Zimbabwe's experience with kicking out the white farmers and seizing their land for redistribution.

submitted by Chipit from i.redd.it

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[–]h5e4ah45erth 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (5 children)

Local economies prosper

Depends what you mean "prosper". In terms of labor to production, it's just not true, societies with higher ratios of debt (or another way to put it, more capital per risk) generally grow faster, and the result of that growth is more production per unit of labor. Because what debt represents it the willingness for those with wealth to lend it to risky projects. If you have no debt, what you really have is a wealth-hoarded society. Maybe it can exist at small scales, when wealth is scarce in the first place, but in the long term, hoarded wealth is wealth not invested.

Hence the inevitable transition of anarchist to "tankie": if we can't trust the rich with wealth, we need a council of councils to Democratize it. And the opposition will be executed.

[–]mikipika 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (4 children)

How did you get the idea that having no debt is hoarded wealth? In my reality, having no debt means having no debt slaves to the 1%.

[–]Tom_Bombadil 1 insightful - 4 fun1 insightful - 3 fun2 insightful - 4 fun -  (3 children)

I don't really understand the question.

In the current system having no debt means others have more debt.

When money is created by a private bank (not the govt) the interest is not created.
The loan and interest is still owed to the private bank, so there is always more debt in the economy than money. ALWAYS.

So, for every individual with money and no debt they are multiple people with some money but much more debt.

I'm not sure that I'm answering your question, but it's a macro view of the debt-money system.

One last historical detail.

A reasonably simple solution to the excess debt problem existed in ancient (biblical) times. Every 7 years was a jubilee, which was unconditional forgiveness of individual debts.

The exception was business debts weren't forgiven, which makes economic sense and isn't a moral issue.

*It's crucial that a jubilee (it similar) has no strings attached.
For example: *"come in for your free Corona virus vaccination and we'll write off your debt..."

The debt-slavers cannot be trusted.

Also, they conjured the money and debt out of thin air, so in a very real sense you should owe them nothing.
This is a fact.

The easiest way (IMO) to implement a jubilee would be student loan forgiveness. It's currently approaching the level of housing debt in scale.

Many people have quit paying them already, so it's only a matter of time before something significant happens.

The economy would see a massive boost in days, or weeks.

I doubt this will occur without some catastrophic development, because recent generations have been deliberately pushed into debt bondage.

Student loan debt is an obvious example of the massive odious debt of the many, compared to the relative security of the few (1%), and inconceivable wealth of the 0.01%.

The 1% are very comfortable, but they still work indirectly for the international 0.01% (oligarchs).

[–]AnarchySpeach 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

In the current system having no debt means others have more debt.

An oversimplification I like to use: If I don't owe you money, it's because you owe me money, and I'm being polite by not asking for it right now.

student loan forgiveness. It's currently approaching the level of housing debt in scale.

Housing bubble popped. If the same happens to student loan debt it's going to be real bad because now the rich know what to expect.

That aside... how would the government even go about making it go away completely?

[–]Tom_Bombadil 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

The banks would need to be forced into a jubilee. Accounting magic.

The "loaned" money was created out of thin air.

The debt can be erased into thin air in the same way, and the banks can write down/off their losses, or give themselves a loan and go bankrupt (which 99.9% of the public is comfortable with).

I'm sure they'd go with the first option.

[–]AnarchySpeach 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

The "loaned" money was created out of thin air.

Most money is. An "IOU" has been a valid form of payment for hundreds of years.

banks can write down/off their losses, or give themselves a loan and go bankrupt

You're saying it like the Banks would comply without a fight. lol