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Nationwide Elimination of ALL Debt

C

Crono

Lifer
I know this would never happen in reality, but what would the nation be like if ALL debts were eliminated (aside from national debt owed to foreign nations)? Businesses don't owe businesses, individuals don't owe other individuals or credit card companies or banks - all debts are forgiven.


 
I'm not an economist by any means but from what I understand all of our modern prosperity economically comes from the ability to borrow and lend. So if you fuck that up.. well I don't think it is good.
 
If you lend me $1000 and the gov't just "forgives it," you don't get your $1000 back. Would that make you happy?
 
i would run my credit cards up buying nothing but pabst blue ribbon and boone's farm if i saw this coming.
 
It would PISS ME THE HELL OFF. I just spent 5 years paying off my debt, and now one day a bunch of douchebags are gonna get it forgiven just like that?

Funk that.
 
Some businesses only assets are debt. Banks hold only 1/9 of their money in reserve, all the rest of the money they create is given out as debt. They would all go bankrupt if all of this debt was not repaid.

 
Don't worry, the only people that will get government help for their debt are the ones that shouldn't have incurred it in the first place and as always those of us that play by the rules and do things right will pay.
 
You're asking what would happen if the irresponsible are rewarded by having their debt wiped clean and the responsible getting pretty much shafted since they wouldn't be in much debt. Gee I don't know, what do you think.
 
Originally posted by: Linflas
Don't worry, the only people that will get government help for their debt are the ones that shouldn't have incurred it in the first place and as always those of us that play by the rules and do things right will pay.
Click to expand...
dear diary,
jackpot!!!
 
Originally posted by: Crono
I know this would never happen in reality, but what would the nation be like if ALL debts were eliminated (aside from national debt owed to foreign nations)? Businesses don't owe businesses, individuals don't owe other individuals or credit card companies or banks - all debts are forgiven.
Click to expand...

Almost all companies would go broke.
The company I use to own has a lot of money in accounts receivable and that make up a large percentage of it's net worth. Wipe that out and it would not be able to continue day to day operation of business. The company has paid for equipment and installed it for customers and expect to get paid for it turn, over the course of several years. Wipe out all that debt and you wipe out all it's value. The company would be nearly worthless, and the people would still have the equipment.

Not to mention that I would not have been able to sell the company, as it would have had no real value, just some equipment setting in storage depreciating. Your idea would have turned me from a good upper-middle class single man into a pauper overnight.
 
Originally posted by: amdhunter
It would PISS ME THE HELL OFF. I just spent 5 years paying off my debt, and now one day a bunch of douchebags are gonna get it forgiven just like that?

Funk that.
Click to expand...

LOL be prepared to be pissed off the next few years then......

 
Originally posted by: Linflas
Don't worry, the only people that will get government help for their debt are the ones that shouldn't have incurred it in the first place and as always those of us that play by the rules and do things right will pay.
Click to expand...

/thread
 
If the rest of the world decides to play along to keep the system going, it would be good, but credit would be impossible to find anywhere after.

If the rest of the world decides its time for a hard lesson, it would be very very very bad, and credit would be impossible to find anywhere after.

The only real reason the system works is because it works for everyone everywhere who is part of it, so they can't call out someone else without hurting themselves.
 
well first off it would be a really fucking stupid idea. so it wouldnt be thought as a real solution.
 
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