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[–] 25101210? ago 

Ah... business reality. Not that disagree woth the idea that a jubilee might be improbable. I just think that the question needs to be addressed.

Please do enlighten us. How is debt created and extinguished.........

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[–] 25104373? ago 

Debt isn’t a new concept. In Biblical times, you’d barter or repay your debt. If you borrow a cow, you owe a cow or some item(s) that would be equivalent after an agreed upon time. If debt isn’t expected to be repaid, then it’s called a gift.

It’s pretty obvious by people’s positions on this that most have never owned a business and only been life long consumers and low level employees, which presents a whole separate set of issues.

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[–] 25105145? ago 

Agreed.

And of course there was another way of repaying a debt, which is renting yourself out to somebody else till the next jubilee.

In the current climate there are several ways in which a debt can be extinguished:

  1. payment of the amount in the currency required

  2. asset liquidation

  3. odious declaration

  4. debt forgiveness.

  5. iou's

  6. Debt and credit settlements.

of course, being part of the big banking club has it's advantages

In terms of asset valuations, that will bring you a long way. Consider settling debts with derivatives....hahaha. This game is perpetrated on us daily.

And the size of the debt also is a major factor. 20 trillion will get some people's attention fearing for the demise of their own hide.

The party willing to settle the debt lacking or having guns.

Legal shenanigans. it is possible to stuff a legal entity full of debt and simply let it burn. Of course, this takes a little skill and certain people may hate your guts

Banks do it regularly, and some savvy businessmen know the dril. It is called insulation.

On a governmental level criminal charges also may go a long way. Banks know they game the system, rig the system all the way. Underneath all the so called governance/ basel III lies a big pond of bovine excrement.

Oh vey, Potus knows .....

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[–] 25098853? 2 points 1 point (+3|-2) ago 

I did downvote you, but not because I don't respect your voice. I think it's time that 'we' the people are no longer forced to pay for things like $50,000 hotdog parties at the White House.