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.
I would think only if the banks/companies you have loans with went belly-up and became insolvent only then would you have no one to pay back? But I just can’t visualize it - as I’m sure larger companies would eat up all the small ones & while you might get a break on payments for awhile you’ll eventually get notified of your new debt holder & payment amounts