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It doesn't still exist - it never existed in the first place.


Someone said (I think it was in Money as Debt[1]) that "if all debt was cancelled, 95% of the money in the world would disappear instantly."

[1] http://video.google.com/videoplay?docid=-9050474362583451279


correct. its not a wealth transfer. its a wealth revaluation.

or since most ppl assumed they had that money and spent other money on that assumption, it could also be called 'wealth destruction'




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