[ClearCase_guy]

That’s called a Jubilee, and I am convinced that it is going to happen. Wave the magic wand and cancel all the debts. Tough medicine indeed — but there is no Plan B.

[tired&retired]

Even with a Jubilee the system collapses as the government can no longer give out money to freeloaders.

[rbg81]

That’s called a Jubilee, and I am convinced that it is going to happen. Wave the magic wand and cancel all the debts. Tough medicine indeed — but there is no Plan B.

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The only problem with that Plan is that the day after not much is different. You are still spending at a deficit and you still need to borrow $$ from someone. But who will lend after you just screwed all the other lenders?