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But the bank owes you money (at least if you have savings...). And the government owes you money if you have cash. So wiping out all debt would end up with nobody having any money. Effectively, what you'd get would be a transfer of wealth from those who currently hold money to those who currently hold the means of production. In other words, it would transfer wealth from your pension fund to the most leveraged companies...

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Dec 20th, 2008 at 07:23:27 AM EST
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