What If We Just…Cancelled the Debt?
In this solo episode, I start with a silly question: if every country is in debt, why don’t we just cancel it?The answer explains a lot about how the global financial system actually works. Government debt is not just money owed by the state, it is also an asset held by pension funds, banks, insurers, central banks, foreign governments and ordinary investors. I break down what government debt really is, who owns it, why cancelling it would destroy trust, and why “debt forgiveness” is never actually free .Because in the end, debt is not just a spreadsheet. It is a promise, and the global…
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