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U.N. urges governments to scrap debt payment


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Phew... I saw the headline and though the UN had gone utterly and completely bananas.

Scrapping debt entirely would ensure that no one would ever lend, ever again.

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Why not just stop debt for everyone to make it fair? Lots of poor individuals even in rich countries. Could just call it the 3-month debt vacation, or however long it need be. Should people be profiting from this?

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Need to stop the debt chain on everyone. Cant just pull one or two links or the chain crashes. Start from the end consumer, to the first level landlord, to the next level investor, to the next level bank, to the next level real estate developer, to the next level investment bank, to the next level central bank, etc.

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The U.N.-led Inter-Agency Task Force on Financing for Development said: “Billions of people live in countries teetering on the brink of economic collapse due to the explosive mix of financial shocks fueled by the COVID-19 pandemic, heavy debt obligations and declining official development assistance.”

The entire debt-based monetary system should be eliminated. It was being unsustainably propped up, especially in recent months, and was bound to crash any day. Now with this COVID-19 crisis, they have something to blame...

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