Debt forgiveness?

Would absolute debt forgiveness across the planet be a good idea? Would it constitute a reset? Can anyone who knows more about economics tell me if this is being seriously thought about and if it would be workable? Thanks.

 

No, it is only a good idea to those who don't care about the interest/money. Unfortunately those people will always be in the minority so it will never be a practical/workable idea except in hypothesis. Who or what nation in earth would give out a loan and not want it back, it is undoable for them in most cases. Got to admit though, I am not an expert on economics but in the end it seems this simple.

 

Personally I think it would be an absolutely fantastic idea,even though it is highly impossible.

 

Me too, but yeah I don't give a rats ass about money. I can see how other people do though, especially nationwise. Can't blame certain countries for wanting their loans back (certainly at least without interest).

 

Yeah but the cash rich countries like China don't really need the money.In fact economic development without well thought out plans is proving catastrophic in the long run! It's stupid pride and blinkered vision that is flushing us all down the shit-hole.

 

Every nation needs the money dude. Yes they may spend it retardedly but that doesn't make any difference about the debt another country has with them. There is still an unbelievable amount of poverty in China and other issues that arguably needs money (and well thought out plans too naturally). Just because they spend it on other things that are inevitable stupid does not change that. Even the blinkered vision can be said to be subjective... I'm with you here though but yeah, I also can't blame China for wanting U.S. debt being paid off.

 

Well, there have been high-profile campaigns to 'drop the debt' for certain countries regarding certain debt. Proportions of debt are 'forgiven' or exchanged into development funds instead. International development funds are re-branded as 'debt right-offs' etc. I don't think any country is going to write off debt with out any caveats. I think there is even a 'club' where debt is 'restructured'. The likelihood of all debt being wiped is highly unlikely - given creditors rely on the interest. I think most debt is old debt - and will never be wiped completely.

 

Debt is artificially created, just like money itself, so the whole debate is rooted in a fallacy. Sure debt should be forgiven, but there is no reason it should even exist to begin with when you have a handful of people who have the power to create money (money is debt) out of nothing, creating suffering and death for millions upon millions. People never think about this, much less ask themselves what debt even is and what gives people the right to create credit from thin air.

Let's face it, most money in circulation is nothing more than digits typed into computer databases. If they can create wealth from this, then can eliminate debt just as easily. But they don't want to you see because debt is a way for the powers that be to administer their control over the world via the international fiat money cartel they run under auspices such as the Federal Reserve System and the European Central Bank.

 

Country A pretends to borrow money from Country B? Or person A pretends to borrow money from person B? Can I artificially borrow 3 thousand dollars from you please?

 

That is precisely what happens when countries "barrow" money from other countries.

See, you're catching on. Slowly.

 

Money is not created solely out of nothing, the times that that was actually done brought hyper inflation. That it has been digitalized may make it easier to do so perhaps (I always found it a quite unsettling development) but it still doesn't mean people get it for free or unlimited out of nothing. That certain people get too much because of artificial status or rewards connected to their function/succes is a more serious issue in my opinion, but also a different issue I guess.

 

So it is artificially borrowed. Should that mean that the credit that just happen to be artificial given by a certain country should not be repaid?

 

What do you mean it's not created out of nothing? The Federal Reserve does it everyday. They print money. What is backing that money? NOTHING!!!

 

All I'm saying is that countries do lend other countries ______ and they expect ______ to be paid back.
I understand not all money transfers are actually what they appear to be. But suggesting no money is given as a loan and then there is no debt - is a bit of a stretch. Even if - for e.g - the US lent/leased x w or z, they expected to be paid for what they lent/leased. I'm not really following where no country owes another country money in some shape or form.

 

Are you sure NOTHING is backing the amount of money they print? If so, please elaborate. I am eager to be convinced if you are right so I hope you can explain your certainty about it.

 

Just read about central banking and something called FRACTIONAL RESERVE BANKING.

http://en.wikipedia.org/wiki/Fractional_reserve_banking

 

I'm personally not talking just about the American banking/finance system.
I'm talking about 'debt forgiveness across the planet'.
Clearly there are other countries other than the US.
You are aware of other countries in the world, aren't you?
I don't think you can brush aside America's debt as 'Just read about central banking and something called FRACTIONAL RESERVE BANKING'.
I actually don't even think you are talking about debt at this point.

 

Yes, but the US loans more money than other countries, so I just happened to use the US as an example. But it's done primarily via the IMF and World Bank. The fact is that the money that is loaned to the countries doesn't even really exist since the entire money system is based on a SCAM. These poor countries are loaned money which the people doing the loaning know they cannot pay back. When this happens, collateral is taken in the form of resources, land, (which is often used so Western corporate influences can then come in and exploit the people of these countries even more), etc.

But I am sure this all goes right over your head.

ALL DEBT IS A SCAM, JUST LIKE MONEY, WHICH, AS I SAID, IS DEBT!!!

Fiat money = debt

 

Do you mean sovereign debt; debt owed by a nation or do you mean all debt? like consumer loans?

It is always interesting to read about Argentina and its debt issues.

The International Monetary Fund is a U.N. entity that lends out to poor nations.

Often these IMF "loans" are just credits for a poor nation to buy stuff from a Corporation in a rich nation. In a way, its a subsidy for the Corporation and the stuff may not "trickle down" to the citizens of the poor nation.

If these poor nations are unable to meet payments through higher tax collection.....Why not forgive the debt?

The reason is that the IMF, the elite of the poor nation, and the Corporations all want to continue the game. Forgiveness would mean a kind of bankruptcy and preclude extending more loans in the future.

The UN, Corporations and the Kleptocrats in poor nations all have their own selfish reasons to perpetuate this corrupt system. All the while 1st World taxpayers ( you & me ) are on the hook to guaranty these loans against default.

 

No, I've mentioned it's not always about country A paying back country B with money. I understand ALL countries borrow money they know they will never actually pay back in full. A lot of 'money' is wiped off/forgiven. I've mentioned that to. If you are basically saying ' the entire money system is based on a SCAM' _ think you might need to explain that one - hopefully with out mentioning the Rothschild family and/or Goldman Sachs etc - if that is possible