Are cakes still exempt from the 1A? This is all so confusing.
There is the other problem that if there is a reset that doesn't all or partially wipe debts it doesn't do any good to all the people in debt. Inflation does help wipe away a percentage of that debt and a stable currency will hurt a lot of people and businesses. No easy answer to all this.
True, but remember especially debt for businesses a part of the planning on taking on debt is inflation when you incur it.
If the rules change, you don't get the advantage of inflation in additional income and also in inflated asset prices. So what was good debt to help expand a business can become crushing debt in a reset.
A lot of businesses are capital intensive and can't run without incurring debt and/or having access to a short term LOC for those expenses if they are more cautious.
The rules right now are that we are competing against companies and the ultra rich that pretty much have access to "free money". No debt is not an option for some business owners. I have a friend who expanded his business many years ago and is close to paying off his business loan. He had some lean years, but the capital expanded his business and is doing great now. A reset a few years ago that stabilized prices and potentially hit asset prices and the story may be different. I would say he was responsible.
I'm 100% in the camp that the Fed has to go. Its more a question of how to unwind it all without killing the economy and being able to do so where as many people as possible get a fresh start without people that were responsible revolting over the new system.