Tear Up Public Debt -- It Is So French Revolutionary

Fascinating to examine this analysis in the Guardian (link)

"The French are right: tear up public debt – most of it is illegitimate anyway.  Debt audits show that austerity is politically motivated to favour social elites. Is a new working-class internationalism in the air?"

Interesting analysis but the reader comments that follow are perhaps even more interesting in the disparity of opinion from calling the analysis stupid to brilliant.  A divergence in opinion.  What is the truth.

It all depends on what the truth is.  

Viewed in terms of the debt money model (money is debt, debt is money) it is a stupid idea to tear up debt.

Viewed in terms of a different money model that is structured on the idea that it is brilliant.  

How to sort it all out?

It is like an argument about religion between believers and atheists!

Or, is it an argument between "Old Time Religion" and "New Age Religion"

One thing that seems to be sure is that the difference will be settled by Revolution, a conceptual revolution that shifts the concept of money from an old concept to an entirely new concept.  A change from a debt based concept to an asset based concept.  In this change money and debt are unbundled and become two distinct but conditionally related object identities. Money is sovereign state produced currency and debt is a contractual relationship object defined by a registered contract that is established by lending existing currency and abolished by repaying in existing currency.  The currency itself is not a representation of debt.

 In the information age I call a radical change in the fundamental conceptual structure of information Paradigm Shift.