In the world, there is a great deal of debt. If we believe the people who we pay to tell us these things, there's probably too much of it about. What we need is a release - a holiday - a jubilee.
First, find a willing participant, one who has no family, no dependants, no home, no material possessions.
Next, treat them to a nice meal - in return for - and this is the important part - ALL the world's accumulated debt. Have suitably watertight documents drawn up and make a big deal of having them signed publically. Encourage the participant to drink wine, eat bread, and generally enjoy this final supper.
Next, as publically as possible, crucify the participant - all the debt is forgiven, everyone starts from scratch, and the world moves on - if the crucifixion was particularly unpleasant, it should make people think twice before filling out that HP agreement.
Repeat every 49 years.-- Zeuxis, Nov 19 2013 What is a debt based monetary system? http://www.simondix...ed-monetary-system/A quick look at the role of debt in modern economies. [Wrongfellow, Nov 20 2013] Reporting for duty.-- JesusHChrist, Nov 19 2013 You owe me £50, [Zeuxis], remember, what I lent you last week to cover your “accident”.
I don’t care if some self-publicist had a nice meal and got themselves crucified. I never lent them £50. I lent YOU £50. You owe me £50. Now pay up.-- pocmloc, Nov 19 2013 At last, a meaningful role for the Vice- President !
We think this is entirely reasonable. After all, what could possibly go wrong ?-- 8th of 7, Nov 19 2013 Why do they have to be willing participants? And only one is not enough, as there is currently a surplus of bank executives.-- RayfordSteele, Nov 19 2013 Mr Christ, why thankyou! pocmloc, sorry, I lent it to Jesus, not my problem anymore - though I do feel horribly and personally moved by the fact that my debt has cost Jesus his life in such a horrible and graphic manner, I think I might refrain from borrowing anything I'm not able to repay in the future. 8thof7 nothing should, or could possibly go wrong - it's cast-iron. NotationToby, yes, maybe, and yes. Without some (significant) unpalatableness, there would be no way to prevent the unscrupulous from borrowing irresponsibly. RayfordSteele - I think it's only fair that someone who's going to undertake such a feat of gruesome endurance to step into it willingly - even Bank Executives.-- Zeuxis, Nov 19 2013 Would you settle for Congressmen? Or do the gods not consider that a sufficient sacrifice?-- RayfordSteele, Nov 19 2013 No, it has to be a living, thinking human being.-- 8th of 7, Nov 19 2013 This is truly horrible. [+]-- Voice, Nov 19 2013 Oddly enough, West Bromwich District Council did briefly consider the legality of creating a holding company to which all debts would be assigned (by means of a complex series of unsecured loans), and which would then be declared bankrupt.-- MaxwellBuchanan, Nov 19 2013 Did they get the idea from studying the U.S. Federal defecit ?
Good old Robert Maxwell. He himself may have passed on (allegedly), but his dubious accounting techniques go marching on.-- 8th of 7, Nov 20 2013 The problem with this idea is that it would instantly wipe out most of the money that exists in the economy, causing a catastrophic shock and leading to a far deeper recession.
Does this sound unbelievable? See the [link].
Another way to look at this is that a large portion of the debt is owed, directly or indirectly, to people's savings and pension funds. How will they be affected if the debt is suddenly cancelled?-- Wrongfellow, Nov 20 2013 In some financial markets (usually equity markets, rather than debt markets), something like this is already done (without the overt bloodshed). Each trade on the market between buyer X and seller Y is transformed, through "novation", into a pair of trades involving a "central counterparty", Z - so that, instead of X buying from Y, X is deemed to have bought from Z and Z from Y.
Z is doing the job of God.
If either X or Y does the wrong thing (in the financial markets, the only "wrong thing" is to fail to deliver on the deal - remember the 18th century commentator who said that in the City of London there are no distinctions of religion and "only the bankrupt is called infidel") - anyway, in that event, Z absorbs the immediate loss (not necessarily through the sacrifice of an only son) and, by doing so, prevents a domino effect leading to systemic collapse.
The failing party (whether it's X or Y - or both) then has an indefinite period of time in which to face the wrath of the central counterparty, which is presumed to be backed by some large, ugly lawyers, who may or may not use pitchforks.
Compare this, also, with the story of King David, who said "Against you alone, o Lord, have I sinned", when you might think he'd sinned against certain other parties.-- pertinax, Nov 20 2013 Yes. Also, you see your bank balance? That is a debt owed to you by the bank. Good luck.-- pocmloc, Nov 20 2013 random, halfbakery