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Debt Jubilee Maybe Be Solution to Corona Economic Collapse

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https://michael-hudson.com/2020/03/corona-debt-jubilee/
 

A very interesting proposal.  This current economic collapse requires out of the box thinking and this could work, maybe. 
 

Quote

Critics warn of a creditor collapse and ruinous costs to government. But if the U.S. government can finance $4.5 trillion in quantitative easing, it can absorb the cost of forgoing student and other debt. And for private lenders, only bad loans need be wiped out. Much of what would be written off are accruals, late charges and penalties on loans gone bad. It actually subsidizes bad lending to leave them in place.

 

 

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Talk about priming that mf economic pump

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6 minutes ago, mugtang said:

https://michael-hudson.com/2020/03/corona-debt-jubilee/
 

A very interesting proposal.  This current economic collapse requires out of the box thinking and this could work, maybe. 
 

 

No thanks.

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7 minutes ago, Los_Aztecas said:

No thanks.

Normally I’d agree but we will need series outside of the box thinking to get out of this crisis.  Or we can just turn on the printing press and give everybody emergency UBI. 

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I say we mr robot the motherf*ckers

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4 minutes ago, mugtang said:

Normally I’d agree but we will need series outside of the box thinking to get out of this crisis.  Or we can just turn on the printing press and give everybody emergency UBI. 

Emergency UBI until we have a vaccine.

The thing is, the rest of the world is printing money too.  The US dollar will still be the global standard because of this.  We can print the money with no risk of hyper inflation as people will still be unwilling to part from said printed money.  We need people to be confident to consume again once we can all get back to "normal".  A nice nest egg of freshly printed money would do the trick.

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2 minutes ago, SJSUMFA2013 said:

Andrew Yang GIF by moodman

Radical times require radical ideas. 

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God damn this is becoming one wacky game show. 

It could be a remedy, honestly. There could be a million ways to skin this cat. We need all ideas on the table. 

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12 minutes ago, Joe from WY said:

God damn this is becoming one wacky game show. 

It could be a remedy, honestly. There could be a million ways to skin this cat. We need all ideas on the table. 

This is going to require outside of the box thinking to fix. 

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22 minutes ago, retrofade said:

I floated that one a few weeks ago. 

Pffftt it’s all my suggestion. You get no credit :P 

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46 minutes ago, halfmanhalfbronco said:

Emergency UBI until we have a vaccine.

The thing is, the rest of the world is printing money too.  The US dollar will still be the global standard because of this.  We can print the money with no risk of hyper inflation as people will still be unwilling to part from said printed money.  We need people to be confident to consume again once we can all get back to "normal".  A nice nest egg of freshly printed money would do the trick.

I would be on board with UBI. The problem with a debt jubilee is that it disproportionally rewards people who have been the least responsible. While the crash isn't their fault, the people that would benefit most from this jubilee probably weren't well positioned from the onset. A UBI to make sure that they could meet their basic needs and would be fairer to the rest of us.

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1 minute ago, Los_Aztecas said:

I would be on board with UBI. The problem with a debt jubilee is that it disproportionally rewards people who have been the least responsible. While the crash isn't their fault, the people that would benefit most from this jubilee probably weren't well positioned from the onset. A UBI to make sure that they could meet their basic needs and would be fairer to the rest of us.

Agreed.  Selfishly, I would embrace it.  My health problems are well documented on this board.  My only debt is medical.  I have been responsible in my spending.  I have no single cent in any other type of debt.  But I owe about 19k in medical debt because for two months I was not insured, I racked up nearly 300k.  The state took care of most of it, but I was left with 19k.  

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29 minutes ago, mugtang said:

Pffftt it’s all my suggestion. You get no credit :P 

Don't make me go dig up the quote. :P

 

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1 minute ago, halfmanhalfbronco said:

Agreed.  Selfishly, I would embrace it.  My health problems are well documented on this board.  My only debt is medical.  I have been responsible in my spending.  I have no single cent in any other type of debt.  But I owe about 19k in medical debt because for two months I was not insured, I racked up nearly 300k.  The state took care of most of it, but I was left with 19k.  

It sucks, because sometimes the debt, such as yours, occurred due to no fault of your own. However that is not the case in most instances.

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44 minutes ago, Los_Aztecas said:

I would be on board with UBI. The problem with a debt jubilee is that it disproportionally rewards people who have been the least responsible. While the crash isn't their fault, the people that would benefit most from this jubilee probably weren't well positioned from the onset. A UBI to make sure that they could meet their basic needs and would be fairer to the rest of us.

If it works who cares?

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9 minutes ago, happycamper said:

If it works who cares?

That's the argument that I really don't understand. If it gets the economy back in shape, isn't that what people would want regardless of whether or not it was "fair" to other people. 

The largest form of debt for a lot of people doesn't really come in the form of not being responsible, but due to student loans. Wiping those out would free up hundreds of dollars or more per month for households, which could then be funneled directly back into the economy. I don't know what the correct answer here is, but arguing that it "rewards" people for being "irresponsible" is an incredibly short-sighted view.

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11 minutes ago, retrofade said:

That's the argument that I really don't understand. If it gets the economy back in shape, isn't that what people would want regardless of whether or not it was "fair" to other people. 

The largest form of debt for a lot of people doesn't really come in the form of not being responsible, but due to student loans. Wiping those out would free up hundreds of dollars or more per month for households, which could then be funneled directly back into the economy. I don't know what the correct answer here is, but arguing that it "rewards" people for being "irresponsible" is an incredibly short-sighted view.

I would argue taking out a shit ton of student debt is a matter of  not being responsible.

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29 minutes ago, smltwnrckr said:

I would argue taking out a shit ton of student debt is a matter of  not being responsible.

But again if it works.... who cares? 

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