Such is the wonder of fiat currencies, where our governments can turn ordinary paper into magic paper, just by turning on their printing presses (and saying the magic words). Of course, from the time we were children, we have all been familiar with "magic" goods. Jack traded the family cow for some "magic beans," and went on to fame, fortune and glory.
Unfortunately, that's just a children's fairy tale. In the real life tales that are spun by our politicians, bankers and media talking-heads, there are no "magic beans." Trade-in the family cow, and all you're left with is one less cow.
The biggest lie that the politicians/bankers/media talking-heads continue to successfully pass-off on the sheep: It's "impossible" for any nation with its own printing press to
ever default on its debts
. Those readers (above the age of 10) who have ever accepted this farcical statement as truth, should be thoroughly ashamed of themselves.
Germany's Weimar government claimed it would/could never default, because it too had a "magic" printing press. What happened? Excessive money-printing
the value of its currency, devastating its entire economy, impoverishing all of its citizens -- and then it defaulted. Except by then, its debts were a hundred times larger.
Printing infinite quantities of fiat currencies can only turn a small debt default into a gigantic debt-default -- while completely destroying one's own economy in the process.
This brings us to Debt Jubilee: Hitting the reset button. Wiping the slate clean by burning all (?) of the bad debts created by these bankers and politicians. It is a regular,
throughout history. Whenever one or more governments sink to such a level of political/moral/economic corruption, debt-default is usually one of their lesser sins.
So what will our 21st century Debt Jubilee look like? With history's most-corrupt governments, expect the most-corrupt "solution." The debts of our governments, the big banks, and the wealthiest Oligarchs will be totally erased. We will be told they are doing this to "save us" from drowning in their (reckless/fraudulent) debts.
However, the little people will face a somewhat different future. Their debts will be maintained at 100-cents-on-the-dollar. The bankers, politicians and Oligarchs (via their corporate media) will tell us that this is necessary to "protect the integrity of the system" (their system).