Me:  When the next 2008 crisis occurs the president should simply do an executive decree declaring a modern debt jubilee of up to maybe $100k for every debtor 18 years of age or older, declare dual dividend and discount policies and also a state banking system along the lines of North Dakota.

There would be a hue and cry like no one has ever heard before from the Banks, but the obvious benefits to the macro-economy, all other business models and the vast majority of individuals would make it nearly politically impossible to undue and would become a fait accompli. Such a man or woman would be remembered as the greatest and most benevolent president the country ever had.

Freedom From Financial Tyranny, and Freedom To Be, To Do and To Grow In A Humane Leisure Society!

Jim:  Debtors to whom and for what?  There are debts and there are debts. Just to the banks?  Remember that the banks own your deposits.  You have lent them to the banks. That’s why deposits are liabilities.  Hmmm

Me:  All manner of private debt. Mortgage Debts run up during the asset inflation prior to 2008, inflated student debts run up during and after that time. Steve Keen recognizes that it is private, not nearly so much public debt that is the problem, and came up with the idea of “a modern debt jubilee” where anyone with debt (nearly everyone) must put their jubilee payment toward retiring their own debt first, and anyone who didn’t have debt would receive the payment as a gift. If they paid all their debts before their $100k jubilee the remainder would be a gift in cash. I actually proposed something very similar to this in my first book (https://www.amazon.com/Money-Wisdom-Giving-Immediately-Necessary-ebook/dp/B009QGFX6U#nav-subnav) after posting it to Keen’s Debt Watch site before he came out with “a modern debt jubilee.

And if you are someone who has bonds that other people are paying off….why you get paid back. At which time you are free to put your money back in bonds or probably some other investment that actually produces something and is likely going to pay you more than a bond nowadays because after a jubilee etc. the investing climate will be light years better than it is now.