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Mumsnetters debt junkies think all personal debt should be wiped out


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Many in this country are going to have a steep learning curve. I dont mean those at the bottom of society either, I mean those in the 4 bed detached houses with the 2.4 Range Rovers on the drive.

They are also about to find out just how indispensable they are to their corporate masters.

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Some of these mums cannot see the bigger picture but I don't blame them.

Someone's debt is simultaneously someone else's asset. So cancelling them will lead to some effect elsewhere.

What could happen is that the government prints some more cash and gives her the £350 a month to pay off the debt. Same net effect with a delayed inflationary response.

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I can see the login in this. There is a kind of radical reset where all debt and all ownership is wiped out, so that no-one owes anything and no-one owns everything. Everyone is totally equal.

How to do it in practice? Transport everyone to a disused airfield and then release them all naked at midnight on 1st January?

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Thankfullly, most commenting on there seem to understand this is an atrocious idea.

but....

"I can see how unfair it would feel for savers and people who've been really careful - I'd like to think you would benefit hugely too though, maybe just in a different way, perhaps by the benefits of existing in a happier society where fellow citizens aren't at breaking point with their mental health from struggling trying to make ends meet maybe, i don't know. "

:blink:

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I can see the login in this. There is a kind of radical reset where all debt and all ownership is wiped out, so that no-one owes anything and no-one owns everything. Everyone is totally equal.

How to do it in practice? Transport everyone to a disused airfield and then release them all naked at midnight on 1st January?

They haven’t mentioned wiping out ownership.  They get to keep whatever they have bought on credit, they just don’t have to pay for it.

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Thankfullly, most commenting on there seem to understand this is an atrocious idea.

but....

"I can see how unfair it would feel for savers and people who've been really careful - I'd like to think you would benefit hugely too though, maybe just in a different way, perhaps by the benefits of existing in a happier society where fellow citizens aren't at breaking point with their mental health from struggling trying to make ends meet maybe, i don't know. "

:blink:

Ha, ha, ha.  If you’ve bought a Range Rover and had a load of holidays on credit, you don’t have to pay for them. If you went without those things, you should feel happy that the people that borrowed to buy those things get to keep them but don’t have to pay for them.  
 

Given this is mumsnet, there is a high chance that this poster had children that she couldn’t afford, because it is her right to have children, and lives off benefits topped up with a part time “job”.

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I can see the login in this. There is a kind of radical reset where all debt and all ownership is wiped out, so that no-one owes anything and no-one owns everything. Everyone is totally equal.

How to do it in practice? Transport everyone to a disused airfield and then release them all naked at midnight on 1st January?

Are you Dominic Cummings?

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If we consider that 25% of UK workforce were sitting at home on furlough with salary paid by the government for 7 months, the idea of total debt forgiveness starts looking not so illogical.

These sort of expectations were created by the government's policies that are rewarding moral hazard. The goverment is determined to keep bubble inflated so their rich mates can become richer. It doesn't matter how much it will cost in terms of public debt, or currency or even the whole economy - they are ready to trash everything for their personal benefits.

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I can see the login in this. There is a kind of radical reset where all debt and all ownership is wiped out, so that no-one owes anything and no-one owns everything. Everyone is totally equal.

How to do it in practice? Transport everyone to a disused airfield and then release them all naked at midnight on 1st January?

To the tune of...

 

 

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I have a different idea.. All the people who cant pay their debts have all their assets taken off them and given to the people they owe money too.

The peolle owed will lose money and the debtors will no longer have any debts after being declared bankrupt 

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I can see the login in this. There is a kind of radical reset where all debt and all ownership is wiped out, so that no-one owes anything and no-one owns everything. Everyone is totally equal.

How to do it in practice? Transport everyone to a disused airfield and then release them all naked at midnight on 1st January?

If they did this them in 5 years time, most people will be back to the same circumstances that they were before it was done.

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22 minutes ago, Roman Roady said:

No-one is wiping anyone elses debt out.

Someones debt is anothers asset...if you are in the Black, the world does actually owe you a living.

It's owing me 0.01% of a living currently 😄

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If they did this them in 5 years time, most people will be back to the same circumstances that they were before it was done.

Give an inch, will take a mile......some of the wealthiest with large lumps of indebtedness (cheap at the price that helped made them extra wealthy) those that use easy cheap debt and use needy people, sometimes paying them less than what they are worth (because they can) (and because very many people have few, little or no choices) will continue to what more....no amount of wealth and debt will satisfy them......like ego, power and control... humbleness and humility not words in their dictionary.;)

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They did this already in 2008 didn’t they?  Savers got shafted so borrowers could have access to cheap mortgages right?  We’re all in it together trash talk scares me with the possibility the reckless will get bailed out again.

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  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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