v35 said:
devastating collapse of our economy
Oh, not true. When you are free from debt, you are also free from interest on that debt.
When my wife and I zero'ed our debt, our purchasing power increased. Granted, we had some "pent up demand" for repairs on the house (more 'wants' that repairs). But we also sought out things we had been wanting for quite some time. As you know, I bought a more suitable front end for my bike.
That type of purchasing is what fuels the economy. My purchases are not watered down or dragged down by debt, and I buy new goods and services from tradesmen who had never had my business before.
Remember the difference between "money" and "wealth."
When Harley had to build a front end they never needed before, they "created" one. They paid a tradesman to mill one, a mechanic to install one, a bookkeeper to invoice one. All services never needed or wanted before. That's wealth.
And the commerce for new growth all "stimulated" by the idea of no drag by interest.
I do not have a best selling book on finance, nor am I a guru. However, if there was an idea I believed in, I would recommend the Kennedy/Reagan idea of taxes, wealth and spending.
Simply, that means "get out of the way." Let markets float a bit. Let peolple work without being fettered with endless taxes and needless licensing. Granted, banks need to make a profit, but not at a level of usury. A poor man cannot finance a house, so how does that act benefit anyone?
I'm not advocating Laissez Faire. I'm talking about a system of capitalism where men can make and sell products for profit and people can afford to buy them, stimulating their own growth spiral.
We don't want paupers or Robber Barons. But happy people who can feed their families free of debt constraints would be nice to see.
The government giveth, the government taketh away.
