My perspective on how a forgiveness of (all) debt could work:
The most important point, where a forgiveness of debt is necessary, is situations like mortgages on house and similar debts where a life of an individual or even a whole family is compromised by such a point to a degree of loosing the house or where the standard of living increasingly suffers from such a loan.
Then there are student loans for example. How does society benefit if we have people in the system whom when they're finished with their education they're so in debt that a normal job (if they can find one) can not possibly sustain them in addition to repaying this debt?
Who are the lenders in such situations? Banks and money institutions. These institutions are completely dysfunctional as it is (hint: bank bailouts). So with implementing a debt forgiveness on a wide scale these institutions would have to be looked at and put into shape - I mean they should have one function - to distribute finances amongst the population so that the society can function effectively. Anything less than that is detrimental to countries - we can see that in the recent Europe bank bailout - which is a clear sign of a dysfunctional system.
This has happened before where for instance entire countries' Debt was forgiven. In terms of when people or countries receive loans, this happens through the same mechanics as how money is created. So when they receive the money, the person or institution that is 'providing' this money is in essence just conjuring it up from thin air (you can google Fractional Reserve Banking in terms of how this works). So when the Debt is forgiven, there's really not much that the creditor is losing except for the prospect of having 'more money'. In the end, money is just a creation by the hand of man and so if it turns out that some are disadvantages to the point where this seriously harms them, then obviously they would receive a Living Income Guaranteed to ensure that they can life a dignified life like everyone else.
Forgiving all debt is basically admitting it was never real and we might as well stop the illusions keeping us imprisoned to money, and those people that will lose all their money will have the LIG supporting them, but in return, Billions of other people will suddenly have a burden lifted from their lives called debt, and they will have a clean slate, and this will and can ONLY be a good thing for all. and we start new, something like this is definitely a betterment for man kind, it is way better then keeping the debt going and creating wars and terrorism to keep making money to pay debts, see the rewards coming from this.
Forgiving all debt is a really cool point - because our money system thus far has been a fraud money system: No one knows how much money is in circulation, and the system is such that unless you are able to give to the system you do not receive from from the system, hence the atrocious conditions of poverty, hunger, illiteracy, starvation, not to mention war - all wars are fought for money nowadays. Money is printed out of thin air, and yet your life depends on it. Just to mention a few points.
Forgiving all debt would give us a clean slate for a fresh start.
forgiving all debt is really positive point.i agree Bella Bargilly
Forgiving All Debt is possible because Debt is nothing more than an agreement and we can delete it and rewrite a new one that serves All best.
People who live in Debt spend their Life focusing on how to get out of it to the detriment of being effective parents, partners, friends, lacking the time and focus to be actively involved in politics as our own personal input in every decision that is made with public money and that affects all, as such Debt is detrimental to living and Life, it only serves the purpose to enrich some and keep the rest in a lifelong servitude. I am one vote for Debt Forgiveness.
It get it. Debt forgiveness is a great concept! I can see how, in the end, everyone would benefit from an economic system where debt is not abused to make the rich richer. What I'm wondering is how will the rich elitists, with their boundless resources, ever agree to let go of their position? They will fight hard.
In a legitimate and pure democracy, where every individual has access to the polls and all relevant knowledge, debt forgiveness would win every time. The only way I could see this happening is through correcting our corrupted voting system...which will probably require lots of money.