Just a simple question.

I hope this is the right area to post this. I just want your Opinion ATS. Some of appear to be pretty intelligent and well informed.

What do you think would happen if all the countries in the U.N. decided to just abandon all debt. When I say all debt I mean ALL DEBT. debt from country to country, corperation to corperation, corperation to person, person to corperation, person to government, and government to person. (this means Debt of a monitary nature) We all as a world start back at 0.

If this has been asked before on here Im sorry but I did not see it.

my answer... it wouldn't happen.

reply to post by Vicious Jones


I think it is possible. Very, highly, extreamly unlikely but if things get bad enough it could happen.

Without debt there would be no bonds. You can't hold a civilzation captive without debt. Never going to happen!

Well I'll throw you a bone and give you my answer. As far as what I know
nothing would hapen at all. It wouldn't be any sweat off anyone's azz.
TPTB would lose there grip on power. That's about it.

You did ask what would happen? Not if it would happen right?



[edit on 2-2-2010 by randyvs]

I don't think this is a simple question at all.


There is no profit in forgiveness and these are obviously not people with humanitarian motives.These are people with economic motives so I doubt they would have a humanitarian stance and care what happens if people can't pay their debts.
Debt keeps them in business.

Thats the simple answer.

Now my answer as to what I think would happen if all debts were forgiven.

Somebody would profit from it as usual.

Many, many businesses would go under. People owe people. If those checks that some businesses rely on stop coming.....25% unemployment at least.

reply to post by jmotley


The corporations are keeping Iraq in debt by spending money on projects to rebuild and at the same time taking the oil fields for granted. Without debt how would TPTB enslave us financially?

It would take a world wide apocalypse for that to happen. For instance, if someone you knew, owed you $500. The leader of the country says all debts are erased. Are you going to let the person off the hook?

You would end up with a war between the bank-sympathizers and the anti-bankers, guaranteed.

That being said, when you consider that those that control the debt are the same as those who control each country, and support their existence, its pretty obvious that the only way this could happen is if the people outright refused to continue to pay.

Within five minutes, everyone and thing would be back in debt. The world wouldn't stay debtless for long. People would use their clean slate to go and get that car, house, boat and so on. Nations would then spend money building new war toys and buying more and more stuff from one another.

Originally posted by randyvs
Well I'll throw you a bone and give you my answer. As far as what I know
nothing would hapen at all. It wouldn't be any sweat off anyone's azz.
TPTB would lose there grip on power. That's about it.

You did ask what would happen? Not if it would happen right?



[edit on 2-2-2010 by randyvs]

Nothing at all would happen? Are you crazy?

On average pension funds and retired people hold about 75% of their assets in debt, or bonds. If the debt was cancelled 75% of the pension fun assets and retired people's net worth would disappear.

This is only one implication.

Let's not give them any ideas here. I mean, being a wage slave and receiving a small pittance for my time that I can use as I see fit is still somewhat better than being told that I get nothing and that I am to like it.

In my opinion the value of money would disapaired quickly because there will be no debts to back it up with..

All the big banks owe insane amounts of money to each other and use accounting slight-of-hand to transform what is really debt into "assets." Thus, if "all debt was forgiven," the vast majority of the world money supply would evaporate instantly...perhaps 97% or more of the "money" out there is really gussied-up debt.

This could have both extremely positive and extremely negative results, depending on who you are and where you are standing. Generally it would be negative, however, and the ensuing chaos could be massively destabilizing to the foundations of society.

Inflating global currency like crazy is another way to shrink the real value of debt without directly eliminating the money supply, although with hyperinflation you get a similar end result (slightly) more slowly, because the real value of money ends up being so diluted as to make it almost worthless and hence fundamentally nonexistent.


[edit on 2/2/10 by silent thunder]

Money=power

The abolition of debt would have to mean the abolition of money which is...ready for it...








socialist utopia.

Originally posted by butcherguy
It would take a world wide apocalypse for that to happen. For instance, if someone you knew, owed you $500. The leader of the country says all debts are erased. Are you going to let the person off the hook?

That is why I never metioned people to people.

Originally posted by captaintyinknots
You would end up with a war between the bank-sympathizers and the anti-bankers, guaranteed.

That being said, when you consider that those that control the debt are the same as those who control each country, and support their existence, its pretty obvious that the only way this could happen is if the people outright refused to continue to pay.

Good idea. I say lets all just say screw them and show that we the masses control everything and that they are here to serve us, not the other way around. If we just say forget this and dont go to work and dont pay any bills I think we could outlast them

reply to post by octotom


Unfortently I think your right.

Originally posted by links234
Money=power

The abolition of debt would have to mean the abolition of money which is...ready for it...








socialist utopia.

Im not saying abolition debt. I'm saying reset it to zero.