[Moonman62]

The problem is that every debt is someone else’s asset. So wiping out all debt would result in a great many of the proponents losing their own assets. Not to mention crashing the entire world’s economic system.

Accounting is funny that way.

[Sherman Logan]

True.

However, it seems likely to me that attempting to maintain the present system without modification is likely to be the worst of all possible economic policies. It is the assumption we can keep kicking the can down the road forever. Which just means that when the inevitable crash comes, it will be even bigger.

I would dearly love to see some non-ideological discussion by economists of the least destructive way to get out of this mess. Haven’t seen any.