solarbird | (Reply)

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Money isn't just a concept; it's also a token, a representation of value, in no small part of labour expended (Marx wasn't wrong about that, he was just too focused on it) and I would argue of energy. For a money economy to work, you have to preserve the value of that token, or you can't use it as an exchange media in good faith. (To oversimplify things, you could work an hour and have $10, or you could photocopy a piece of paper and have $10. Who's going to work?)

Now, the debt forgiveness process (though bankruptcy) that's going to have to happen is going to have to happen and I've typed rather a good bit on the importance of that happening. (See previous posts and comment threads if you want.) CDSes being ignored outright isn't as easy because of contract law, and you can't have retroactive law under the US constitution, and there are very good reasons for that, and even if you could, that'd the kind of trick that really never works out well.

So, partly, yes. But not all of it; aside from the technical issues of moving figures around, you have social mood and pure primate politics, which you cannot ignore, as convenient as it would be to do so upon occasion. That part pretty much just has to play itself out as it's going to.