"Sheila Bear wrote in her biography about this. She found out it it was all about the bond holders. The 1% are the bond holders of the banks. They would rather have the economy shut down and ten million more people thrown into the streets, than lose a single dollar. All of this is what the classical Greeks called "wealth addiction" - the love of money - the more money you have, the more addicted you are, to get more and more.
The good things about canceling the debts is that you cancel the savings on the other side of the balance sheet. The savings are the immense amount of money accumulated by the Rentiers since Obama took office - since the 2008 economic crisis... You'd restore the economy. You'd restore a much more equal distribution... of wealth. By having the wealthy people bear the cost of the economy shut down by the virus."
Polarisation, Then a Crash: Michael Hudson on the Rentier Economy
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