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Posted: 1/19/2015 11:04:18 PM EDT
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.  )
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Posted: 1/19/2015 11:06:09 PM EDT
[#1]
A Pixies song would probably start playing.
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Posted: 1/19/2015 11:06:52 PM EDT
[#2]
It would destroy a ton of wealth.
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Posted: 1/19/2015 11:07:41 PM EDT
[#3]
A lot of rich fucks would suddenly be broke.
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Posted: 1/19/2015 11:07:48 PM EDT
[#4]
It would fix itself within 10 years.
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Posted: 1/19/2015 11:08:12 PM EDT
[#5]
It would probably rack back up twice as fast
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Posted: 1/19/2015 11:08:52 PM EDT
[#6]
Rack up more debt by buying night vision duh.
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Posted: 1/19/2015 11:09:33 PM EDT
[#7]
If it magically didn't bankrupt the lenders? Everyone would be back in debt in no time.
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Posted: 1/19/2015 11:09:48 PM EDT
[#8]
Wipe out: People and businesses go out of business. Pay off: Businesses and people go out and stimulate the economy.
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Posted: 1/19/2015 11:10:34 PM EDT
[#9]
Let's do it!
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Posted: 1/19/2015 11:10:50 PM EDT
[#10]
People's savings would be wiped out.
Imagine this, a bit oversimplified, but still: A bank has $1,000,000 in deposits, but because of fractional reserve banking, they have loaned out $900,000 of that. The money is from people's paychecks. It is their checking accounts, it is their savings accounts. You then wipe all the debts out. Now the bank only has $100,000 on hand. Everyone that had money in the bank loses. If it's equal, they'd lose 90% of what they had in the bank. To people that have no savings or other money in the bank, but lots of debt, this would benefit them. People who have lots of money saved up or otherwise in the bank would lose a lot of it. |
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Posted: 1/19/2015 11:11:06 PM EDT
[#11]
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.
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Posted: 1/19/2015 11:11:33 PM EDT
[#12]
Quote HistoryQuoted: A Pixies song would probably start playing. |
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Posted: 1/19/2015 11:12:13 PM EDT
[#13]
I saw a study once that hypothesized what would happen if the world's money was collected centrally, counted and then equally divided among every 18+ year old person in the world.
I'll save you the details but those with wealth currently would have their wealth back and those with no money would be poor again....I want to say it was around 18 months worth of a time frame for all that to happen. The balance of wealth in the world is in existence for a very very good reason. |
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Posted: 1/19/2015 11:12:45 PM EDT
[#14]
The world would achieve parity
famine / and biblical suffering no shit VERY FEW people are self sufficient even FEWER produce anything they need |
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Posted: 1/19/2015 11:12:49 PM EDT
[#15]
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Posted: 1/19/2015 11:12:57 PM EDT
[#16]
With no debt wouldn't the demand for goods and services cause inflation?
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Posted: 1/19/2015 11:13:27 PM EDT
[#17]
I'd be fucking pissed because I have none.
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Posted: 1/19/2015 11:14:08 PM EDT
[#18]
Quote HistoryQuoted:
People's savings would be wiped out. Imagine this, a bit oversimplified, but still: A bank has $1,000,000 in deposits, but because of fractional reserve banking, they have loaned out $900,000 of that. The money is from people's paychecks. It is their checking accounts, it is their savings accounts. You then wipe all the debts out. Now the bank only has $100,000 on hand. Everyone that had money in the bank loses. If it's equal, they'd lose 90% of what they had in the bank. To people that have no savings or other money in the bank, but lots of debt, this would benefit them. People who have lots of money saved up or otherwise in the bank would lose a lot of it. Exactly this. |
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Posted: 1/19/2015 11:14:47 PM EDT
[#19]
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. I was going to post this, but you already did it for me. there are rich and poor attitudes and aptitudes. |
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Posted: 1/19/2015 11:15:09 PM EDT
[#20]
The people who lent a metric shit ton of money to the entire world would be fucked.
Inflation and prices would sky rocket as everyone has tons of expendable cash and no need to buy things as they now own everything. Food would become stupid expensive. The housing market would dry up and no one would ever move out of their house. No one could afford to pay cash for a house because of the super inflation and anyone who would usually finance a house would be broke. |
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Posted: 1/19/2015 11:15:47 PM EDT
[#21]
Quote HistoryQuoted:
People's savings would be wiped out. Imagine this, a bit oversimplified, but still: A bank has $1,000,000 in deposits, but because of fractional reserve banking, they have loaned out $900,000 of that. The money is from people's paychecks. It is their checking accounts, it is their savings accounts. You then wipe all the debts out. Now the bank only has $100,000 on hand. Everyone that had money in the bank loses. If it's equal, they'd lose 90% of what they had in the bank. To people that have no savings or other money in the bank, but lots of debt, this would benefit them. People who have lots of money saved up or otherwise in the bank would lose a lot of it. I thought that U.S. banks got their loan $ from the Fed? |
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Posted: 1/19/2015 11:16:54 PM EDT
[#22]
Everyone would be equal and then....
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Posted: 1/19/2015 11:18:21 PM EDT
[#23]
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 is the correct answer. proven again and again, pretty much every time. |
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Posted: 1/19/2015 11:18:54 PM EDT
[#24]
Move the banking execs up a few floors and let it happen.
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Posted: 1/19/2015 11:20:00 PM EDT
[#25]
Quote HistoryQuoted:
It would probably rack back up twice as fast With the expectation that it also would be "wiped out". Posted Via AR15.Com Mobile |
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Posted: 1/19/2015 11:20:17 PM EDT
[#26]
Most people would be back in debt tomorrow.
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Posted: 1/19/2015 11:20:47 PM EDT
[#27]
What's the percent of people who live paycheck to pay check?
Even if your scnario happened it would go back to this rapidly. |
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Posted: 1/19/2015 11:21:55 PM EDT
[#28]
Debt is a pattern of behavior, everyone who had debt before would have it again, nothing would change in the long run.
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Posted: 1/19/2015 11:22:05 PM EDT
[#29]
Quote HistoryQuoted:
It would fix itself within 10 years. This. |
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Posted: 1/19/2015 11:32:18 PM EDT
[#30]
hmmmm...
People would start to spend money they don't have right away.... Thus the cycle continues. Except it doesn't since no one will be lending any money anytime unless they were paid back in the first place. |
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Posted: 1/19/2015 11:37:20 PM EDT
[#31]
Lots of people would run out and
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Posted: 1/19/2015 11:37:42 PM EDT
[#32]
Hyper inflation.
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Posted: 1/19/2015 11:38:25 PM EDT
[#33]
Fuck that. People like me with a positive net worth would get screwed.
And I am not rich. I just married a CPA and have lived below my means for years. Posted Via AR15.Com Mobile |
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Posted: 1/19/2015 11:39:34 PM EDT
[#34]
Quote HistoryQuoted:
Debt is a pattern of behavior, everyone who had debt before would have it again, nothing would change in the long run. But that's not the idea of this plan... The idea of this plan is to win the next 3 elections |
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Posted: 1/19/2015 11:40:01 PM EDT
[#35]
Quote HistoryQuoted:
I'd be fucking pissed because I have none. This. Standard punishment for those of us that worked hard and saved our money to buy things outright instead of on endless credit. Par for the course when illegal immigrants can be rewarded.along with the help with people that had underwater mortgages,and probably the coming student loan bullshit.Fuck this shit. 
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Posted: 1/19/2015 11:42:01 PM EDT
[#36]
Debt makes the world go round!
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Posted: 1/19/2015 11:54:47 PM EDT
[#37]
The world economy would collapse, and would not recover for decades. I loan my money to the bank, they "invest it" by loaning to people for car and houses. They would get their car or house alright, but the bank and I would be out of business. The car and home owner would lose their jobs because their employer operates on borrowed money. Yes, huge assets would be transferred from lender to loaner, but the government would collapse at the least, and the resulting civil war make the first one look like a tea party. The Government operates on borrowed money, so it could not help. It would be like a row of dominoes falling down. Now, do you want to hear the bad news???
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Posted: 1/20/2015 12:27:21 AM EDT
[#38]
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. )I predict war, as those who had been relying on debt payments realize they have no way to survive economically. |
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Posted: 1/20/2015 12:29:35 AM EDT
[#39]
Evil bankers would be jumping off of tall buildings in droves and that would be a good thing
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Posted: 1/20/2015 12:30:58 AM EDT
[#40]
Quote HistoryQuoted:
I thought that U.S. banks got their loan $ from the Fed? Quote HistoryQuoted:
Quoted:
People's savings would be wiped out. Imagine this, a bit oversimplified, but still: A bank has $1,000,000 in deposits, but because of fractional reserve banking, they have loaned out $900,000 of that. The money is from people's paychecks. It is their checking accounts, it is their savings accounts. You then wipe all the debts out. Now the bank only has $100,000 on hand. Everyone that had money in the bank loses. If it's equal, they'd lose 90% of what they had in the bank. To people that have no savings or other money in the bank, but lots of debt, this would benefit them. People who have lots of money saved up or otherwise in the bank would lose a lot of it. I thought that U.S. banks got their loan $ from the Fed?  to cover those kinds of losses the feds would have to print so much money we might as well live in Zimbabwe
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Posted: 1/20/2015 12:34:48 AM EDT
[#41]
Quote HistoryQuoted:
Exactly this. Quote HistoryQuoted:
Quoted:
People's savings would be wiped out. Imagine this, a bit oversimplified, but still: A bank has $1,000,000 in deposits, but because of fractional reserve banking, they have loaned out $900,000 of that. The money is from people's paychecks. It is their checking accounts, it is their savings accounts. You then wipe all the debts out. Now the bank only has $100,000 on hand. Everyone that had money in the bank loses. If it's equal, they'd lose 90% of what they had in the bank. To people that have no savings or other money in the bank, but lots of debt, this would benefit them. People who have lots of money saved up or otherwise in the bank would lose a lot of it. Exactly this. Yes, but also a global economic depression that would make the Great Depression look like an economic boom. |
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Posted: 1/20/2015 12:36:44 AM EDT
[#42]
Lenders would go bankrupt, innovation and small buisnesses would be screwed. As no one in their right mind would be willing to lend you money after this wipe out for fear of it happening again. This is part of the reason why muslim nations are so fucked up, Islam does not allow loaning money with interest which ends up making social mobility dam near impossible let alone entrepreneurship.
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Posted: 1/20/2015 12:37:02 AM EDT
[#43]
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. 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. |
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Posted: 1/20/2015 12:38:16 AM EDT
[#44]
Quote HistoryQuoted:
It would fix itself within 10 years. Yep. People would show their shitty spending habits, and be back to where they were before it happened. |
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Posted: 1/20/2015 12:42:42 AM EDT
[#45]
There would be essentially 0 $.
Dollars are debt instruments.no debt no $. |
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Posted: 1/20/2015 1:05:47 AM EDT
[#46]
Quote HistoryQuoted:
to cover those kinds of losses the feds would have to print so much money we might as well live in ZimbabweQuote HistoryQuoted:
Quoted:
Quoted:
People's savings would be wiped out. Imagine this, a bit oversimplified, but still: A bank has $1,000,000 in deposits, but because of fractional reserve banking, they have loaned out $900,000 of that. The money is from people's paychecks. It is their checking accounts, it is their savings accounts. You then wipe all the debts out. Now the bank only has $100,000 on hand. Everyone that had money in the bank loses. If it's equal, they'd lose 90% of what they had in the bank. To people that have no savings or other money in the bank, but lots of debt, this would benefit them. People who have lots of money saved up or otherwise in the bank would lose a lot of it. I thought that U.S. banks got their loan $ from the Fed? to cover those kinds of losses the feds would have to print so much money we might as well live in ZimbabweThe bank can't loan you $ from it's own assets, nor can it loan $ that belongs to depositors without explicit permission. When you take out a loan, the bank creates new $ from nowhere that is now the banks $ -poof- that it now will have to pay interest to the Fed on. I'm sure someone will be along to tell me I'm wrong. If I am, I'd like to know how it actually works, thanks. |
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Posted: 1/20/2015 1:08:21 AM EDT
[#47]
Quote HistoryQuoted:
A Pixies song would probably start playing. slowclap.gif |
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Posted: 1/20/2015 1:09:20 AM EDT
[#48]
Get a preview of tomorrows speech or something? |
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Posted: 1/20/2015 1:10:29 AM EDT
[#49]
Give me a weeks notice.
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Posted: 1/20/2015 1:20:12 AM EDT
[#50]
The selfish part of me would be very happy.
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