What would happen if the central bank forfeits all national debt?

In America and some other countries a large portion of the taxpayers money goes towards paying the debt the country has towards its own central bank. What would happen if they central bank would forfeit that debt? The bank lent out money it basically created with the push of a button and if we ignore conspiracy theories, which say all profits of the central banks go towards a secretive cabal, nobody benefits from the profits of a central bank, or suffers from its losses.

So what were to happen if the central bank of Europe or America were to forfeit all dollar or Euro debt towards America or Europe?

Ask Iceland, they don't report it much, but they seem to be doing alright after kicking out the bankers.

Its not real money, so its not real debt.

reply to post by Cassius666


Interesting idea - But perhaps the end of usary and the issuing of currency by the people through the people called government who are representatives and servants of the public would be more radical IE no interest placed upon the issuance/printing of currency IE debt as it is today

reply to post by Cassius666


Won't happen in this country! (US) Considering that most of our elected officials have already signed onto the NWO!

Heaven on earth.
No more war for profit
No more poor for profit
No more corps/banks voting with millions of dollars.
No more central banks thieving trillions from the world.
More 'money' for the common man
The common man's quality of life will increase all across the board (including 'poor countries')

So.. heaven on earth?

they wont forfeit the debt at all....

they are private owned by greedy greedy people....

the wont even reduce it...

since invention of digital banking the trillions of debts have arisen

lotsa money outta thin air now rolling into pockets of the TRUE richest people on the planet!!!

all the central banks cannot name shareholders...
therefore forbes rich list is a few billion/trillionaires???? short in my opinion

The Federal Reserve only holds less than $2 trillion of our $15 trillion + national debt. So essentially, nothing.

Biggest holders of US debt

To hear some talk, this scenario is playing itself out right now. Obviously you can't believe most of what you hear or read, but I also believe it would change things overnight. Perhaps this is a dream; it's a damn good one though...

Originally posted by jlm912
The Federal Reserve only holds less than $2 trillion of our $15 trillion + national debt. So essentially, nothing.

Biggest holders of US debt

Check your link. According to your own link the Federal Reserve and Intragovernmental Holdings takes the number one spot, at least when it comes to America. I am willing to bet for a country like Germany, which has products it can export, the portion owed towards the central bank is probably even greater. Foreign debt seems to be 3.5 trillion, which ammounts to about 7 years of military budget, probably 3.5 years of military budget if the actual expenses are double than what the public is told about.

reply to post by Cassius666


Given, but the central bank would only ethically be able to "forgive" it's own holdings. It's not up to the Federal Reserve to forgive what's owed to Social Security/Medicare trust funds. That's money that the Government technically owes us citizens who've been paying for those programs all our work life.

Originally posted by jlm912
The Federal Reserve only holds less than $2 trillion of our $15 trillion + national debt. So essentially, nothing.

Biggest holders of US debt

Lets do some math here.1. Federal Reserve and Intragovernmental Holdings: 6.328 trillion2. China: 1.132 trillion3. Other Investors/Savings Bonds: 1.107 trillion4. Japan: 1.038 trillion5. Pension Funds: 842.2 billion6. Mutual Funds: 653.5 billion8. The United Kingdom: 429.4 billion9. Depository Institutions: 284.5 billion10. Insurance Companies: 250.1 billion. I do think it is important to honor the debts owed to other countries. If at the least for secure foreign relationships. This may also gain favor with the citizens of those other countries as they wouldn't feel slighted by certain actions that need to take place to fix this broken system.From this list that would include China, Japan, and the United Kingdom. I am sure there are other countries that have acquired debt as well, as this list only includes the biggest holders of debt. Anything under 250 billion is rather insignificant and small when looking at a total of 16 trillion. With just the aforementioned countries the owed debt is approx 2.6 trillion. I think you can push it to approx 3 trillion to honor the total debts owed to actual countries. Everything else seems to be owned by different types of corporate and financial institutions, many of which have very questionable practices.I do think it is about time to reset the system and tell these institutions to f@#k off. Contrary to what some believe the world will not end in this scenario. A good portion that has been acquired has been done so through nefarious means. Manipulation of the financial markets in cohorts with manipulation of the housing markets ect, ect. This is not to say every institution is corrupt, but we see every day that these institutions are getting away with virtual murder and never suffer any prosecution for their actions.This of course is just my opinion and in my current position I wouldn't force these ideals on anyone else. I'm sure there are aspects of the financial markets I don't understand, but then again I'm not in a position to receive information very few a privy to. If I were a leader at this point it would be the direction I would go. This is why there would be assassination attempts on my life if I were a leader, and those who tried would get what they seek to give The current situation we have is one that is virtually impossible to dig ourselves out of at the current rate we're going without drastic actions, just as I stated in a thread I had authored today.

Hyperinflation is what would happen. Suddenly the US dollar wouldn't be worth Jack Squat as a large chunk of the debt backing its value will have magically disappeared. This is one of the wonderful "side gifts" exaccerbated by the big dumbass Hurricane Ben Bernanke's idiotic monetization of the debt via "Quantitative Easing."

Originally posted by jlm912
reply to post by Cassius666

 

Given, but the central bank would only ethically be able to "forgive" it's own holdings. It's not up to the Federal Reserve to forgive what's owed to Social Security/Medicare trust funds. That's money that the Government technically owes us citizens who've been paying for those programs all our work life.

Ah okay that makes sense.

Originally posted by burdman30ott6
Hyperinflation is what would happen. Suddenly the US dollar wouldn't be worth Jack Squat as a large chunk of the debt backing its value will have magically disappeared. This is one of the wonderful "side gifts" exaccerbated by the big dumbass Hurricane Ben Bernanke's idiotic monetization of the debt via "Quantitative Easing."

I guess every fed chairman is in the situation where he has to decide which pound of his flesh to cut out.