It seems like a new banking system backed by something tangible again like how it was in the 1800's and prior would be a good move but would those of us in debt still be in debt to the banks? If not, how would our debts magically be absolved?
Example, say you owe money on your car and you have a ton of outstanding debt to a bank or credit lender. How exactly does implementing a new system of banking nullify this? Can't the bank still say "Since the USD is defunct, now you owe us the "New US Treasury Certificate" equivalent of that amount"?
I just can't quite put 2 and 2 together how the new currency would be debt free without older debts being absolved first.
But if the central banks that are the source of the magic imaginary money were found to have been committing wholesale fraud for generations then doesn’t fraud vitiate everything? Thus the banks that borrowed the nebulous idea of a currency from those would not owe it to them and thus like fruit of the poisoned tree it would wend its way through? What doesn’t exist cannot be loaned or borrowed?