Comment: The asset values would collapse and so would the big banks.

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In reply to comment: Would it collapse? Really? (see in situ)

The asset values would collapse and so would the big banks.

The banks need this money. Their assets are worthless. The stock market would collapse, house price would collapse, pensions would not be paid, the government would have to balance budget, tons of layoffs and and wage cuts. But, everyone's standard of living from their pay would go up.