A global debt jubilee would solve a hell of a lot of problems

[godelian]

With cryptocurrencies, we have alternative money and alternative financial systems. We no longer need the fiat banks. We no longer want a debt-based economy. Hence, the fact that a debt jubilee would be bad for the fiat banks, is completely irrelevant.

ChatGPT

A debt jubilee is a concept where debts are partially or fully canceled for a large group of people, usually by governments or institutions. The idea dates back to ancient times—especially in Babylonian and Hebrew traditions—when rulers would periodically erase debts to prevent social unrest and reset the economy.

Key Points:
Historical Origin: In ancient Mesopotamia, kings declared "jubilees" to free slaves and forgive debts. In the Bible (Leviticus 25), every 50th year was a jubilee year when debts were forgiven and land was returned to its original owners.

Modern Usage: The term is often used metaphorically today. Some economists or political movements propose modern debt jubilees to:
Relieve people of student loans, medical debt, or mortgages
Prevent economic collapse during crises (like COVID-19)
Address systemic inequality

Arguments For a Debt Jubilee:
Stimulates the economy by increasing consumer spending
Helps reduce inequality
Offers relief in times of mass financial hardship

Arguments Against:
Risks moral hazard (encouraging irresponsible borrowing)
Can hurt lenders and damage financial systems <-- IRRELEVANT
Might lead to inflation or loss of investor confidence <-- IRRELEVANT

It is no longer enough to "Occupy Wall Street". The time has now come to destroy Wall Street.

[Martin Peter Clarke]

And would create a hell of a lot more unintended ones.