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With democracy on the ballot, the mainstream press must change its ways
(www.theguardian.com)
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this post was submitted on 16 Sep 2023
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politics
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Alright, you burned most of the money. In other terms, you defaulted on most of your debts to reset the economy.
No foreigner is willing to loan you any money any more. Global trade with the US collapses. Fertilizer, semiconductors, cars, fuel, etc. Domestic investment collapses as well, so does GDP, tax revenue, and therefore public services.
Historically, countries implementing these bright ideas ended up with a crisis so bad it brought on widespread famines and food/fuel rationing. 5c fuel is great and all except when you can only get one gallon a week.
Oh, and that "one million remaining" dollars? Guess who gets 99% of it? The army and the generals, that's who. What are you gonna do, not pay the guys with the guns?
The US economy is doing just fine, save for the wealth inequality. You don't need to "reset" anything, just redistribute that wealth. Maybe start implementing proper taxation of the ultra-rich and of big corporations, see where that leads you, no need to collapse the economy to get there.