Manipulation/Idiocy/Hubris Conflagration – Andy Hoffman (Podcast)

Manipulation/Idiocy/Hubris Conflagration – Andy Hoffman

A drastic reduction of the world’s debt burden by cancellation of debt would require its cancellation at national, state, municipal, corporate and individual levels. Cancelling debts means simultaneous cancellation of assets, because every debt is someone’s asset. Massive cancellation of debt would be extremely painful and the last thing that democratic governments want is to inflict pain. Therefore, a process of reducing world debt could not come about by any plan or agreement; it would have to be ignited by some financial fire breaking out, and governments are quite alert to the least signal of fire and will proceed to extinguish any such accident by all means. We may as well forget about cancellation of debt as a remedy for the excessive debt burden weighing on the world -though accidents do happen. Source

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