Police enforcement. Like when the national guard was sent to break unions.
Not much. You can’t spend enough of their money before they stop your spending and start collecting it.
How much credit can you get without a high income or a lot of assets? Hopefully much smaller than your mortgage (which is that the 2008 crisis was about).
Exactly what happens depends on law where you live. Here you’d get a court order: First confiscation of cash or cash equivalents. Second sale of assets, in the end your pay would be garnished. Since not everyone is forced to sell their house (like 2008) the price drop would be smaller but spread across the entire economy.
Unless you’re willing to illegally work without a contract and only take cash payments they will get their money back.
Anyone who did not participate in it would have a good time buying cheap stuff in the forced sale.
Companies like Visa and similar would go out of business with no customers. The government might intervene with bailouts to stop banks from going down. Online shops would start accepting bank transfers (or Venmo in 'Murica) more universally. Crypto would have another hype cycle.
I don’t really buy that it would implode the economy, since it runs on all kinds of more tangible things and there’s other forms of currency and debt to fall back on, and I also don’t buy that the government would seriously enforce against a strike if it had 100% participation - usually just a few percent is election-defining. At most I expect whining and a maybe a few impotent attempts to discourage it before they get the picture.
wage garnishment mostly
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Believe it or not, straight to jail.
Hugh government bail out (American here). Taxpayer gets stuck with the bill. Companies loose nothing (probably make even more than way).
FDIC would get the test of its lifetime, but for sure the government would step in to protect the market. Some level of that would come from taxpayers’ pockets.
Pretty sure FDIC (Federal Deposit Insurance Corporation) is for deposits only, not debts. The politicians would never let their donors suffer.
True, I was mainly responding to folks talking about banks going under and people “losing everything.” The FDIC was specifically set up to avoid that happening again.
They would all get late fees.
Jail time.
Now what would be more interesting is if every taxpayer in America stopped collectively paying taxes to the IRS. That’d be some interesting shit. Can’t jail millions of people.
Millions of people have credit card debt, sooo…
There aren’t debtors prisons to begin with. You don’t go to jail for owing on credit card bills.
Yeah but you can still get sued, taken to court and will be in a world of financial hurt so bad that you mind as well have served some time in exchange.
Not even remotely close to being locked inside a box.
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You get rid of thatcher. Seems like a good idea
