29/2017 3:51:33 PM EDT
[#46]
They shouldn't wipe out any debts that are owed by white privileged people.
They should allow debt expungement for minorities who have been unduly burdened by the unfairness of life |
|
|
|
Posted: 6/29/2017 3:52:51 PM EDT
[#47]
Quote HistoryQuoted:
Fancy intro and guys wearing suits doesn’t mean they are having an actual intelligent discussion. I’d like to think that they are just ignorant, otherwise they are pretty evil SOB knowing fully well the lies they are perpetrating. You seriously doubt the intelligence, experience and expertise of Thomas Sowell when it comes to economics? Seriously? |
|
|
|
Posted: 6/29/2017 3:55:34 PM EDT
[#48]
Quote HistoryQuoted:
You have it now. Not that it will be debtless but the wheels will fall off soon. Janet Reno says she doesn't see it coming. When she was the head of the Federal Reserve Bank in San Francisco, she didn't see a housing bubble (2000-2007) either and pooh pooh it off. Even the SF Chronicle was talking about it and how people were buying houses with $0 down and paying only the interest. All the Fed Res did in 2007 onwards was to delay the inevitable and exacerbate the pain. 1) We control the world reserve currency. 2) We can militarily fuck up any country, forceful collection will not happen. Most likely no other reserve currencies will be tolerated. The only other one remotely viable would crumble if we stiffed them. 3) All other countries are in shit tons of debt. 4) A large portion of our debt is internal 5) Ppl that will get fucked by increased $ supply dont make the rules. I mean if we had a fair system I'd agree we'd be fucked, but we dont so we have a while...Although if you want to cover my irresponsible spending if it doesnt reset I'm will to go buy some really cool shit (Trust me I'll make you proud). 
|
|
|
|
Posted: 6/29/2017 3:57:58 PM EDT
[#49]
Most everyone in this thread needs to read up on the Pareto Distribution. Which completely explains wealth inequality across the planet and how we are powerless to stop the unequal distribution of "wealth".
https://en.wikipedia.org/wiki/Pareto_distribution  Jordan Peterson - Inequality of Wealth and Productivity |
|
|
|
Posted: 6/29/2017 4:00:11 PM EDT
[#50]
Quote HistoryQuoted:
 |
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
