Debt Forgiveness – The IMF, Iceland, and the U.S. of the 1930s all say it works
The International Monetary Fund (“IMF”), in its latest World Economic Outlook, stated quite clearly that mortgage write-downs, among other forms of debt forgiveness, can deliver significant economic benefits by substantially mitigating the negative impact of deleveraging on a nation’s economic activity.
Many people decry the situation in which America currently finds itself, but not everyone has a solution readily at hand.
I offer a solution: no more INTEREST.
Interest is a component of the economy that doesn't exist in the money supply. Interest was designed as a form of compensation for those who would lend out monies, or as a way for their money to accrue value while being borrowed by others.
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