Why Should We Have More Private Debt?

The level of private debt in America is about 170% of GDP. I'd use the government's capacity to create money, to give people money on condition they pay their private debt down. You get a growth in government debt as a result of that, but a fallen private debt at the same time. And then with less private debt, people would be less concerned about hanging onto money to be able to pay their debts. Now, there's absolutely no chance this happening, but you asked me what I'd do if I had the power and that's what I'd doing.

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