Mr Khan said:
Kasz216 said:
Mr Khan said:
I would think if it came down to that, the advanced economies would simply declare something akin to biblical "Jubilee," where everyone forgives everyone else's sovereign debt and just sort of starts clean. |
I don't know... I mean, if you think America is classist now?
I feel like a giant "Jubilee" would lead to a HUGE social stratification among all classes whole those who were debt free before hand end up highly looking down on those who weren't debt free.
You'd end up with a REAL split country at that point as people with "wiped" credit scores and their familys would likely be persecuted and looked down opon for needing "everyone else to bail them out."
It'd be like the Great Gatsby all over again, New Rich vs Old Rich, except it'd be all of society.
New Debt free vs Old Debt free. Those "New debt free" people would end up screwed as they and their children get shut out of situations that others don't.
Heck, you'd probably see a realignment of Republican and Democrat based along those lines, as people like union workers would feel burned for working so hard only for others to get their debt reliveved for free, while social conservative people in huge debt would then line up behind the democrats.
On the upside, that'd probably improve social issue legislation.
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I meant more in turn of sovereign debt, that is all countries just declare that they no longer owe each other anything, and attempt to work something out so that some bondholders aren't completely fucked.
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Ah, that's possible, and probably if anything how China would reach true superpower status. As no doubt such a situation would only happen when the US and a few other major western economies were in trouble.
Causing ripples of discontent from the smaller countries before it that were forced to weather doing things the hard way.
