I don't disagree.
But I am still struggling of the idea of just cancelling debt like that. Where do you draw the line? Are you going to wipe out all national debt? Wipe out all currency debt and return to a gold standard? Let people with new mortgages just have their property? What about people who rent, do they qualify and just take the property from the owner? Would I be banned from repaying my friend?
And as I say, can we ever have loans again if you do this?