Only the ultra rich have debt forgiveness. I used to do quite a bit of work for T Boone, and in 96 he was flat A$$ broke, had to declare bankruptcy, in just a few years later he was a billionaire
If one of us did that it would take many years to get back and above what we were in our prime, and T Boone was just one instance, it happens with the ultra rich all the time
So essentially it is Chapter 11 or 7 without the long term disadvantages. When the US debt forgave the WWII debt of foreign countries, how did that work?
How was that to the advantage of the US to do that?
That is kind of a different deal, I have heard different versions, but it was kind of like England would have been broke along with other countries, and economic disaster would have followed sinking the world into another depression, so at the time it seemed like a good thing to do
But looking back it might not have been the best decision, because all the countries forgot what we did to help them, just as they are doing now.
That is why I think the USA has to quit being the world's police force
This topic has been discussed on here before, maybe a couple of years ago. In a nutshell explanation-------Many countries had some of their forgiven after WWII, but in exchange for that, we got scientists, technology, we were able to establish long term military bases on their soil, we were able to bury our dead, and so forth.