[wildcard_redneck]

"It’s too late. It all went too far. There is no solution."

There is always a debt jubilee, an Old Testament solution to a modern financial crisis. All debt public and private is forgiven.

If America as a nation goes into default it will have to forgive all private debts.

[Theoria]

We basically got the debt jubilee once Nixon and crew took us off the gold standard. Its been all downhill since then.

[Owen]

Doesn’t work. There can be no default while a Central Bank can create money from nothingness.

The Soviet Union would still exist if their central bank had been empowered to create money beyond the Interior ministry’s five year plan. They made the mistake of thinking money had to be rational. They didn’t realize it was a substance from nothingness and could be created on a whim. But Bernanke has now let that cat out of the bag.

Jubilee will never happen, for the same reason.

[DuncanWaring]

All debt public and private is forgiven.

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That also means all financial assets are wiped-out.

Your savings/checking/IRA/401K are someone else’s debt.