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[–]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