... there will be debt. Even in a totally free-market economy.
In the context of a system of sound money, debt is simply the use of "current money" denominated in terms of "future money". If the value of that future money (overall, rather than per unit) is more than the value of the money now, an interest rate is created.
Calling debt immoral is equivalent to denouncing negative numbers because you find them offensive. It doesn't change the fact that the concept of debt (and negative numbers) will continue to exist.
If you want to retire debt in this fashion, be honest and call it what it really is: default.
Want DP delivered to your inbox daily? Subscribe here: