Reply To: Extinction Rebellion
I am always suspicious of talk about “debt-based” money or economies as it suggests that the user thinks bank loans are somehow created out of thin air by a keyboard stroke. Capitalism is not based on interest and debt-slavery but on profit and wage-slavery.
Anyway, since bank loans are not created out of thin air but come from money the banks have (from deposits and what they themselves borrow), cancelling all debts would cause chaos to the capitalist economy (would indeed “up end” it) as, at the personal level, the banks would have no income to pay interest on people’s savings. In fact, they’d collapse and people lose their savings. Not going to work. Or not going to provoke the intended response. XR would get a different reaction to just causing traffic chaos for a few days.
