Terrible idea. If people don’t go bankrupt and lose everything, how will I be able to use my cash stockpile to buy up dirt-cheap assets?
I would think it is a good idea. Problem is that Mitt is supporting it.
Terrible idea. Anyone who watched the Scrooge McDuck episode where Scrooge lost all his paper money out of the door of an armored truck knows why. It will instantly raise prices, and prices will be sticky on the way back down. In this case, it screws over any savers of small amounts fiat, in favor of the owners of stocks and real estate (multimillionaires and up, for the most part). Congress might approve, as the movers in Congress are already in the multimillionaire class, including Mitt Romney.
What happened in the McDuck episode is that everybody who found/stole the money quit work, while McDuck and nephews worked overtime. Before long, McDuck had all his money back, all the thieves/finders were broke again, and had to beg for their old jobs back.