In the absence of an enforcing authority, loans would become a thing of the past. Investment would not come in for new businesses.
Rich would get richer, the poor poorer with no way out.
Due to diminishing tax returns govt services would suffer. Roads and bridges would fall into disrepair. Anarchy of a sort would ensue with govt. controls curtailed by lack of revenue.
What happens next depends on human nature. Utopia and nightmares are both in our minds, which one makes it out into the world it is hard to guess.
Want DP delivered to your inbox daily? Subscribe here: