I only borrowed for my primary home and it’s been paid for for 19 years.
I bought my condo and everything else i’ve ever oened including my airplane for cash.
I have a convience card (credit card to you) but it is always paid in full as soon as the monthly statement is available.
No one should be allowed to default on any loan or contract.
No. There is a reason we have bankruptcy laws. The alternative you suggest leads to debtors prisons, etc. It is a fact of capitalism that failures occur. It is a fact of capitalism that capitalists take risks. A "no default ever" rule doesn't make sense. Say you ran a business and had it failed. You owe $10 million to the bank and have nothing. How are you going to pay that back? Does the bank now own you? Do you owe them 100% of everything you make? Not possible, you still have to eat and sleep to have a job.
No one should be allowed to default on any loan or contract.
Nor should anyone be able to fraudulently pyramid the money supply at 60-1 leverage and do it by roping in myriads of people who in any real world arena would never be able service a large debt.
If you recall, in that old document that the current crop of bottom feeders in DC seem to be utilizing as toilet paper, the penalty for debasing the currency is death...