Belly,
>content is unaffected by grammar

That's certainly not true - see http://www.abc.net.au/news/2017-03-21/the-case-of-the-$13-million-comma/8372956 and http://www.bbc.com/capital/story/20180723-the-commas-that-cost-companies-millions

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Not_Now.Soon,
Australia has bankruptcy laws similar in some ways to those of the USA. There's a general perception that the American bankruptcy laws are better, though I don't know the details.

What I do know is that, in Australia at least, if you're having trouble meeting your repayments it's usually better to negotiate with your creditors. They have a lot to lose if you go bankrupt, and will usually do what they can to avoid that outcome.

The debt of countries is in some way similar to that of corporations. It can be bought and sold on the bond market, sometimes at a small fraction of its face value. The Jubilee2000 campaign was focussed on cancelling this debt, as it was the main thing holding many poor countries back. A lot of the debt was acquired odiously (by dictators spending it on things that did not benefit their countries) and it was hoped the creditors could be made to take some of the responsibility for that. And for the rest of the debt, the cost of cancellation was far less than its face value.

The campaign did have some success, though nowhere near much as hoped. IIRC the rules were subsequently changed so the indebted countries didn't have to give debt servicing such a high priority.

The personal debt of those in default also gets traded, and more recently in America, there has been a charity that bought and cancelled personal debt (mainly of those who had medical fees they couldn't pay). I don't know if it's still going.

The other kinds of debt are as you've described. There's always a cost to cancelling debt, but it's far less than the debt itself because the markets have already priced in the effects of inability to pay.

Aiden nothing can change the truth, like far more eldest sons of big country family education came far down the track for me
I have achieved big things because of my self education.
Never grasped better ways of writing, even when at school, left forever just about 13, my attendance in very very small country schools was wasted.
So do not read my posts if it irks you
But know sadly, heaps of such men never even learned to read or write
While I live I grow, stolen from a long dead tree advertising a long dead clothing store, is my motto but learning some thing new every day is too
In passing the SMH story I spoke about above has been re written and the newer version is out right alarming, worth the read
Ignore the potential for a down turn at your peril

"With mounting bills to restore crumbling palaces, the Royal Household is keen to find income from renting out properties.
Documents seen by The Mail on Sunday suggest courtiers are also considering plans to rent out a third apartment at St James’s. The rental income from these dwellings is expected to help recoup the cost of essential renovations to St James’s Palace. It will also boost the Monarchy’s rental income – which last year rose to £2.8 million."

Willy and Katy went through 4million quid from not counting the commas in their credit card . They are cutting back, using 2nd hand lace and jewels and keeping council building inspectors away from Henry the 8million palace which borrowed a leprosy hospital.

Aiden your post, its content, is purely optimistic
Yes the world has many ways to handle debt, it is far less likely to suffer a great recession like the mid 20,s one
But the very basis of Capitalism, the only system we have to work with, is debt/credit
Manipulation, even of the value of our currency's, is used for profit
Just maybe we all should not fall back on it will be ok, and look at the whole world as it truly is
NNN the latest addition to the royal family appears to have added Kardashian like star power to the *firm*

It seems the Queen Mother sent her unpaid bills to the Queen . Charles owns Devon and bits of Surrey so that's OK.

Kardashians are something else , bending at the knee under the velocity of money. MV = PY. Here M is a measure of the money supply, V its velocity, and nominal GDP is written as the product of the overall price level (P) with real GDP (Y).

NNN In the end the Queens use of the term the firm is right
A show for the masses to let them think they are cared for, and they are while they continue to pay taxes
No point in keeping this thread alive, we will talk about it much more
Even live to see it take place, but avoiding it seems, just like the world/country at large talking about it is, well the last thing we need,sadly
Again headlines, not made up, but true warn Sydney house prices will be in very negative territory in just weeks SMH this day