Ambrose Evans-Pritchard of the Telegraph is, as far as I know, the first one (after my wife) to suggest this radical solution to the worldwide economic malaise:
There is no guarantee that the measures will succeed. The vast scale of government borrowing may exhaust the stock of global capital. Markets are already beginning to question the credit-worthiness of sovereign states. The Fed may find it harder than it thinks to disengage from colossal intervention in the bond markets.
In the end, the only way out of all this global debt may prove to be a Biblical debt Jubilee.
As Pritchard-Evans notes, creditors won’t like it. But once the money is gone, it may be the only option left.