What If All the World’s Debt Just Went Away

cognitivepolicyworks.com — Just for fun, imagine if all debt were wiped away when the Mayan Calendar ends this Friday… How would the world be different? What would become possible for you personally in your life? How would nations and corporations invest our newfound wealth differently if we all started from a clean slate? Problems like global warming and extreme poverty would instantly become financial drops in the bucket—easily tackled with fair contracts and forward-looking investments. The structural debts of entrenched subsidies, invested capital, tax havens, and trade agreements that keep them from being addressed would simply no longer exist. Sounds too good to be true, doesn’t it? What you may not know is that debt arose recently on the human stage. Throughout more than 99% of our history we have not even had a concept for debt.

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