Do you know what debt forgiveness about?

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Marian123's picture
Marian123
Status: Member (Offline)
Joined: Oct 10 2011
Posts: 1
Do you know what debt forgiveness about?

I believe something like this could happen if things reach the point that many believe they are going to reach in the next five years. I can conceive of this happening in two ways.

The first way is through catastrophe and its (debt forgiveness that is) implementation would be unofficial. For example, in a post-nuclear war-ravaged world involving instant casualties in the tens of millions, debt or the score of the Yankees-Red Sox game are obviously moot. Clearly if 9/11, which was symbolically potent to Americans but quite a small event in terms of the nuts and bolts of deaths and damage done in dollars, caused such massive destabilization and doubt in markets think of what nuclear war would do. Another catastrophe would be a tsunami hitting the Atlantic seaboard and destroying Boston, New York, Philadelphia, and Washington, etc.

I know debt forgiveness ruffles the feathers of pick-yourself-up-by-your-boot-straps believers (I’m not saying I don’t believe in that) and seems simply heretical to those who’ve been arduously paying off their debt to be better prepared for situations like the ones I’ve outlined above, but, hey, life’s not fair. Though it certainly is ironic.

Johnny Oxygen's picture
Johnny Oxygen
Status: Diamond Member (Offline)
Joined: Sep 9 2009
Posts: 1443
Re: Do you know what debt forgiveness about?

I know debt forgiveness ruffles the feathers of pick-yourself-up-by-your-boot-straps believers

Its hard to pick-yorself-by-your-boot-straps when the banks are forcing your head into the dirt.

Debt forgiveness could also just come by default, meaning people simply don't have the means to pay off their debt either in total or through installments. I don't think it requires a nuclear bomb or a tsunami, just a collapse of an economy.

 

Welcome to CM Marian123!

 

 

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
debt forgiveness

There will be no other outcome.  I've been saying this for the whole three years I've been on this forum.  There is NO WAY any of these debts will/can ever be repaid, so I ask, how else could this all end?

Mike

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