Everyone is aware we have entered uncharted waters as far as government debt is concerned.
The missing piece is the incredible wave which is about to hit once companies are no longer allowed to trade insolvent, rents become due and full impacts of a cascade of debtors not paying moves its way along the food chain.
Unquantifiable will the be wreckage left of peoples businesses and personal finances as Australia’s insolvency laws grind away at possibly hundreds of thousands of people for 3 years and a day.
Also unknown is how many families will be wrecked, kids’ lives and futures deformed and the swamping of organisations which would normally assist.
How many blokes (because this is generally a bloke thing) will kill themselves because they see themselves as worthless and the insurance payout as a better provider for their kids than their continuing to live would be?
Super funds won’t have to be nationalised, the insolvency laws will see hundreds of thousands dependent on the government for pensions in their old age.
The government and usual Ponzi promoters are already signalling they will inflate the population with as many new “consumption units” as they can to obtain a skerrick of “growth”, bugger those already living here now condemned to at least 3 years of poverty by government caused bankruptcy.
So having set the stage whats the proposal?
It will be rorted, it will be abused, but I think the damage will be less than what I’ve laid out above.
The government caused the bankruptcies.
The government owns the bankruptcies.
The government therefore pays for the bankruptcies.
Every small business owner or person sent to the wall is offered the ability to walk away from all their government inflicted debt immediately. Their ordinary assets (including houses) remain their own.
The government then commits to paying every creditor owed money, in full, immediately.
It’s still awful for those who lose everything, but the difference between losing the lot (often years of building up) and still being in a huge financial hole, and at least retaining the ability to start again on an even playing field with others at least gives them a chance.
This must also be paid for by finally lancing a number of boils on the ass of Australia.
No more ABC.
No more “arts” funding
No more government funded “charities” which exist only to push government policies in a desired direction.
No more “charities” whose objectives are anything other than people.
No more sports funding.
And lastly, and the single biggest inflation retarding mechanism of them all, a 10 year freeze on all public serpent wages.
Because nothing will focus their minds on inflation busting more than seeing it eat their own pay.