Which one? Ours? Europe's? Public? Private?
We have no choice but to pay off our own public debt, which I would ease by trying to recover more of the TARP monies.
Private debt? Derivative debt and default swaps? It'll have to go smash -- there was never anything behind it anyway, and trying to "pay it off" actually means dragooning the salaries and savings of millions of people to pay off someone else's Las Vegas losses, assessing Suckerland somehow to funnel funds to the people who did all this. They, and they alone, must suffer -- conspicuously (medieval punishments? the guillotine? I'm open to suggestions) -- for trying to palm it off on the public.
The answer to insolvent, bankrupt individuals, corporations, and banks is BANKRUPTCY.
Congress should expedite changing the BK laws back to what they were before the bankster lobbyists pushed through “reforms” that keep people, mostly poor people, in debt bondage.
Insolvent TBTF banks need to be closed, their execs fired, and assets distributed to creditors.
The law regarding derivatives and other offshore bank assets must be changed to require total transparency. The derivatives need to be traded on an exchange like other securities vehicles with full disclosure and adequate margins. If the TBTF go under, the foreign claimants can go pound sand.
The problem is mountains of debt and the solution is BK. When the debt is wiped out the economy can again grow based on real production and profits.
Yes, there are real solutions for all of the problems.