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Thread: Global reset...

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    Default Global reset...

    The world governments debts are close to $100,000 Trillion, it can never be paid off so...

    What would be the consequences if these debts were wiped out/cancelled?

    Off you go boys, should make for some interesting opinions :-)



    JJ. Freely admitting world finances are not his strong point. :-)


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    Should Get Out More the phantom pieman's Avatar
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    Default Re: Global reset...

    Who do they owe the money to?
    Each other?
    The banks?
    Zebby Zulu?

    PS - if it was wiped out , everyone would just borrow more. It;'s how banks make money and why wiping out third world debt would never stop poverty.

    Christ, we could have saved all that Bono/Chris Martin shit of a few years ago ....

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    Should Get Out More LondonDRZ's Avatar
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    Default Re: Global reset...

    Quote Originally Posted by Jollyjack View Post
    The world governments debts are close to $100,000 Trillion, it can never be paid off so...

    What would be the consequences if these debts were wiped out/cancelled?

    Off you go boys, should make for some interesting opinions :-)



    JJ. Freely admitting world finances are not his strong point. :-)
    What I want to know is, where did the money go?

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    Should Get Out More Londongal76's Avatar
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    Default Re: Global reset...

    Many many world economies would be kickstarted overnight theoretically, with countries not having to pay off billions in loans. The ECB would go bust. (not a bad thing imo)

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    Should Get Out More Tomcat's Avatar
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    Default Re: Global reset...

    I supose your viewpoint will vary according to whather you're making or spending money on it. Arguably writing off debt would penalise the prudent and reward the imprudent. Seems to me like everyone owes everyone else anyway, except the Chinese who we all owe.


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    Should Get Out More Wreckless Rat's Avatar
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    Default Re: Global reset...

    can I sell my guilts first please......

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    Mr Solex Zanx's Avatar
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    Default Re: Global reset...

    Quote Originally Posted by LondonDRZ View Post
    What I want to know is, where did the money go?
    I've asked that a few times, maybe it never existed, just like most of the money in America.

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    Should Get Out More Londongal76's Avatar
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    Default Re: Global reset...

    So if i'm reading that correctly, we lend 1.8billion and we owe 1.7? Why not just stop lending for a year?

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    Default Re: Global reset...

    Quote Originally Posted by Londongal76 View Post
    Many many world economies would be kickstarted overnight theoretically, with countries not having to pay off billions in loans.
    That much I figured ;-), but who would be the losers?

    JJ.

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    Should Get Out More BananaMan's Avatar
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    Default Re: Global reset...

    Money is fiction.

    There is only this...
    Attached Images Attached Images

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    Should Get Out More MyLittleStudPony's Avatar
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    Default Re: Global reset...

    Quote Originally Posted by Jollyjack View Post
    The world governments debts are close to $100,000 Trillion,...

    Is that really true?

    This website suggests it's about 2000 times less: http://demonocracy.info/infographics...orld_debt.html

    Anyway.... cancelling debt probably leads to financial collapse and then it all goes Mad Max (in the sense of anarchy, not everyone forming gay biker gangs and driving round in hotted up V8s).

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    Default Re: Global reset...

    Quote Originally Posted by Zanx View Post
    I've asked that a few times, maybe it never existed, just like most of the money in America.
    Money is basically all IOUs anyway, ever since we moved away from the gold standard where the total amount of money in circulation was fixed by the amount of gold. Now if I borrow money from you, you can give me an IOU for the sum and charge me interest. To cover the cost of the loan I'll lend you the same amount and charge you interest. Global commerce has taken place and we've both made a profit on the deal.

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    Should Get Out More Taipan's Avatar
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    Default Re: Global reset...

    Quote Originally Posted by Jollyjack View Post
    The world governments debts are close to $100,000 Trillion, it can never be paid off so...

    What would be the consequences if these debts were wiped out/cancelled?

    Off you go boys, should make for some interesting opinions :-)



    JJ. Freely admitting world finances are not his strong point. :-)

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    Grumpy old git saga_lout's Avatar
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    Default Re: Global reset...

    Quote Originally Posted by Wreckless Rat View Post
    can I sell my guilts first please......
    Probably not. But if you go to confession you can get rid of them for the price of a few hail Marys and an Our Father or two.

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    Default Re: Global reset...

    So according to that graphic up there, the biggest lenders of money in the world are the UK?

    We owe the US around 40% of what they owe us? WHY DO WE EVEN BORROW FROM PEOPLE THAT ALREADY OWE US THINGS?!!11

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