Hyperinflation of the old currency would erase all debt denominated in it as we shift to a global deflationary economic system.
Once in the deflationary environment, the cost of borrowing would be higher, and there would be less reason to work, consume and invest. Hence, there would be less incentive to take on debt.
Many things are preferable to having 0 savings and a planet on fire.
Once in the deflationary environment, the cost of borrowing would be higher, and there would be less reason to work, consume and invest. Hence, there would be less incentive to take on debt.
Many things are preferable to having 0 savings and a planet on fire.