Don’t hope for a Global Collapse! Stacker News

There doesn’t have to be a global collapse. But I think governments defaulting on their massive debt would be an enormous benefit to society, because they’d be forced to spend less irresponsibly. Governments shouldn’t be allowed to take on debt except for in dire emergencies. Also, governments shouldn’t be bailing out failing banks and businesses during recessions.

Many people think the US defaulting on it’s debt or refusing to bail out giant banks would be a global collapse, and they’re completely wrong. Sure it might hurt for a year maybe, but certainly not more than the pandemic hurt. And we’d be massively better off afterwards.