posted on Apr, 2 2013 @ 12:33 PM
Originally posted by Lazarus Short
The only workable long-term solution would be to cancel and forgive ALL debt. That would include private, consumer, industrial, student, local, city,
county, state, and national debts. Our current financial situation is the inevitable result of a debt-based economy, which (by design) lacks the
money to pay back the debt. If the debt cancellation/forgiveness could be made world-wide, it would be even better.
Well this would be fantastic if you were a borrower, but surely all debt has two sides. For every borrower who benefits, there is a lender who loses.
Suppose you had loaned me $5000 to buy a second hand car. All debt is suddenly cancelled and I'm not giving you your money back. Sweet. Or an
honest American industrial firm supplying goods on 60-day credit. Cancelling the debt will really help to pay staff wages.
I'd say the only workable long-term solution is for borrowers to ensure that they don't overstretch themselves. That would include consumers,
industrialists, students, and local, city, county, state, and national governments.