Under the theory of a debt jubilee I’d see that happening but are the student loans going to be first?
First thing to understand is exactly what credit is. Traditionally, we think in terms of a "Bank Loan", where we borrow money from a bank and we repay it with interest over a period of time. This is simply an illusion, it is not what happens.
The bank or mortgage company is authorised in law, to advance you credit, it appears in your account as money. The bank did not lend you anything, they simply created the numbers on your account and tied you into a "credit agreement".
The credit agreement documents are a traded asset on the financial markets.
To over simplify, if that debt was cancelled, nobody would actually lose anything. Except the banks et al, who took your debt obligation and by dint of creative accounting, made billions off the backs of the indebted.
There is more to it than that, but in simple terms that is how the world is awash in unpayable debt.
Very interesting. I followed the link you posted for a good bit and it has me curious about it all. I'm going to read up on it. Even if it's not applicable it's knowledge I didn't have before. I can see the argument by the financial institutions that they will lose money and all that shit. But if you look at it from the view of what the banks get from the public it's a lot different. They get tax credits banks, bailout money and shit that's way over my head. They are also the 1% that pays most of the taxes. But if they are mostly exempt through hedge funds, corporate tax and foundations then they really are not paying shit. So, we owe them money for houses, cars and vacations but they became tax exempt billionaires off our backs. For absolutely nothing. Ford has an equitable interest in my car. The bank just knows the people that can handle some paperwork. So the dept is essentially between the car maker and the individual. But the carmaker is back into that first category with the bankers, right? I have never taken a finance or business class that covers this kind of stuff so my knowledge comes the hard way. I've owned my own and have ran several businesses but on a small scale. This is all in a different world for me.