The people who borrow and then declare BK a few years later definitely are making out on the whole fiat money thing. Its just wrong, however. Governments are the worst offenders, in that they dont declare BK, they just inflate the money and make ME pay for it

I always wondered: if our money is fake, not backed by anything...then to our debt be fake as well?
They ventured Nothing so should gain Nothing.

Just a thought.

He who borrows what isn't his'n
Pays it back or goes to prison.

Can't remember who wrote this.

"Daniel , You don't borrow from Peter to pay Paul"
My dad while growing up taught myself and my siblings that debt should only be used in an emergency or if it can be used to improve business.

When any entity uses fiat currency the debt cannot ever be repaid. If currency is borrowed into existence the repayment would extinguish all currency in circulation and the interest would still be owed. Any business or individual who would borrow with the idea that it could never be repaid should realize that they have just enslaved themselves to a system that will always demand more. Paper currency should only be used when it represents something of real value and can be exchanged for that value in time of need to pay for something else of value. If I traded you my title (claim for property) for my Jeep and you supplied goods in return you might decide to then trade that title to someone else for something you wanted. At some time someone might decide what they really needed was the Jeep. When they come to claim the property if they discover there is no Jeep the last person holding the paper claim is injured. Fiat currency is the worst Ponzi scheme invented and it has been used by thieves,confidence artists and governments throughout recorded history. The ancient Chinese called it flying money because its value diminished while you were holding it, which it still does today. It only has value as long as someone else is willing to trade for the worthless title. What you are describing is the final devaluation (incorrectly termed inflation to make those using the currency to place blame in the wrong place) of the currency where more people are trading the slavery of debt faster trying not to be the last one to discover that debt has made them slaves. The machinations of blame, collapse and demands to be made and how they will be enforced might be interesting to future generations but those living through it will discover how difficult it is to lie about reality and try to live as though it had no effect.

Excellent Article, this has been building for a long long time.

loved the clarity of the facts that the debiters are facing....posted to facebook