| I had a thought earlier today that might fix the economic situation, but it's extremely bold. If the world congregates and places blame on the CCP for asking us to keep our borders open while knowing all along how contagious and deadly this virus was, that's criminally negligent. Maybe even malicious. The behavior of the CCP after the virus spread internationally is equally alarming. They threatened to shut off access to medicines manufactured in China, placed blame on Italy and the US for the virus' origin, and shut down European and US travel to China. Defaulting on debt is bad. But what if every nation collectively "cancelled" their debt to China? China would protest, but given the circumstance it doesn't seem like a credit downgrade would be necessary if this were taken as repayment for damages caused. If we owe zero to China, we can then lend all of that money to businesses and individuals impacted. Pay off domestic debts. I really like the idea of "cancelling Chinese debt". Now someone please tell me how this couldn't work. Would they retaliate? Would they consider it an act of war? (I shouldn't have to say this, but I harbor no ill will towards the Chinese people. I love Chinese culture and studied Mandarin in college. I dislike the CCP and their actions.) |
It also relies on not needing to borrow again in the foreseable future, and probably not on good terms when you do (decades down the line).
Trying to arrange 'every nation collectively' doing so sounds like a risky exercise in getting everybody to agree to your plan, and not side with China instead and make your (and anybody who did agree's) situation even worse.
Strictly worse than just firing up the printers, IMO.